MIRA INFORM REPORT
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Report No. : |
321345 |
|
Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
NOVARTIS HEALTHCARE PRIVATE LIMITED (w.e.f. 15.02.2005) |
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Formerly Known
As : |
NOVARTIS CONSUMER HEALTH INDIA PRIVATE LIMITED NOVARTIS NUTRITION INDIA LIMITED NOVARTIS NUTRITION INDIA PRIVATE LIMITED |
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Registered
Office : |
Sandoz House, 8th Floor, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra |
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Tel. No.: |
91-22-24958400 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.10.1997 |
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Com. Reg. No.: |
11-111257 |
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Capital
Investment / Paid-up Capital : |
Rs.60.000 Million |
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CIN No.: [Company Identification
No.] |
U15202MH1997PTC111257 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACN5094N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading of pharmaceuticals, consumer health products, contact lenses and lense care products and providing services. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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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 |
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Maximum Credit Limit : |
USD 6400000 |
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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 “NOVARTIS PHARMA AG” Switzerland. It is a
well-established company having fine track record. For the financial year ended, the company has reported sales turnover
of Rs.14292.500 Million with topline growth of 25.80% and it has maintained
profitability margins at 4.15%. Rating also takes into consideration company’s healthy operational
risk profile marked by adequate liquidity position and decent financial base
of the company. Further company receives strong financial and managerial support from
its parent company. Trade relations are reported as decent. Payments are reported to be
regular and as per commitment. In view of healthy operational track record backed by strong parent
company support, the company can be considered good for normal 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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 DENIED BY
|
Name : |
Ms. Veena |
|
Designation : |
Accounts Executive |
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Contact No.: |
91-22-24958400 |
|
Date : |
06.05.2015 |
LOCATIONS
|
Registered Office : |
Sandoz House, 8th Floor, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Tel. No.: |
91-22-24958400 / 24958888 |
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Fax No.: |
91-22-24950221 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Jawed Zia |
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Designation : |
Director |
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Address : |
Flat E, 76 Diamond District, Airport Road, Kodihalli, Bangalore -
560008, Karnataka, India |
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Date of Birth/Age : |
03.10.1963 |
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Date of Appointment : |
28.08.2014 |
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DIN No.: |
00191276 |
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Name : |
Mr. Luis Prat Mora |
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Designation : |
Director |
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Address : |
Schweizergasse 33, Basel, 4054, Switzerland |
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Date of Birth/Age : |
12.09.1952 |
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Date of Appointment : |
23.06.2007 |
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DIN No.: |
01561571 |
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Name : |
Mr. Milind Anil Patil |
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Designation : |
Alternate Director |
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Address : |
Flat No.103, Snehal Apartments, Road No.5, Jaiprakash Nagar, Goregaon
(East), Mumbai - 400063, Maharashtra, India |
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Date of Birth/Age : |
01.11.1963 |
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Date of Appointment : |
14.02.2009 |
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DIN No.: |
02546815 |
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Name : |
Mr. Naveen Gullapalli |
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Designation : |
Whole-time Director |
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Address : |
121, Indu Fortune Fields, Kphb, 7th Phase, Kukatpally,
Hyderabad - 500072, Telangana, India |
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Date of Birth/Age : |
21.10.1974 |
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Date of Appointment : |
13.06.2014 |
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DIN No.: |
06889417 |
KEY EXECUTIVES
|
Name : |
Ms. Veena |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
% of Holding |
|
Novartis Consumer Health S.A., Switzerland |
2940000 |
49.00 |
|
Novartis Pharma AG, Switzerland |
3060000 |
51.00 |
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Total |
6000000 |
100.00 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2014
|
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 |
BUSINESS DETAILS
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Line of Business : |
Trading of pharmaceuticals, consumer health products, contact lenses and lense care products and providing services. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountants |
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Address : |
252,Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India |
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PAN No.: |
AABFL5878L |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Ultimate Holding
Company : |
· Novartis AG, Switzerland |
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Holding Company : |
· Novartis Pharma AG, Switzerland |
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Fellow Subsidiaries
: |
· Alcon Laboratories (India) Private Limited, India · Alcon Pharmaceuticals Ltd., Switzerland · Befico Limited, Bermuda · Chiron Behring Vaccines Private Limited, India · CIBA Vision Asian Manufacturing and Logistics Pte Limited, Singapore · CIBA Vision Corporation, USA · Novartis Asia Pacific Pharmaceuticals Pte Limited, Singapore · Novartis Consumer Health S.A., Switzerland · Novartis India Limited, India · Novartis International AG, Switzerland · Novartis Pharma K.K., Japan · Novartis Pharma B.V., Netherlands · Novartis Pharmaceuticals Canada Inc, Canada · Novartis Pharmaceuticals Australia Pty. Limited, Australia · Novartis Pharmaceuticals Corporation, USA · Novartis Pharmaceuticals UK Limited, UK · Novartis Poland Sp.Zo.o, Poland · Novartis South Africa (Pty) Limited, South Africa · Novartis Vaccines and Diagnostics AG, Switzerland · Novartis Vaccines and Diagnostics GMBH, Germany · Novartis Vaccines and Diagnostics (HK) Limited, Hong Kong · Novartis Vaccines and Diagnostics Inc., USA · Novartis Vaccines and Diagnostics S.r.l., Italy · PT Novartis Indonesia, Indonesia · Sandoz Private Limited, India · Shanghai Novartis Trading Limited, China |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
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|
(1)Shareholders' Funds |
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|
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(a) Share Capital |
60.000 |
60.000 |
60.000 |
|
(b) Reserves & Surplus |
2188.000 |
1542.500 |
1046.600 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
|
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|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
2248.000 |
1602.500 |
1106.600 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
8.300 |
10.600 |
0.000 |
|
(d) long-term
provisions |
376.800 |
296.100 |
163.400 |
|
Total Non-current
Liabilities (3) |
385.100 |
306.700 |
163.400 |
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(4)
Current Liabilities |
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|
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|
(a) Short
term borrowings |
838.900 |
1550.800 |
1318.500 |
|
(b) Trade
payables |
1578.100 |
1186.100 |
1049.500 |
|
(c) Other
current liabilities |
963.900 |
900.000 |
571.400 |
|
(d) Short-term
provisions |
108.000 |
61.400 |
40.300 |
|
Total Current
Liabilities (4) |
3488.900 |
3698.300 |
2979.700 |
|
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|
|
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TOTAL |
6122.000 |
5607.500 |
4249.700 |
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II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
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|
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(a) Fixed
Assets |
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|
|
|
(i)
Tangible assets |
962.300 |
828.000 |
698.200 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
170.500 |
413.700 |
148.500 |
|
(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) |
315.600 |
200.500 |
124.800 |
|
(d) Long-term Loan and Advances |
585.100 |
376.600 |
334.500 |
|
(e) Other
Non-current assets |
1.000 |
0.700 |
0.700 |
|
Total Non-Current
Assets |
2034.500 |
1819.500 |
1306.700 |
|
|
|
|
|
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(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
947.400 |
665.400 |
521.100 |
|
(c) Trade
receivables |
1165.200 |
1402.200 |
1109.400 |
|
(d) Cash
and cash equivalents |
15.600 |
14.400 |
11.000 |
|
(e)
Short-term loans and advances |
581.100 |
357.400 |
417.400 |
|
(f) Other
current assets |
1378.200 |
1348.600 |
884.100 |
|
Total
Current Assets |
4087.500 |
3788.000 |
2943.000 |
|
|
|
|
|
|
TOTAL |
6122.000 |
5607.500 |
4249.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
REVENUE FROM
OPERATIONS (NET) |
14292.500 |
11360.200 |
8086.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
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|
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|
PROFIT/(LOSS)
BEFORE TAX |
962.600 |
745.100 |
526.800 |
|
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|
|
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|
Less |
TAX |
317.100 |
249.200 |
178.600 |
|
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|
|
PROFIT/(LOSS)
AFTER TAX |
645.500 |
495.900 |
348.200 |
|
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|
|
|
|
|
|
Earnings Per
Share (Rs.) |
107.58 |
82.65 |
58.03 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
17.08 |
14.92 |
13.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.43 |
0.46 |
0.48 |
|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.37 |
0.97 |
1.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.02 |
0.99 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
60.000 |
60.000 |
60.000 |
|
Reserves & Surplus |
1046.600 |
1542.500 |
2188.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1106.600 |
1602.500 |
2248.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1318.500 |
1550.800 |
838.900 |
|
Total
borrowings |
1318.500 |
1550.800 |
838.900 |
|
Debt/Equity
ratio |
1.191 |
0.968 |
0.373 |
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 |
|
Revenue from Operations (Net) |
8086.500 |
11360.200 |
14292.500 |
|
|
|
40.484 |
25.812 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Revenue from Operations (Net) |
8086.500 |
11360.200 |
14292.500 |
|
Profit |
348.200 |
495.900 |
645.500 |
|
|
4.31% |
4.37% |
4.52% |
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 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Short Term Borrowings |
|
|
|
Loans and advances from others |
838.900 |
1550.800 |
|
|
|
|
|
Total |
838.900 |
1550.800 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90147212 |
21/09/1998 |
20,000,000.00 |
Union Bank of India |
Industrial Finance Branch; Union Bank Bhawan, 239; Vikas Bhawan Marg; Nariman Point, Mumbai, Maharashtra - 400021, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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.63.52 |
|
|
1 |
Rs.95.96 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
62 |
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.