MIRA INFORM REPORT
|
Report No. : |
344939 |
|
Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SERDIA PHARMACEUTICALS INDIA PRIVATE LIMITED |
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Registered
Office : |
Serdia House off Dr. S S Rao Road, Parel, Mumbai – 400012, Maharashtra |
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Tel. No.: |
91-22-24162727 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.07.1985 |
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Com. Reg. No.: |
11-037001 |
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Capital
Investment / Paid-up Capital : |
Rs.47.600 Million |
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CIN No.: [Company Identification
No.] |
U52310MH1985PTC037001 |
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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.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacture and marketing of
pharmaceutical formulations, based on imported active pharmaceuticals
ingredients (API), under license from Les Laboratories Servier. |
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|
|
|
No. of Employees
: |
Not Available [We tried to
confirm the number of employees but no one is ready to part any information
from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of “Servier International BV”
Virgin Islands British. It was established in the year 1985 and has satisfactory track. The ratings takes into consideration sound financial risk profile of
the company marked by debt free capital structure and decent networth base.
Further, the company has reported significant increase in its net profit in
FY14. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. In view of strong parent support along with decent financial
condition, the company can be considered for business dealings with usual
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Tejas Doshi |
|
Designation : |
Deputy Finance Manager |
|
Contact No.: |
91-22-24162727 |
|
Date : |
13.10.2015 |
LOCATIONS
|
Registered Office : |
Serdia House off Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Tel. No.: |
91-22-24162727/ 24196000 |
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Fax No.: |
91-22-24162735 |
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E-Mail : |
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Website: |
DIRECTORS
AS ON 29.09.2014
|
Name : |
Yanick Martial Girard |
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Designation : |
Director |
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Address : |
21 Union Park, 2nd And 3rd Floor, Union Park, Road No. 4, Khar (West), Mumbai - 400052, Maharashtra, India |
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Date of Birth/Age : |
10.05.1969 |
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Date of Appointment : |
26.09.2013 |
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DIN No.: |
06688131 |
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Other
Directorship:
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Name : |
Pierre Jean Andriot |
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Designation : |
Director |
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Address : |
13 Avenue De Bretteville, 92200, Neuilly Sur-Seine, Paris - 92200, France |
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Date of Birth/Age : |
29.12.1962 |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
06733741 |
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Other Directorship:
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Name : |
Philippe Louis Marc Malet |
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Designation : |
Director |
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Address : |
72 Rue Gardenat Lapostol, Suresnes - 92150, France |
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Date of Birth/Age : |
13.07.1965 |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
06792415 |
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KEY EXECUTIVES
|
Name : |
Geeta Mahadeo Karnik |
|
Designation : |
Secretary |
|
Address : |
Flat No 305/306 Nirlep House, G.D. Ambekar Marg, Parel Village, Parel, Mumbai - 400012, Maharashtra, India |
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Date of Birth/Age : |
08.04.1973 |
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Date of Appointment : |
31.03.2010 |
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PAN No: |
AGQPK9602E |
MAJOR SHAREHOLDERS
AS ON 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
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Servier International B V, The Netherlands |
|
4759999 |
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Nederaine B V Joint With Servier International B V, The Netherlands |
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1 |
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Total |
|
4760000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2014
|
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 manufacture and marketing of
pharmaceutical formulations, based on imported active pharmaceuticals
ingredients (API), under license from Les Laboratories Servier. |
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Products : |
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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
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available [We tried to confirm
the number of employees but no one is ready to part any information from the
company management] |
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Bankers : |
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Auditors : |
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Name : |
S.R. Batliboi and Co. LLP Chartered Accountant |
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Address : |
22, Camac Street, Block, 'C' 3rd Floor, Kolkata - 700 016, West Bengal, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AALFS0506L |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Fellow Subsidiary
company: |
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Holding company: |
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Subsidiary company: |
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CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Million |
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4760000 |
Equity Shares |
Rs.10/- each |
Rs.47.600
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 |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
47.600 |
47.600 |
47.600 |
|
(b) Reserves & Surplus |
338.322 |
184.046 |
177.467 |
|
(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) |
385.922 |
231.646 |
225.067 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
23.708 |
63.425 |
221.564 |
|
(d) long-term provisions |
0.000 |
0.000 |
61.385 |
|
Total
Non-current Liabilities (3) |
23.708 |
63.425 |
282.949 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
540.328 |
281.999 |
0.000 |
|
(c) Other current liabilities |
59.157 |
58.967 |
60.441 |
|
(d) Short-term provisions |
273.309 |
410.612 |
366.379 |
|
Total
Current Liabilities (4) |
872.794 |
751.578 |
426.820 |
|
|
|
|
|
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TOTAL |
1282.424 |
1046.649 |
934.836 |
|
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19.740 |
20.770 |
20.601 |
|
(ii) Intangible Assets |
1.426 |
2.455 |
1.914 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
defered taxassets |
0.000 |
0.000 |
36.200 |
|
Foreign currency monetary item
translation difference asset account |
31.748 |
48.477 |
0.000 |
|
(d) Long-term Loan and Advances |
63.307 |
43.786 |
51.714 |
|
(e) Other Non-current assets |
3.822 |
2.467 |
4.226 |
|
Total
Non-Current Assets |
120.043 |
117.955 |
114.655 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
325.977 |
262.459 |
271.837 |
|
(c) Trade receivables |
240.107 |
241.336 |
200.941 |
|
(d) Cash and cash equivalents |
504.145 |
372.045 |
284.499 |
|
(e) Short-term loans and
advances |
86.833 |
52.262 |
57.434 |
|
(f) Other current assets |
5.319 |
0.592 |
5.470 |
|
Total
Current Assets |
1162.381 |
928.694 |
820.181 |
|
|
|
|
|
|
TOTAL |
1282.424 |
1046.649 |
934.836 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
NA |
NA |
NA |
|
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Other Income |
NA |
NA |
NA |
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
Less |
EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
152.138 |
131.469 |
165.733 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
11.090 |
11.031 |
8.576 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
141.048 |
120.438 |
157.157 |
|
|
|
|
|
|
|
Less |
TAX |
(13.228) |
113.859 |
123.377 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
154.276 |
6.579 |
33.780 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
175.030 |
168.451 |
134.670 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
329.306 |
175.030 |
168.450 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
32.41 |
1.38 |
7.10 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
226.031 |
149.064 |
38.983 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.28 |
12.07 |
17.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37 |
0.52 |
0.70 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33 |
1.24 |
1.92 |
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 |
47.600 |
47.600 |
47.600 |
|
Reserves & Surplus |
177.467 |
184.046 |
338.322 |
|
Net
worth |
225.067 |
231.646 |
385.922 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF OPERATIONS:
Subject ('the Company') is engaged in manufacture and marketing of pharmaceutical formulations, based on imported active pharmaceuticals ingredients (API), under license from Les Laboratories Servier, France
The Company is a 100% subsidiary of Servier International BV, a Company incorporated in The Netherlands
INDEX
OF CHARGES: NO CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible assets
- Plant and equipment
- Factory equipment’s
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipment’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.62.02 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
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|
Analysis Done by
: |
KIN |
|
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|
Report Prepared
by : |
GTA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
51 |
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 |
|
s |
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.