MIRA
INFORM REPORT
|
Report Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
MALLADI DRUGS AND PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
No. 52, Jawaharlal Nehru Street, Ekkatuthangal,
Chennai - 600097, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
21.08.1980 |
|
|
|
|
Com. Reg. No.: |
18-8382 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24230TN1980PLC008382 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM00349G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM5031A |
|
|
|
|
Legal Form : |
A
closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturers and Distributors of pharmaceuticals. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
|
|
|
|
|
Status : |
Moderate
|
|
|
|
|
Payment Behaviour : |
Slow
but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Financial
position is moderate. Payments are reported as slow and delayed. The
company’s performance is poor. It can
be considered for small to mediocre business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
No. 52, Jawaharlal Nehru Street, Ekkatuthangal,
Chennai - 600097, Tamilnadu, India |
|
Tel. No.: |
91-44-2345880 / 2345881 / 2345882 /
2340698 / 2334637 / 22340026 |
|
Fax No.: |
91-44-2345884 / 2340104 / 2340106 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory
1 : |
v
Plot
No. 67, Sipcot Industiral Complex, Ranipet – 632403, Vellore District v
Plot
Nos. 7 B & 7C, Sipcot Industiral Complex, Ranipet – 632403, Vellore
District v
Plot
No. 6A, 7A, Sipcot Industiral Complex, Ranipet – 632403, Vellore District v
Plot
Nos. 49, 50, 55 & 56, IDA Gajulamandyam, Attur P. O., Renigunta, Tirupati
– 517520 v
Tantech
Agro Chemicals Limited, Sipcot Industiral Complex, Ranipet – 632403, Vellore
District |
|
|
|
|
Branches
: |
Located at : v
14, Raghavan Reddy Colony, Ashok Nagar, Chennai - 600 083,
Tamilnadu Tel No. :
91-44-24892056 v
137 B, Old Mahabalipuram Road, Chennai - 600 096, Tamilnadu Tel. No. :
91-44-24960761 / 24960629 / 24960633 v
14, Dr. Natesan Salai, Ashok Nagar, Chennai - 600 083, Tamilnadu Tel No. :
91-44-24890185 |
DIRECTORS
|
Name : |
Mr. V
V Raghupathi Rao |
|
Designation : |
Director
|
|
Address : |
9 II,
Street, Raghavan Colony, Chennai – 600097, Tamilnadu, India |
|
Date of Birth/Age : |
05.05.1952 |
|
Date of Appointment : |
26.09.1997 |
|
|
|
|
Name : |
Mr. G. S. Laddha |
|
Designation : |
Director |
|
Address : |
39, II Main Road, Kasturiba Nagar, Adyar, Chennai - 600 020,
Tamilnadu |
|
Date of Birth/Age : |
26.08.1922 |
|
Date of Appointment : |
04.12.1981 |
|
|
|
|
Name : |
Mr. M.
Prashant |
|
Designation : |
Managing
Director |
|
Address : |
31, Navarathna Gardens,
Ekkatuthangal, Chennai - 600 097, Tamilnadu |
|
Date of Birth/Age : |
20.05.1959 |
|
Qualification : |
B. Com
|
|
Experience : |
25
Years |
|
Date of Appointment : |
03.09.1998 |
|
Previous Employment : |
Consultant
in Saka Marketing Services Private Limited |
|
|
|
|
Name : |
Mrs.
S. Shreya |
|
Designation : |
Executive
Director - Operation |
|
Address : |
45, Navarathna Gardens, Ekkatuthangal, Chennai - 600 097,
Tamilnadu |
|
Date of Birth/Age : |
15.10.1962 |
|
Date of Appointment : |
02.12.1998 |
|
|
|
|
Name : |
Mr. V. N. Gopalakrishnan |
|
Designation : |
Chief Executive Officer |
|
Address : |
B – 2,
Aditiyaa Malaviya Nagar, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India |
|
Date of Birth/Age : |
05.08.1952 |
|
Date of Appointment : |
02.12.1998 |
|
|
|
|
Name
: |
Mr. T. M. Aaditiyaa |
|
Designation
: |
Director |
|
Address
: |
68/3, Greenways Road Extn., R. A. Puram, Chennai - 600 028,
Tamilnadu |
|
Date
of Birth/Age : |
04.03.1960 |
|
Date
of Appointment : |
11.03.1998 |
|
|
|
|
Name
: |
Mr. A. Ramachandran |
|
Designation
: |
Director |
|
Address
: |
2/16,
Ravi Raja Apartment, 18th East Kamaraha Nagar, Thiruvanmiyur,
Chennai – 600041, Tamilnadu, India |
|
Date
of Birth/Age : |
15.08.1928 |
|
Date
of Appointment : |
11.03.1998 |
|
|
|
|
Name
: |
Mr. D.
K. Patel |
|
Designation
: |
Director
|
|
Address
: |
15,
Neet Shoba, 52-E, Sir M. V. Road, Andheri [East], Mumbai – 400069,
Maharashtra |
|
Date
of Birth/Age : |
20.10.1947 |
|
Date
of Appointment : |
17.06.2003 |
|
|
|
|
Name
: |
Mr.
Arun Prakash Korati |
|
Designation
: |
Director
|
|
Address
: |
171, 3rd
Cross, Giri nagar, Phase – I, Bangalore – 560085, Karnataka |
|
Date
of Birth/Age : |
21.05.1966 |
|
Date
of Appointment : |
21.04.2003 |
|
Date
of Ceasing : |
27.12.2004 |
|
|
|
|
Name
: |
Mr.
Anant Kumar Kulkarni |
|
Designation
: |
Director
|
|
Address
: |
1201,
A 1, Building, Riddhi Gardens, Film City Road, Malad East, Bangalore - 400097, Karnataka |
|
Date
of Birth/Age : |
22.02.1967 |
|
Date
of Appointment : |
21.04.2003 |
|
|
|
|
Name
: |
Mr.
Sunil Vasant Diwakar |
|
Designation
: |
Nominee
of IL & FS Limited |
|
Address
: |
C –
002, Shreeji Valle, Almcide Road, Opp. Nitin Casting, Punch Pakhadi, Thane
West, Mumbai – 400602, Maharashtra |
|
Date
of Birth/Age : |
22.05.1963 |
|
Date
of Appointment : |
27.12.2004 |
|
|
|
|
Name
: |
Mr.
Aluri Stinivas Rao |
|
Designation
: |
Nominee
of ICICI Venture Funds Management Company Limited |
|
Address
: |
9 B,
West View 2nd Floor, St. Fracis Road, Bandra [West], Mumbai –
400050, Maharashtra |
|
Date
of Birth/Age : |
13.02.1965 |
|
Date
of Appointment : |
24.06.2005 |
|
|
|
|
Name
: |
Mr.
Anand Vyas |
|
Designation
: |
Alternate
to Aluri Srinivasa Rao |
|
Address
: |
301,
West Wind, Cadell Road, Shivaji Park, Mahim, Mumbai – 400016 |
|
Date
of Birth/Age : |
29.05.1973 |
|
Date
of Appointment : |
24.06.2005 |
|
|
|
|
Name
: |
Mr.
Albert Hansen |
|
Designation
: |
Nominee
of LOF Mauritius |
|
Address
: |
1729,
Port Sheffield, New Port Beach, CA – 92660, USA |
|
Date
of Birth/Age : |
03.10.1954 |
|
Date
of Appointment : |
24.06.2005 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. M. Prabhavathy |
|
92179 |
|
Mr.
Prashant |
|
306490 |
|
Mrs.
S. Shreya |
|
125776 |
|
Mr. M. Parvathi |
|
253630 |
|
Malladi Project Management Centre Private Limited |
|
5093905 |
|
Saka
Marketing Services Private Limited |
|
3003199 |
|
TIIC |
|
770000 |
|
M. S.
Pawan |
|
154 |
|
Mr. V. N. Gopalakrishnan |
|
53130 |
|
Mr. M. Parvathi and Mr. Prashant |
|
279961 |
|
MDPL Employee Welfare Trust |
|
774620 |
|
Sara Fund Trustee Company Limited |
|
1499960 |
|
Leverage India Fund |
|
2666596 |
|
IVC Employee Welfare Trust |
|
80000 |
|
India Advantage Fund |
|
5999840 |
|
LFD Mauritius – LLC |
|
2399936 |
|
Total |
|
23399376 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Distributors of pharmaceuticals. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL
INFORMATION
|
No. of Employees : |
300 |
|
|
|
|
Bankers : |
v
Corporation
Bank v UTI Bank Limited v Union Bank of India, Ashok Nagar, Chennai - 600 083, Tamilnadu v Dhanalakshmi Bank, Mount Road, Chennai - 600 002, Tamilnadu |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Price
Water House Chartered
Accountants, Chennai 32,
Khader Nawazkhan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
v
Malladi
Inc. USA 76, National Road,
Edison, NJ 08818 Tel. No.
1732-2870666 Fax.
No.1732-2871231 E-mail. malladiinc@email.msn.com Website. http://www.malladi.com v
Tantech
Agro Chemicals Limited v
Malladi
Project Management Centre Private Limited v
Saka
Marketing Service Private Limited v
Catazyrne
India v
Lactochem
India Limited v
Sreeprabha
Franchise v
Marine
and Agro Products Private Limited v
Aswini Biopharma Limited v
Catazyme Drugs and Pharmaceuticals Limited v
Kaushik Chemical Limited v
Malladi Research Centre |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
3,00,00,000 |
Equity
Shares |
Rs. 5/- each |
Rs. 150.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,33,99,400 |
Equity
Shares |
Rs. 5/- each |
Rs. 116.997 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
116.997 |
74.998 |
74.998 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1040.676 |
641.513 |
624.425 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1157.673 |
716.511 |
699.423 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
785.425 |
698.901 |
446.652 |
|
|
2] Unsecured Loans |
28.718 |
31.689 |
25.590 |
|
|
TOTAL BORROWING |
814.143 |
730.590 |
472.242 |
|
|
DEFERRED TAX LIABILITIES |
131.394 |
109.633 |
107.883 |
|
|
|
|
|
|
|
|
TOTAL |
2103.210 |
1556.734 |
1279.548 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
650.284 |
633.873 |
587.911 |
|
|
Capital work-in-progress |
64.131 |
98.316 |
49.995 |
|
|
|
|
|
|
|
|
INVESTMENT |
655.876 |
46.385 |
8.084 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
301.717
|
364.158 |
266.388 |
|
|
Sundry Debtors |
237.198
|
255.548 |
149.934 |
|
|
Cash & Bank Balances |
216.005
|
164.214 |
165.317 |
|
|
Other Current Assets |
18.120
|
19.955 |
19.944 |
|
|
Loans & Advances |
327.290
|
260.000 |
194.287 |
|
Total Current Assets |
1100.330
|
1063.875 |
795.870 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
351.032
|
280.902 |
154.171 |
|
|
Provisions |
16.379
|
4.813 |
8.141 |
|
Total Current Liabilities |
367.411
|
285.715 |
162.312 |
|
|
Net Current Assets |
732.919
|
778.160 |
633.558 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2103.210 |
1556.734 |
1279.548 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
712.942 |
754.150 |
778.968 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
[202.604] |
20.285 |
120.590 |
|
Provision
for Taxation |
23.900 |
3.450 |
38.275 |
|
Profit/(Loss)
After Tax |
[226.504] |
16.835 |
82.315 |
|
|
|
|
|
|
Export
Value |
401.427 |
61.350 |
72.896 |
|
|
|
|
|
|
Import
Value |
NA |
444.121 |
496.372 |
|
|
|
|
|
|
Total
Expenditure |
915.546 |
733.865 |
658.378 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
[31.77]
|
2.23 |
10.57 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
[28.42]
|
2.69 |
15.48 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
[11.57]
|
1.19 |
8.71 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
[0.18]
|
0.03 |
0.17 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
1.02
|
1.42 |
0.91 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
2.99
|
3.72 |
4.90 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
v
Goodwill
v
Land
v
Leasehold Land
v
Building
v
Plant and
Machinery
v
Furniture and
Fixture
v
Office Equipments
v
Vehicles
v
Technical
Knowhow
History
Since 1990, the company has developed many high profile clients
and are regular suppliers to all of them.
The company incorporated, NJ is the wholly owned subsidiary of the
company. The marketing and sales unit is a self-supporting profit making entity
and handles the entire North American market.
The marketing unit has been successful in increasing its sales and
also in securing many long-term contracts.
Stocking facility at Malladi Inc., is a major benefit to its
numerous customers. Its warehouse stocks the material to be delivered to he
customer at short notice.
CORPORATE STRUCTURE
The Group was established in 1980 and is now a professionally
run public limited company.
Ephedrine & Pseudoephedrine salts were the first products
manufactured by fully indigenously developed process. It was also the first to
manufacture these complex molecules in India.
The Group is a leader in its product category. It is largest
manufacturer in India and also an US-FDA approved manufacturer of
Pseudoephedrine Hcl.
Future areas of thrust are Bulk Actives and Intermediates,
Custom Research and Custom Manufacture.
The Malladi Group
consists of different business units with separate manufacturing facilities.
v
Malladi Drugs
Pharmaceuticals Limited
v
Aswini Biopharma
Limited
v
Kausik Chemicals
Limited
v
Lactochem Limited
v
Malladi Inc., USA
Each unit is independent and specializes in specific product
category / specific thrust areas.
The Group has a Centralized Corporate Set-up consisting of an Apex
Team on functional lines – Marketing, Technical, Finance and Operations.
The Groups has a Centralised Corporate set-up consisting of an
Apex Team on functional lines - Marketing, Technical, Finance and Operations.
The Group's products range includes :
v
Ephedrine Hydrochloride
v
Ephedrine Sulphate
v
Pseudo Ephedrince Hydrochloride
v
Pseudo Ephedrine Sulphate
v
Alprazolam
v
Selegiline Hcl / I- deprenyl
v
Phenyl Propanolamine Hydrochloride
v
Phenyl Ephrine Hydrochloride
v
Lactic Acid
v
Sodium Lactate
v
Calcium Lactate Pentahydrate
v
Custom Synthesis Products
INT’L BUSINESS
OPERATION
Their presence is
spread across USA, Canada, Mexico, Chile, Brazil, Argentina, UK, Germany,
Switzerland, Austria, Poland, Egypt, South Africa, Iran, Jordan, Syria,
Pakistan, Bangladesh, Sri Lanka, Singapore, Malaysia, Taiwan, Thailand,
Indonesia, Philippines, Korea, Japan, and Australia.
Their practice is to
have Sole Selling/Indenting Agents in important markets. Many Agents stock
their product, while others directly indent to the End User.
Malladi’s logistics
strength is unparalled. Materials are shipped by AIR/SEA. To serve their
esteemed Customers, they have arrangements to stock material in USA, Europe in
addition to adequate stocks at their plant at all times. This ensures immediate
attention & swift shipment to Clients requirements based on case-to-case
basis with prior understanding.
For business
opportunity marketing@malladiinc.com
MANUFACTURING
There are 5 separate manufacturing facilities with very different
capabilities and handling different Process / Product lines.
Its facilities and manufacturing practices are world-Class and are
consistent with WHO-GMP and CGMP guidelines for manufacture of Active
Pharmaceutical Ingredients.
Manufacturing Facilities
v
5 Dedicated Blocks operating as per CGMP guidelines.
v
Stainless Steel and Glass Lined Reaction Vessels with varying
capacities
v
Fully Automated Solvent Recovery System
v
Effluent treatment Plant
v
Bioreactor
Core Reaction Capabilities
v
Expertise in Chiral Synthesis
v
Hydrogenation (Catalytic)
v
Resolution
v
Diazotisation
v
Chlorination
v
Bromination
v
Acetylation
v
Benzylation
v
Amination
v
Esterification
v
Methylation
|
Name of the company |
Malladi
Drugs And Pharmaceuticals Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
Mr. V V Raghupathi Rao Sr. Vice president [F & CS] |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Letter of Hypothecation dated 10.06.1991 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Working capital finance of Rs. 37.154 Millions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Second charge on all borrowers all plant, Fixed and up fixed machinery, fixture implements, fittings and other installations, furniture, vehicles type writer and all other articles and things both present and future whether installed or not and whether lying loose or in case at site or in transit or which may at any time hereafter during the continuation of this security to install or lying loose or incase or being in or upon or about the borrower factory premise, warehouses and godowns at Ranipet / Karapakkam or wherever else the same be or be held by any party anywhere to the order and disposition of the borrower on in the course of transit to the borrower. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The amount outstanding is repayable on express. The rate of interest is 6.5 % per points over the Bank rate subject to a minimum of 16.5 % p.a. and or such rate as may be prescribed by the bank from time to time such interest to be paid by the borrower by quarterly rests and until so paid shall be charged to the borrowers accounts and and from part of the advance granted by UBI to the borrower. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Ashok Nagar, Madras - 600 083, Tamilnadu |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
30.11.2005 / AD 09 Continuity letter / SD –06, AD –12 Hypothecation [Goods] and debts agreement Rs. 17.5 Millions 30.11.2005 letter of guarantee SD – 01 for overall limit of Rs. 511.700 millions by S. Shreya and M. Prashant Director 30.11.2005 letter of continuity / extension of equitable mortgage created on 17.08.2002 for revised credit limits of Rs. 511.7 Millions of property at 52, J N Road, Chennai – 97, comprising 42133 sq. ft. land and 14603 sq. ft. structures, compound wall etc. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Revision of total credit facilities from Rs. 501.7 millions to Rs. 511.7 millions as under :
Collateral Security Continuation of creation of equitable mortgage by deposit of original title deed of property at No. 52, J. N. Road, Ekkattuthangal, Chennai – 97 adm 42133 sq. Ft land and 14603 sq. ft. as structures, compound wall etc with union Bank of India, by the company on 17.08.2002 as collateral security for the total credit limits of Rs. 511.7 millions by letter of continuity dated 30.11.2005 Second charge on fixed assets of the company exclusive of technical know – how on pari passy with corporation Bank, Chennai Second charge on fixed assets belonging
to erstwhile kausik Chemical Limited locate Plot No. 6 A, Sipcot Industiral Complex, Ranipet – 632403, Vellore District First
pari passu charges on fixed assets created out of the term loan and exclusive
charge or assets of Tantech Agro
Chemicals Limited, Sipcot Industiral Complex, Ranipet – 632403, Vellore
District Pledge
of Deposit of 5 % cut bank on each bill drawn on Malladi Inc. as lien Rephasement
of original TL at the revised limits of 138.7 millions repayable in 6 monthly
instalments form July 2006 after a moratorium of 1 year from July 2005. WCTL
of Rs. 127.5 repayable in 60 monthly instalments from July 2006 after a moratorium of one year
from July 2005. Personal
Guarantees of Mr. M.
Prashant, Managing Directors Mrs.
S. Shreya Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name of the company |
Malladi
Drugs And Pharmaceuticals Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
Mr. V V Raghupathi Rao Sr. Vice president [F & CS] |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Term loan agreement dated 30.04.2004 for hypothecation of moveable assets. General term loan agreement and Hypothecation agreement dated 30.04.2004 Extension of equitable mortgage letter dated 30.04.2004 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term loan finance of Rs. 160 millions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Exclusive first charge on Plot No. B 11/2 B/13 SIPCOT Industrial Complex, Kudikadu, Cuddalore – 607005 belonging to Tantech Ago chemicals Limited both existing and future assets of land buildings and machinery etc and perform other obligations stipulated in the agreement. Extension of equitable mortgage created on 17.08.2002 for the working capital facility of Rs. 507.8 Millions to the company as under as collateral security. Corporate office land and building at No. 52 J. N. Road, Chennai – 600097, land adm. 42133 sq. Ft. with compound wall and other super structures. Hypothecation of fixed plant machinery vehicles and other assets tangible, movable plant spare tools both present and future to be purchase out of the loan. Whether installed or not and whether lying loose or in case at site or in transit or which may at any time hereafter during the continuation of this security to install or lying loose or incase or being in or upon or about the borrowers factory at Plot No. 6, 7B and 7 C SIPCOT Industrial complex Ranipet and at B/11/2, B /13 SIPCOT Industrial complex of Tantech Agro Chemical Limited ranking pari passu with Corporation Bank Chennai. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The
charge operates as a security for the repayment of the term loan with a
moratorium of 6 months repayable in 60 instalments of Rs. 2.666 Millions
commencing from November, 2004. The rate of interest being 9 % p.a. on
monthly rests Personal
Guarantees of Mr. M.
Prashant, Managing Directors Mrs. S. Shreya Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Ashok Nagar, Madras - 600 083, Tamilnadu |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
NA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name of the company |
Malladi
Drugs And Pharmaceuticals Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Presented By |
Mr. V V Raghupathi Rao Sr. Vice president [F & CS] |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Term loan agreement dated 30.04.2004 for hypothecation of moveable assets. General term loan agreement and Hypothecation agreement dated 30.04.2004 Extension of equitable mortgage letter dated 30.04.2004 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term loan finance of Rs. 160 millions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Exclusive first charge on Plot No. B 11/2 B/13 SIPCOT Industrial Complex, Kudikadu, Cuddalore – 607005 belonging to Tantech Ago chemicals Limited both existing and future assets of land buildings and machinery etc and perform other obligations stipulated in the agreement. Extension of equitable mortgage created on 17.08.2002 for the working capital facility of Rs. 507.8 Millions to the company as under as collateral security. Corporate office land and building at No. 52 J. N. Road, Chennai – 600097, land adm. 42133 sq. Ft. with compound wall and other super structures. Hypothecation of fixed plant machinery vehicles and other assets tangible, movable plant spare tools both present and future to be purchase out of the loan. Whether installed or not and whether lying loose or in case at site or in transit or which may at any time hereafter during the continuation of this security to install or lying loose or incase or being in or upon or about the borrowers factory at Plot No. 6, 7B and 7 C SIPCOT Industrial complex Ranipet and at B/11/2, B /13 SIPCOT Industrial complex of Tantech Agro Chemical Limited ranking pari passu with Corporation Bank Chennai. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The
charge operates as a security for the repayment of the term loan with a
moratorium of 6 months repayable in 60 instalments of Rs. 2.666 Millions
commencing from November, 2004. The rate of interest being 9 % p.a. on
monthly rests Personal
Guarantees of Mr. M.
Prashant, Managing Directors Mrs. S. Shreya Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Ashok Nagar, Madras - 600 083, Tamilnadu |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
25.11.05 SD-18 Term Loan Agreement 25.11.05 SD-19 Hypothecation of movable 25.11.05 AD-12 undertaking not to alienate hypothecated goods Rs. 138.7 Millions |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Hypothecation of goods located at Ranipet and Cuddalore and first pari passu charge on fixed assets created out of the term loan of the company and exclusive charge on assets located at B/11/2, B /13 SIPCOT Industrial complex of Tantech Agro Chemical Limited continuation of the existing equitable mortgage. Repayment of the rephrased term loan of Rs. 138.7 millions with a moratorium of 1 year form July 2005 and repayable from July 2006 in 60 instalments at interest being 9 % p.a. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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. 44.74 |
|
UK
Pound |
1 |
Rs. 86.68 |
|
Euro |
1 |
Rs. 58.71 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
27 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|