MIRA INFORM REPORT
|
Report No. : |
313810 |
|
Report Date : |
26.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
AVESTHAGEN LIMITED (w.e.f. 31.12.2007) |
|
|
|
|
Formerly Known
As : |
AVESTHAGEN PRIVATE LIMITED (w.e.f. 28.12.2007) AVESTHA GENGRAINE TECHNOLOGIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Avesthagen One, No. 7/6, Brunton Road, Bangalore – 560025, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.04.1998 |
|
|
|
|
Com. Reg. No.: |
01-030671 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 76.003 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U73100KA1998PLC030671 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA06507E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA7217K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of scientific
research and product development to provide preventive personalized medical
care. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Defaulted |
|
|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is a company which is led by Viloo Morawala Patell, a
scientist turned entrepreneur, backed by reputed corporate houses which
eventually happened to be seen in a mess due the ongoing liquidity issues
leading to a financial crunch. Management of the company has failed to file its financials after 12
with the statutory authorities. As per available of FY 12, the management has reported accumulated
losses resulting into accumulation of the same, further eroding its net worth
during the year under review. The ratings also take into consideration the extremely tight liquidity
position characterized by tight money and unavailability of credit evident
from series of defaults with various entities. Subsequently, the strain on revenues which was further visible when
Oriental Bank of Commerce issued a public notice for auction of two plots
owned by Avasthagen in the EPIP industrial area in white field, which were
auctioned to recover secured debt and interest amounting To Rs. 362.600
Millions. Further it was also noted that one of its biopharmaceutical
manufacturing unit Siegfried Biologics in Berlin was shut down due to cash
strapped situation. Moreover, the management of the company has received a show cause
notice from EPFO failing to deposit provident fund and allied dues pertaining
to the employee salaries, which were further followed by some FIR’s and cases
against Madam Patell as well. However, business is active. Payments are found to be defaulted. In view of ongoing liquidity issues, we would not recommend any
business dealings, whereas any other dealings can be considered as a matter
of your confidence on a safe and secured 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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Borrowers’ Name : |
AVESTHAGEN LIMITED |
|
Address : |
Unit 3, Discoverer, 9th Floor, |
|
Name of Individual : |
· Christophe Paul Bowler · Villoo Morawala Patel · Farah Zareer Patell · Jaques Francois Alexandre Vincent · John Darbyshire · Koenraad Jan Wenthink · Rolf Guenter Werner ·
Sanaya
Zareer Patel |
|
Name of Credit Grantors / Bank & Branch: |
Oriental Bank of Commerce |
|
Amount (Rs. In Millions) : |
Rs. 92.800 Millions |
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 BY
|
Name : |
Mr. Raghunath |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-80-41262155 |
|
Date : |
25.03.2015 |
LOCATIONS
|
Registered Office : |
Avesthagen One, No. 7/6, Brunton Road, Bangalore – 560025, Karnataka,
India |
|
Tel. No. : |
91-80-41262155 |
|
Fax No. : |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Villoo Morawala Patel |
|
Designation : |
Chairman Cum Managing Director |
|
Address : |
No.8A, Regency Heights, No.3, Cleaveland Road, Frazer Town, Bangalore
-560005, Karnataka, India |
|
Date of Birth/Age : |
18.06.1955 |
|
Qualification : |
Ph.d |
|
Date of Appointment : |
20.04.1998 |
|
PAN No.: |
ABVPP2706J |
|
DIN No : |
01692908 |
|
|
|
|
Name : |
Mr. Koenraad Jan Wentink |
|
Designation : |
Director |
|
Address : |
Windsor Villa Appartment No.5, Flat No.89, Defence Colony, 2nd
Main, 2nd Cross, Indira Nagar, Bangalore – 560038, Karnataka,
India |
|
Date of Birth/Age : |
19.11.1964 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
06.02.1999 |
|
PAN No.: |
AAKPW4260G |
|
DIN No : |
01732163 |
|
|
|
|
Name : |
Ms. Farah Patell Socha |
|
Designation : |
Director |
|
Address : |
No.8A, Regency Heights No.3, Cleaveland Road, Frazer Town, Bangalore –
560005, Karnataka, India |
|
Date of Birth/Age : |
02.07.1981 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
27.06.2005 |
|
DIN No : |
01739131 |
|
|
|
|
Name : |
Ms. Sanaya Morawala Patell |
|
Designation : |
Director |
|
Address : |
No. 8A, Regency Heights, No. 3, Cleaveland Road, Frazer Town,
Bangalore – 560005, Karnataka, India |
|
Date of Birth/Age : |
01.10.1983 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
21.01.2008 |
|
DIN No : |
02023602 |
|
|
|
|
Name : |
Mr. John Darbyshire |
|
Designation : |
Additional Director |
|
Address : |
Rte de Fenil, 16 A, 1806 St Legier-La Chiesaz, 1806, Switzerland |
|
Date of Birth/Age : |
02.07.1948 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
21.01.2010 |
|
DIN No : |
02859853 |
|
|
|
|
Name : |
Mr. Christophe Paul Bowler |
|
Designation : |
Additional Director |
|
Address : |
21, Avenue De Suffren Paris – 75007 NA |
|
Date of Birth/Age : |
23.02.1965 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
31.03.2010 |
|
DIN No : |
02948584 |
|
|
|
|
Name : |
Rolf Guenter Werner |
|
Designation : |
Director |
|
Address : |
Hugo Haring Strasse 72, Bibrach An Derriss, Baden, Wurttemberg, 88400,
Germany |
|
Date of Birth/Age : |
07.06.1946 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
22.09.2011 |
|
DIN No. : |
03468202 |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Prasad Mathur |
|
Designation : |
Secretary |
|
Address : |
Discover, 9th Floor, International Tech Park, Bangalore –
560066, Karnataka, India |
|
Date of Birth/Age : |
22.08.1962 |
|
Date of Appointment : |
01.06.2010 |
|
PAN No.: |
AHYPM8893Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
As on 29.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Venture Capital |
13.00 |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
30.00 |
|
Bodies corporate |
16.30 |
|
Directors or relatives of Directors |
33.57 |
|
Other top fifty shareholders |
7.13 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of scientific
research and product development to provide preventive personalized medical
care. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS:
AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
Oriental Bank of Commerce, Mahatma Gandhi Road
Branch, The Land Mark, No.21/15, Mahatma Gandhi Road, Bangalore - 560001,
Karnataka, India |
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Facilities : |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
Italia and Associates Chartered Accountants |
|
Address : |
1-8-373/A, Chiran fort lane, Begumpet, Hyderabad – 500003, Andhra Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAGFS7350F |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Joint Venture : |
·
Avesta Biotherapeutics and Research Pte
Limited, Singapore · Avesta Biotherapeutics and Research Private Limited CIN No.:
U24231KA2005PTC037008 |
|
|
|
|
Subsidiary Company
: |
· Avesthagen Quality Agriculture Services Private Limited CIN No.: U01119AP2003PTC041571 · Avesta Nordic Research Private Limited CIN No.: U73100KA2005PTC035887 · Avesta Good Earth Foods Private Limited CIN No.: U01549KA2005PTC036627 · Avestagenome Project International Private Limited CIN No.: U73100KA2007PTC044724 · Avesthagen Middle East FZ LLC, Dubai · Avesthagen Pte Limited, Singapore · AVA Seeds Private Limited CIN No.: U01403KA2007PTC042404 · Avesthagen Research Private Limited CIN No.: U73100KA2004PTC034247 · Swagath Seeds Private Limited CIN No.: U01119AP1999PTC031422 · Avesthagen Inc., USA · Dhanvantari Botanicals Private Limited CIN No.: U51909KA1995PTC017430 |
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.7/- each |
Rs. 140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,840,376 |
Equity Shares |
Rs.7/- each |
Rs. 108.404 Millions |
|
|
|
|
|
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.7/- each |
Rs. 140.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,06,16,339 |
Equity Shares |
Rs.7/- each |
Rs. 74.314 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
74.314 |
74.291 |
|
(b) Reserves & Surplus |
|
(272.748) |
213.174 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
6.726 |
5.362 |
|
Total
Shareholders’ Funds (1) + (2) |
|
(191.708) |
292.827 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
28.346 |
32.949 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
28.346 |
32.949 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
1104.749 |
977.519 |
|
(b) Trade
payables |
|
435.293 |
337.929 |
|
(c) Other
current liabilities |
|
523.931 |
373.208 |
|
(d) Short-term
provisions |
|
12.918 |
24.136 |
|
Total Current
Liabilities (4) |
|
2076.891 |
1712.792 |
|
|
|
|
|
|
TOTAL |
|
1913.529 |
2038.568 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
267.473 |
283.188 |
|
(ii)
Intangible Assets |
|
21.282 |
29.891 |
|
(iii)
Capital work-in-progress |
|
2.834 |
5.084 |
|
(iv)
Intangible assets under development |
|
290.816 |
290.816 |
|
(b) Non-current Investments |
|
445.632 |
445.632 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
514.496 |
611.724 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
1542.533 |
1666.335 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
6.084 |
7.510 |
|
(c) Trade
receivables |
|
325.598 |
325.237 |
|
(d) Cash
and cash equivalents |
|
-3.843 |
2.363 |
|
(e)
Short-term loans and advances |
|
42.772 |
36.776 |
|
(f) Other
current assets |
|
0.385 |
0.347 |
|
Total
Current Assets |
|
370.996 |
372.233 |
|
|
|
|
|
|
TOTAL |
|
1913.529 |
2038.568 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
45.553 |
|
|
2] Share Application Money |
|
|
5.126 |
|
|
3] Reserves & Surplus |
|
|
764.998 |
|
|
4] (Accumulated Losses) |
|
|
(42.186) |
|
|
NETWORTH |
|
|
773.491 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
849.255 |
|
|
2] Unsecured Loans |
|
|
55.626 |
|
|
TOTAL BORROWING |
|
|
904.881 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
Stock Options Outstanding |
|
|
5.064 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1683.436 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
634.542 |
|
|
Capital work-in-progress |
|
|
19.964 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
548.635 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
10.021
|
|
|
Sundry Debtors |
|
|
328.943
|
|
|
Cash & Bank Balances |
|
|
24.314
|
|
|
Other Current Assets |
|
|
1.058
|
|
|
Loans & Advances |
|
|
613.248
|
|
Total
Current Assets |
|
|
977.584 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
234.932
|
|
|
Other Current Liabilities |
|
|
46.653
|
|
|
Provisions |
|
|
215.704
|
|
Total
Current Liabilities |
|
|
497.289
|
|
|
Net Current Assets |
|
|
480.295
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1683.436 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1.702 |
2.550 |
339.501 |
|
|
|
Other Income |
6.574 |
117.389 |
22.691 |
|
|
|
TOTAL (A) |
8.276 |
119.939 |
362.192 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1.842 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
1.425 |
2.511 |
|
|
|
|
Employees benefits expense |
93.213 |
149.254 |
|
|
|
|
Other expenses |
144.994 |
219.677 |
|
|
|
|
Prior Period Items |
0.958 |
17.784 |
|
|
|
|
TOTAL (B) |
242.432 |
394.528 |
304.956 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
(234.156) |
(274.589) |
57.236 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
112.433 |
81.300 |
69.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(346.589) |
(355.889) |
(12.531) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.725 |
31.471 |
28.572 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(371.314) |
(387.360) |
(41.103) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(11.218) |
11.218 |
1.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(360.096) |
(398.578) |
(42.187) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.175 |
2.315 |
1.680 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Chemicals and consumables |
NA |
0.776 |
0.681 |
|
|
TOTAL IMPORTS |
NA |
0.776 |
0.681 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(33.92) |
(37.57) |
(3.99) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(21157.23) |
(15630.51) |
(12.43) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(13757.70) |
(10768.20) |
16.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(31.62) |
(29.87) |
(2.55) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
1.94 |
(1.32) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(5.91) |
3.45 |
1.17 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.18 |
0.22 |
1.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
74.291 |
74.314 |
|
Reserves & Surplus |
213.174 |
(272.748) |
|
Share Application money pending
allotment |
5.362 |
6.726 |
|
Net
worth |
292.827 |
(191.708) |
|
|
|
|
|
long-term borrowings |
32.949 |
28.346 |
|
Short term borrowings |
977.519 |
1104.749 |
|
Total
borrowings |
1010.468 |
1133.095 |
|
Debt/Equity
ratio |
3.451 |
(5.911) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
339.501 |
2.550 |
1.702 |
|
|
|
(99.249) |
(33.255) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
339.501 |
2.550 |
1.702 |
|
Profit |
(42.187) |
(398.578) |
(360.096) |
|
|
(12.43%) |
(15630.51%) |
(21157.23%) |
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 |
No |
|
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 |
LITIGATION
DETAILS
|
HIGH COURT OF
KARNATAKA -BENGALURU BENCH |
COP 202/2011 |
|
PRACTICE STRATEGIC COMMUNICATIONS INDIA |
RESPONDENT/DEFNT. NAME |
AVESTHAGEN LIMITED |
||
|
PETNR./APPNT. ADVOCATE |
K V SATISH |
RESPNT./DEFNT. ADVOCATE |
PHANIRAJ KASHYAP FOR |
|
|
DATE FILED |
21/11/2011 |
CLASSIFICATION |
DISTRICT |
BENGALURU CITY |
|
STAGE |
HEARING |
LAST POSTED FOR |
ORDERS |
|
|
LAST ACTION TAKEN |
ADJOURNED |
LAST DATE OF ACTION |
06/02/2015 |
NEXT HEARING DATE |
|
|
|
|
|
|
|
LATEST ORDER |
TWO WEEKS |
|||
|
BEFORE HON'BLE JUDGE/S |
RAVI MALIMATH |
|||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10486133 |
19/03/2014 |
43,184,969.00 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
A-254, BHISHAM PITAMAH
MARG, DEFENCE COLONY,, NEW |
C00923052 |
|
2 |
10298624 |
04/11/2010 |
50,000,000.00 |
MR. NADIR B GODREJ |
40D,BG KHER MARG,,
MALABAR HILLS,, MUMBAI, MAHARA |
B03546140 |
|
3 |
10251410 |
29/03/2010 |
400,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK
NO. 2, CGO COMPLEX, LODHI ROAD |
A84085570 |
|
4 |
10199112 |
28/01/2010 |
2,000,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
BLOCK 2, CGO
COMPLEX, LODHI ROAD, NEW DELHI, DELH |
A77717882 |
|
5 |
10155689 |
13/03/2009 |
320,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI,
MAHARASHTRA |
A61649927 |
|
6 |
10086451 |
31/01/2008 |
160,000,000.00 |
CITICORP FINANCE (INDIA) LIMITED |
CITI CORPN. CENTER,
5TH FLOOR,C-61, BANDRA KURLA |
A31967961 |
|
7 |
10002601 |
29/03/2006 |
13,700,000.00 |
ORIENTAL BANK OF COMMERCE |
LAND MARK M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A00753582 |
|
8 |
80002336 |
30/06/2009 * |
413,600,000.00 |
ORIENTAL BANK OF COMMERCE |
MAHATMA GANDHI ROAD
BRANCH, THE LAND MARK, NO.21/ |
A66143124 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other external commercial borrowings |
28.346 |
32.949 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
19.504 |
18.400 |
|
Other external commercial borrowings |
20.336 |
14.328 |
|
Total |
68.186 |
65.677 |
CHANGE OF ADDRESS
The registered office the company has been shifted from Unit 3,
Discoverer, 9th Floor, International Tech Park, Whitefield Road,
Bangalore – 560066, Karnataka, India to the present w.e.f. 01.11.2013.
BACKGROUND
The Company, promoted by Dr. Villoo Morawala Patell was incorporated in April 1998. The Company has its facilities at International Tech Park, Bangalore District, Karnataka.
Avesthagen along with its subsidiaries and joint venture companies (collectively referred to as Group) is engaged in the business of scientific research and product development to provide preventive personalized medical care. As at March 31, 2012, the group's business is organized under the following verticals:
BioNutrition BioAgriculture BioPharmaceuticals Science and Innovation
REVIEW OF OPERATIONS:
The financial year 2011-12 has proven another extremely challenging year for Avesthagen. The Company has been focusing Single mindedly on generating new cash flows from raising fresh investment, building a revenue pipeline, as well as from monetisation of assets through joint ventures and from short term loans to fund its expenses and repaying its debts going forward.
At the time of writing this report, Avesthagen has made substantial progress in its preparations to restructure its activities to the extent that its bio pharmaceutical business will be segregated out into a separate entity with the intention to subsequently list it on the Frankfurt Stock Exchange. To this effect, Avesthagen Pharma AG has been incorporated in Germany. The purpose of this process is to raise funds to put the bio pharma products into the global markets, to clean Avesthagen's balance sheet and to provide an exit opportunity for Avesthagen's investors. Implementation of this process has started.
Avesthagen Limited's income stood at Rs. 8.28 million (~ USD 0.16 million) as on 31st March 2012, compared to Rs. 119.94 million (~USD 2.67 million) the year before. The company made a net loss of Rs. 360.10 million (~ USD 7.06 million) against a net loss of Rs. 398.58 million (~)
USD 8.86 million) a year earlier. A rich portfolio of products and assets are the outcome of Avesthagen's RandD expenditures and will contribute to significant mid term cash flow and enhance the valuation of their company. Avesthagen continues to invest in research and product development, the costs for which have to be largely expensed through the Profit and Loss account as per the accounting standards. To a large extent the net loss of Avesthagen is a consequence of this fact and more so since it is still in a gestation period.
The following is a brief summary of the achievements in respect of generating cash inflows through sale of assets / investments and otherwise:
A transaction was done with the Sava Medica Group in respect of Avesthagen's subsidiary Dhanvantari Botanicals Private Limited (DBPL) including its international business through Avesthagen Inc, in two steps for a total amount of Rs. 21 crores. This amount has been realised through Avesthagen's subsidiaries DBPL, Avesthagen Inc and Avesthagen Pte Limited.
a) Establishment of a joint venture with Sava Medica Group in respect of DBPL including its foreign business largely executed through Avesthagen Inc. As part of the transaction, Rs. 4 crores (~USD 0.78 million) was infused into DBPL to acquire a 50% stake, and Rs. 6.5 crores (~USD 1.28 million) was infused into a new joint venture company Savesta LifeSciences Pte Limited based in Singapore, through which the international business would be executed.
b) Before the above transaction was fully closed between the parties, further discussions led to the transaction to be changed into a buyout by the Sava Medica Group of the assets of DBPL as well as the overseas business, for an additional total sum of Rs. 9.5 crores (USD 1.86 million) in part for the DBPL assets and the remaining part to be paid for the balance 50% of the Singapore based joint venture company. At the time of writing this report this transaction is not yet fully closed. The terms of this transaction included a loan by Sava Medica Group to Avesthagen Ltd of Rs. 1 crore (~USD 0.20 million) which loan has been disbursed.
As part of the second leg of the Sava transaction, the loan from Citicorp Finance India Ltd that was pending in their books, was repaid in part and the balance amount was converted into Avesthagen equity shares as per equity warrants issued to Citicorp at the time of disbursing the loan. This happened on 30 April 2012.
At the time of writing this report, Avesthagen has made substantial progress in several transactions in respect of investment and licensing of some of its most advanced products:
1) They are in the final stage of negotiation of the definitive agreements for a financial investment of USD 6 million in one of Avesthagen's biosimilar (bio pharmaceutical) products, for completion of the clinical trials and regulatory approval. This transaction would be a part of the above mentioned re structuring of the bio pharmaceutical activity of the Company.
2) They are in discussion and negotiation with several Indian and overseas pharma / biotech companies who are interested in licensing one or more of their biosimilar molecules for marketing purposes in different territories. Licensing agreements are under negotiation which include upfront licensing payments, milestone payments e.g. on completion of clinical trials and royalties on sales post commercialisation.
3) In principle terms have been agreed with an Indian food and agri company for a contract manufacturing arrangement with Avesta Good Earth Foods Private Limited and the definitive agreement is being prepared.
Based on the envisaged restructuring of the bio pharmaceutical business, the transactions listed above and many others that are being pursued Avesthagen expects and is hopeful that going forward its cashflow situation will start to improve to fund its expenses and continues repaying its debts.
Note: exchange rate of Rs. 51.00 / USD used in above section except in previous year's figures (@ Rs. 45.00 /USD)
AVESTHAGEN HEALTHCARE
BIO PHARMACEUTICALS
Their biologics business continues to remain focused on the development of cost effective biosimilars, including antibody therapeutics. The pipeline products comprise biosimilar versions of molecules in a wide range of therapeutic areas including oncology, cardiovascular, anemia, autoimmune disorders and arthritis. The molecules have been selected based on patent assessment and projected business. The patents for the selected molecules are either not valid for India or certain developing markets or is expected to expire during the course of development from 2013 onwards. All the selected molecules are block buster' drugs in the international market. Our near term focus is to launch these molecules first in India, and then in other BRC countries via collaborations with domestic and regional partners. Their long term focus is to launch the products in the United States and Europe, once relevant patents begin to expire there. Their pipeline currently consists of eight biosimilar molecules under various stages of research and development and clinical evaluation. Four of their product candidates, targeting treatments in anemia, arthritis, lymphoma and metastatic colorectal cancer, show strong potential for commercialization and are the immediate focus of their development strategies.
Apart from the eight existing molecules in the pipeline, they have now added four more as a second phase of development. These molecules target disease conditions such as cancer and auto immune disorders.
AVESTHAGEN HEALTHCARE
BIONUTRITION
DEVELOPMENT OF
BIOACTIVES
Avesthagen has developed a unique approach for developing the nutritional bioactives for prevention and management of chronic and degenerative diseases following the rigor of pharmaceutical screening route. Avesthagen has developed two patented technologies to develop these bioactives; ADePt, a comprehensive database that merges traditional medicinal knowledge with modern systems biology and MetaGrid, a unique algorithm that enables comprehensive constituent profiling of the bioactives. MetaGrid also helps maintain batch to batch reproducibility of the bioactive, which is an issue in conventional systems. The branded bioactives resulted from the various health programs have gone through stringent bioassay screenings and have been validated for safety and efficacy in animal models Following the developmental strategy six potential bioactives have emerged into the six lead products for prevention and management of chronic and degenerative diseases TeestarTM (Calorie management), CincataTM (blood sugar management), PhytosseaTM, BonaphyteTM (bone health), SmartcholTM, ProVaTM (Cardiovascular health). These products have gone through the stringent screening from cell based and preclinical efficacy and safety. Moreover for TeestarTM, proof of concept in humans has also been established. This year new prototypes were developed for functional food and Over the counter OTC ( capsules)
THE AVESTAGENOME
PROJECT
The Genome Analysis Center, Norwich has completed the whole genome sequencing (WGS) of five breast cancer samples and two samples from age matched healthy individuals to would enable identification of novel genomic variations that may be linked to the disease. The results would also facilitate identification of potential therapeutic targets for breast cancer.
A metabolomic analysis of samples for breast cancer has uncovered new markers for the disease and these are being validated in a larger set of breast cancer samples obtained through Narayana Cancer Hospital, Bangalore. These samples would be obtained from clinically staged patients that can then be used in a diagnostic setting.
Looking ahead we plan to collect an additional 5,000 samples by June 2013 to enable greater coverage of the population and enable a statistically well powered genotyping study to be carried out.
Their patent "A method of extraction, separation and characterization of metabolite biomarkers for identification of diseases in human plasma using a metabolomics approach is listed in Nature Biotechnology under Recent patent applications in metabolomics feature:
"Nature Biotechnology30,761(2012) doi:10.1038/nbt.2343, IN 200900390 entitled A method of extraction, separation and characterization of metabolite biomarkers for identification of diseases in human plasma using a metabolomics approach. Avesthagen (Bangalore, India) Jain R, Patel V.M, Shinde M Priority date 2/24/2009 publication date 2/3/2012
FUTURE PROSPECTS
The company has considerable promise with its roster of patents and products. All of them need to be manufactured and commercialized. Looking forward to the next one year period, the management will be focusing its efforts on the following:
Increase cash flows from revenues, sale / license / monetization of products and assets, and fundraising and reduce leverage by settling / reducing debts Implement the corporate restructuring in respect of their bio pharmaceutical business
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Office Equipment
· Computer Equipments
· Other Equipments
· Leasehold Improvements
Intangible Assets
· Brands and Trade Marks
· Computer Software
· Know-how
PRESS RELEASE
AVESTHAGEN SPLITTING BUSINESSES INTO 4 UNITS, EYEING $126M PRE-IPO
FUNDING FOR PHARMA AND NUTRITION ARMS
June 21, 2013
Till
date, the company has raised close to €100 million in equity and debt from big names
such as Danone, Godrej Inds, ICICI Ventures, Jacob Ballas, Cipla, Fidelity and
Tata Inds.
Bangalore-based life sciences company Avesthagen Limited is restructuring its business by splitting it into four separate firms, which will be involved in pharmaceuticals, nutrition and agricultural products besides research spawning all the three areas.
Three new entities – Avesthagen Pharma, Avesthagen Nutrition and Ava Seeds – will be fully operational by March 2014 with their own management teams and will also be raising pre-IPO funding before proposed public issues in separate stock markets, the founder of the company told VCCircle.
“Avesthagen Limited will remain a research and development (RandD) company and will spawn these three new companies dedicated to achieving the commercial aspect of our products including manufacturing, revenue and marketing. The stake of the current investors in the company will be mirrored in all these three companies, but they will exit Avesthagen Limited completely,” said Villoo Morawala Patell, founder, chairperson and managing director of Avesthagen Limited.
She also added that there would be different CEOs, CFOs and COOs for all three companies and they would be independent of Avesthagen. The three firms spun out of Avesthagen would position their IPR (Intellectual Property Rights) in Singapore; would have front-end offices overseas and operations in India.
The company, which has four distinct business arms including pharmaceutical, nutrition, diagnostics and agriculture, was registered by Patell in 1998 and started its operations in India in 2001. Till now, it has raised close to € 100 million in equity (€ 60 million) and debt (€ 40 million) from marquee names such as Danone, Godrej Inds, ICICI Ventures, Jacob Ballas, Cipla, Fidelity and Tata Inds, to name a few.
According to Patell, the restructuring move will provide investors with an exit route, which Avesthagen Ltd has not been able to provide as it has many different businesses under one umbrella. The firm is working on the business plans of the emerging companies and will hire bankers to raise further capital after a month.
The firm has also seen revenue see-saw over the years and Patell acknowledged the non-linear top line of the firm.
“You cannot look at Avesthagen as a regular company. It has licensed, partnered and generated almost Rs 400 crore of business. The company cannot be looked at from quarter to quarter. In fact, I am talking of a cycle of 10 years. During this time, we have built enormous technology, which we are now giving to these commercial verticals,” she said.
She is, however, optimistic that investors will make stellar exits just like some of the early backers of the firm did. “The seed investors who invested Rs 50 lakh in 2000 exited the company in 2004 at Rs 13 crore when BioMérieux bought their stake. ICICI Ventures, which invested Rs 5 crore in 2001, part-exited the company for Rs 45 crore. They still hold about 11 per cent stake in the company,” she said.
At present, Patell owns around a third of the company, which has a diverse shareholder base.
Post the restructuring, Avesthagen Limited will become a privately held firm owned by Patell and the existing external investors will become shareholders of the three separate firms with equity-holding proportionate to what they currently hold in Avesthagen.
Avesthagen Limited would also work on its next phase of discovery and go for a fresh fundraising two years later, informed Patell.
The pharma and nutrition products arms seek to raise around €95 million ($126 million) by the end of this year through fresh private funding rounds, which will be a pre-cursor to the proposals to come with their IPOs.
|
Company Name |
Business |
Funding (€) |
IPO Destination |
|
Avesthagen Pharma AG |
Biosimilars |
60 M by Oct’13 |
Germany (2015) |
|
Avesthagen Nutrition |
Omega3 Fatty Acids and Bioactive |
35M by Dec’13 |
India/ Switzerland (2014-15) |
|
Ava Seeds |
Enhanced seed varieties |
25M by 2018 |
Location undecided (2020) |
Avesthagen Pharma AG
According to Patell, the pharma unit will be front-faced in Germany and as Avesthagen Pharma AG, it will raise money for eight biosimilar products, which are being transferred into that company. She also said one of these biosimilars has been scaled up and is about to enter clinical trials.
“Avesthagen Pharma AG will raise €60 million (around $80 million) by October this year. We intend to list it in Frankfurt Stock Exchange two years from now, after the first two clinical trials are over,” said Patell.
The company will look at reaching out to global markets by partnering with regional players. The business model will involve Avesthagen Pharma doing an upfront licensing for markets, taking a milestone fee and then taking a certain royalty fee, she added.
“Five years down the line, we can even set up our own manufacturing facility,” according to Patell.
Avesthagen Nutrition
Avesthagen Nutrition will be a Swiss company with operations based in India and products targeting global markets. The products will include Omega3 DHA Fatty Acids and six bioactives addressing diabetes and cholesterol.
“Avesthagen Nutrition is ready and will be commercialised in three months. It will raise €35 million (around $46.6 million) by December this year. We have just shortlisted a CEO and getting a team organised,” said Patell.
“The company will go for an IPO in the next 18 months, either in Switzerland or in India, but we are still working that out,” she added.
This unit will also house Avesta Good Earth Foods Private Limited, the health food business started by actress Waheeda Rehman and acquired by Avesthagen in 2005. This acquisition was part of its plans to enter branded nutraceuticals.
Ava Seeds
Ava Seeds will focus on products and technology developed by Avesthagen Limited for its agriculture segment including tomatoes, which are high on lycopene, rice with drought tolerance and tobacco with tolerance to salinity, among others.
“We will raise around €25 million (around $33.3 million) for this by 2018. We can go for another pre-IPO fundraising of around €15 million before we list the company, which will be around 2020,” said Patell.
Ava Seeds will initially focus on India and then look at replicating the model globally.
“We are thinking of getting 5-6 family-owned businesses and merge them with the seeds (unit) in exchange for stock or if they are small, just buy them out. We will look at creating new operations for seeds which is larger, across crops and technology,” concluded Patell.
AVESTHAGEN IN
A FREEZE AS FUNDS DRY UP
BANGALORE: Villoo Morawala Patell was once seen as a Kiran
Mazumdar-Shaw in the making. The two often shared stage space at
major biotechnology events in Bangalore, and both were members of the Karnataka
government's vision group on biotech. Patell's Avesthagen, though an infant
compared to Shaw's relatively mature Biocon, was seen to have
enormous promise, thanks partly to Patell's academic and research
accomplishments.
But her entrepreneurial venture today is in a mess. It has run out of funds, it
receives little by way of revenue, it has seen a spate of senior level exits,
salary payments have been delayed by months, the number of employees, which was
650 at its peak, is down to less than a 100. And a move to retroactively reduce
salaries of employees who had quit and to who payments were pending has
backfired. Fifteen of those former employees have filed an FIR against the
company and have made Patell party to the complaint.
That's the latest of Patell's troubles. Avesthagen sent mails to the employees
stating that their salary (cost to company) was being reduced by 25% for the
period April 2010 to March 2011.
The company said in a circular to employees on December 16
last year: "Based upon the past (2010-11) year's performance, we are adopting
certain limited measures to reflect and appropriately manage business realities
at Avesthagen."
Sajan Poovayya, managing partner at law firm Poovayya and Co, says reducing
salaries retroactively is breach of trust and contrary to the law. "Even if
a firm plans to cut salaries prospectively, it has to be within the legal
threshold," he says.
The Employees' Provident Fund Organization has also just issued a show-cause
notice to Avesthagen following the ex-employees' complaint that the company has
failed to deposit provident fund and allied dues on the salary due to them.
When TOI contacted Patell to get her reaction to the salary cut, she said,
"You must not give credence to rumour-mongering. Goldman Sachs
had cut salaries during hard economic times. I'm not succumbing to any pressure
from former employees. We're a private limited company and we have no answer to
give to anyone. We know how to handle our employees."
Alienating execs
That last line is not something many agree with. Very senior former employees -
none of whom wanted to be named -- say Patell is loathe to relinquish control,
that she was frequently unreceptive to suggestions even from senior executives.
The company has seen a spate of senior level exits. That has included many
directors, including Aluri Srinivas from ICICI Ventures, Barry Furr, chief
scientific officer at AstraZenenca, and Simon Best, an eminent global
biotechnologist. As also prominent senior executives like Samaresh Parida, who
was director in PepsiCo, US, and joined Avesthagen as its COO, Bruce Murdoch,
chief business officer, Manoj Bawa, CFO, S K Guha, company secretary, Sandip
Dang, head of Avesta Good Earth.
Avesthagen operates in diverse segments of biopharmaceuticals, agri biotech and
bio-nutrition, relying heavily on intellectual property. Former employees say
the company's over-dependence on patents sans a structured revenue model for
commercializing them has been its undoing. The company has 350 patents filed
across the world, and spends between Rs 50.000-80.000 Millions for filing and
renewing patents annually.
Excessive research focus
That focus on research presumably comes from Patell's background. After a BSc
from Osmania University, Hyderabad, and an MSc from Bombay University, she did
a PhD in plant molecular biology from the University Louis Pasteur,
Strasbourg,
France, and a post-doctoral from the University of Ghent, Belgium, where
she worked with scientists from around the world
From most accounts, Avesthagen's patent portfolio is formidable. In 2008, the
company said its intellectual property for diabetes
management alone was valued at $470 million by a global life sciences analyst
(the company did not name the analyst).
It was then also said that the diabetes management portfolio would find
application in market segments like functional foods, dietary supplements and
medicinal nutrition. But Avesthagen has not been able to exploit commercially
these or any other patent in any significant way.
"She treats the company like a research unit that forever depends on
outside sources for funds and does not have any direct revenue
responsibility," said a former senior executive.
The strain on revenues was visible when Oriental Bank of Commerce issued a
public notice for auction of two plots owned by Avesthagen in the EPIP
industrial Area in Whitefield. The bank auctioned these properties to recover
secured debt and interest amounting to Rs 36.26 crore.
Avesthagen shut down biopharmaceutical manufacturing unit Siegfried Biologics
in Berlin,
which it acquired in 2005 for Rs 32 crore. Siegfried Biologics was a contract
manufacturing organization with extensive experience in the development of
biologics.
Avesthagen partnered with Pune-based Sava Medica to float a 50:50 joint
venture, Dhanvantari Botanicals, to market nutraceutical products in the US and
other countries. "Sava Medica is now planning to buyout Avesthagen's
stake," sources said.
Avesthagen bought Hyderabad-based Atash Seeds to deliver agri biotechnologies.
But Atash was later sold to French seed major Groupe Limagrain. Some say Atash
could have become a cash cow for the company, especially after successful field
trials in rice and cotton.
Genome project grounded
Avesthagen's much talked about Parsi Genome Project to explore longevity and
incidence of breast cancer
among Zoroastrian women
never really took off beyond collecting some blood samples. Sources told TOI
that Patell spent Rs 80 crore in 2008-09 on procuring sophisticated equipment
for the study, but the machines are still lying with the customs authorities
for non-payment of customs duties.
For many years Patell kept the company going with her ability to attract
investors. A host of big names have invested in the company, including ICICI
Venture, Fidelity
and New York
Life Investment Management India Fund. Many of those investors are said to have
written off their investments in the company, and new investments have dried
up. But Patell said the company is close to raising 66 million euros from a PE
player.
In 2009, when signs of trouble in Avesthagen first emerged, Koen Wentink, director
in the company, said in an interview to Radio Netherlands: "As long as
your creditors are patient, then you can simply wait for the situation
to improve. We've developed a talent to find credit from a variety of sources.
This gives me faith that we will survive." It remains to be seen if Patell
still has that talent.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.34 |
|
|
1 |
Rs.92.65 |
|
Euro |
1 |
Rs.68.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MRI |
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.