MIRA
INFORM REPORT
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Report Date : |
27.10.2007 |
IDENTIFICATION
DETAILS
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Name : |
HARIKA DRUGS PRIVATE LIMITED |
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Registered Office : |
36/A, Vengal Rao Nagar, S. R. Nagar, Hyderabad – 500038, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.09.1989 |
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Com. Reg. No.: |
01-10584 |
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CIN No.: [Company
Identification No.] |
U24230AP1989PTC010584 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDH00713G / HYDH00714A |
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PAN No.: [Permanent
Account No.] |
AAACH4986P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Bulk Drugs |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 120000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. Payments are correct and as per commitments. The company can be considered good for your proposed business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
36/A, Vengal Rao Nagar, S. R. Nagar, Hyderabad – 500038, Andhra Pradesh, India |
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Tel. No.: |
91-40-23814863 / 23700915 |
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Fax No.: |
91-40-23700731 |
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E-Mail : |
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Area : |
3000 sq. fts. (Owned) |
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Factory 1 : |
Located at: Medak, Andhra Pradesh |
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Tel. No.: |
91-8452-58275369 |
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Area : |
3 Acres (Owned) |
DIRECTORS
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Name : |
Mr. U. Amarmata |
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Designation : |
Director |
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Address : |
36/A, Vengal Rao Nagar, Hyderabad – 500038 |
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Date of Birth/Age : |
17.04.1963 |
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Qualification : |
B. Pharma |
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Date of Appointment : |
24.12.1992 |
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Name : |
Mr. V S N Murthy |
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Designation : |
Director |
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Address : |
36/A, Vengal Rao Nagar, Hyderabad – 500038 |
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Date of Birth/Age : |
23.03.1936 |
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Qualification : |
MSC |
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Date of Appointment : |
28.08.1995 |
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Name : |
Mr. A V Ramakrishna Rao |
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Designation : |
Director |
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Address : |
Flat No. 1, Green Lands Towers, Ameerpet, Hyderabad – 500016, Andhra
Pradesh, India |
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Date of Birth/Age : |
02.08.1961 |
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Date of Appointment : |
28.08.1995 |
KEY EXECUTIVES
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Name : |
Mr. Mohan S Rao |
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Designation : |
Secretary |
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Address : |
B – 13, F – 1, P S Nagar, Vijayanagar Colony, Hyderabad – 500057,
Andhra Pradesh, India |
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Tel No. : |
91-40-23340985 / 23341213 |
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Fax No.: |
91-40-23398807 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Venkatarma Chemicals Limited |
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300 |
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V S N Murthy |
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430 |
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U Amarnath |
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290 |
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M S Venkaranarayana |
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10 |
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A V Ramakrishna Rao |
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240 |
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B Ramakrishna Chowdary |
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120 |
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N Satyanarayana |
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80 |
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V Sira maha Lakshmi |
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80 |
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U Vijaya |
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80 |
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A Madhuri |
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80 |
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N Lakshmi |
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80 |
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Total |
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1790 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs |
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Products : |
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Exports : |
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Countries : |
Europe |
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Imports : |
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Countries : |
Japan, Germany, China and Singapore |
PRODUCTION STATUS
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Unit |
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Licensed
Capacity |
Tonnes |
35 |
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Installed
Capacity |
Tonnes |
35 |
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GENERAL
INFORMATION
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No. of Employees : |
23 |
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Bankers : |
State Bank of
India Balkampet Branch,
7-1-421, Swastik Plaza, S. R. Nagar, Hyderabad – 500038, Andhra Pradesh,
India |
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
B N and Company Chartered Accountants |
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Address : |
8-2-120/112/A/14 Road, No. 9, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India |
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Tel. No.: |
91-40-23706974 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
5000 |
Equity Shares |
Rs. 1000/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1,790 |
Equity Shares |
Rs. 1000/- each |
Rs. 1.790 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.790 |
1.790 |
1.790 |
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2] Share Application Money |
0.000 |
1.200 |
1.200 |
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3] Reserves & Surplus |
32.993 |
33.094 |
31.213 |
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4] (Accumulated Losses) |
[4.300] |
0.000 |
0.000 |
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NETWORTH |
30.483 |
36.084 |
34.203 |
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LOAN FUNDS |
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1] Secured Loans |
89.802 |
14.360 |
9.775 |
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2] Unsecured Loans |
0.000 |
32.000 |
18.000 |
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TOTAL BORROWING |
89.802 |
46.360 |
27.775 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
120.285 |
82.444 |
61.978 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
66.576 |
21.624 |
23.104 |
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Capital work-in-progress |
0.000 |
18.132 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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17.669 |
12.866 |
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Sundry Debtors |
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22.484 |
11.823 |
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Cash & Bank Balances |
80.824
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0.019 |
0.002 |
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Other Current Assets |
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14.215 |
16.219 |
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Loans & Advances |
|
2.994 |
3.632 |
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Total
Current Assets |
80.824
|
57.381 |
44.542 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.115
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14.693 |
5.668 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
27.115
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14.693 |
5.668 |
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Net Current Assets |
53.709
|
42.688 |
38.874 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
120.285 |
82.444 |
61.978 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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82.814 |
68.343 |
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Other Income |
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8.519 |
6.732 |
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Total Income |
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91.333 |
75.075 |
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Profit/(Loss) Before Tax |
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2.721 |
3.143 |
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Provision for Taxation |
|
0.840 |
0.959 |
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Profit/(Loss) After Tax |
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1.881 |
2.184 |
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Earnings in Foreign Currency : |
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Total Earnings |
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42.936 |
39.142 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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2.951 |
1.850 |
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Interest |
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4.987 |
4.004 |
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Depreciation & Amortization |
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1.480 |
0.833 |
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Other Expenditure |
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85.096 |
68.945 |
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Total Expenditure |
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94.514 |
75.632 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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2.06 |
2.91 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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3.29 |
4.60 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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3.44 |
4.65 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.08 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.84 |
1.69 |
0.98 |
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Current Ratio (Current Asset/Current Liability) |
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2.98
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3.91 |
7.86 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
HARIKA DRUGS
PRIVATE LIMITED |
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Presented By |
Managing
Director |
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1) Date and description of instrument creating the change |
07.11.1997 agreement
for the grant of small industrial advance |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.500
Millions |
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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 |
Receivables and
bill in the course of collections |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest @ 2.75 %
over SBI advance rate with a minimum of 17.75 % |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Balkampet Branch |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
-- |
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Corporate
identity number of the company |
U24230AP1989PTC010584 |
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Name of the
company |
HARIKA DRUGS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
36/A, Vengal Rao Nagar, S. R. Nagar, Hyderabad – 500038, Andhra Pradesh |
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This form is for |
Modification of Charge |
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Type of charge |
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Particular of
charge holder |
State Bank of
India Balkampet Branch,
7-1-421, Swastik Plaza, S. R. Nagar, Hyderabad – 500038, Andhra Pradesh,
India |
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Amount secured by
the charge |
Rs. 58.500
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
ROI : CC – 11.75
% TL : 12.25 ?% Margin – Stock :
25 % And Receivable 40
% T. L. : 33.45 % Term loan is
repayable in 20 quarterly installments commencing from 01.02.2007 and the
last installment falling due on 01.11.2011 |
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Description of
the property charged indicating whether it is a charged on |
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Charge
identification number of the charge to be modified |
80008296 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplemental
agreement of loan cum hypothecation dated 27.07.2006 Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and or creation |
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Date of
instrument modifying the charge |
27.07.2006 |
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Particulars of
the present modification |
The present limit
is increased to Rs. 58.500 Millions from Rs. 12.000 Millions CC Rs. 20.000
Millions TL : Rs. 25.000 Millions and LC Rs. 13.500 Millions |
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 records 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.39.40 |
|
UK Pound |
1 |
Rs.81.12 |
|
Euro |
1 |
Rs.56.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
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. |
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 |
|