MIRA
INFORM REPORT
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Report Date : |
23.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
VETINDIA PHARMACEUTICALS LIMITED |
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Registered Office : |
1-7-187/D-16, Kamala Nagar, Ecil “X” Roads, Hyderabad – 500062, 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 : |
29.09.1992 |
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Com. Reg. No.: |
01-14800 |
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CIN No.: [Company
Identification No.] |
U24239AP1992PTC014800 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDV00737C |
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Legal Form : |
Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers, Importer and Exporters of Veterinary Pharmaceutical Formulations. |
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 136800 |
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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 well established company having satisfactory track records. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are fair. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Srinivas Rao |
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Designation : |
Accounts Manager |
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Date : |
22.04.2008 |
LOCATIONS
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Registered Office/Factory : |
1-7-187/D-16, Kamala Nagar, Ecil “X” Roads, Hyderabad – 560062, Andhra Pradesh, India |
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Tel. No.: |
91-40-27127184/ 27143103/ 27137716 |
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Fax No.: |
91-40-27137716/ 27123563 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. ft. |
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Location : |
Owned by company |
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Head Office/ Factory : |
A-6/1, Electronic Complex, Kushai Guda, Hyderabad - 560062, Andhra Pradesh, India |
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Tel. No.: |
91-40-27127184/ 27143103 |
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Fax No.: |
91-40-27137716 |
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E-Mail : |
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Website : |
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Area : |
30000 sq. ft. |
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Location : |
Owned by company |
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Branch : |
Aslali, Ahmedabad |
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Location : |
Leased |
DIRECTORS
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Name : |
Dr. M. Sambasiva Rao |
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Designation : |
Managing Director |
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Address : |
1-7-187/D-16, 1st floor, Kamalanagar, ECIL X Roads,
Hyderabad 500062, India |
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Date of Birth/Age : |
01.06.1948 |
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Qualifications : |
Post Graduate |
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Date of Appointment : |
29.09.1992 |
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Name : |
Mr. K. Chandram |
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Designation : |
Director |
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Address : |
No. 102, Sri Sreenivasa Palace, Plot No. C-9/10, Kamalanagar, ECIL X
Roads, Hyderabad 500 062, India |
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Date of Birth/Age : |
10.01.1955 |
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Qualifications : |
Graduate |
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Date of Appointment : |
29.09.1992 |
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Name : |
Mr. S. Sambasiva Rao |
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Designation : |
Director |
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Address : |
4-4-688, K. S. Lane, Sultanbazar, Hyderabad 500 095, India |
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Date of Birth/Age : |
13.05.1956 |
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Qualifications : |
Post Graduate |
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Date of Appointment : |
29.09.1992 |
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Name : |
Mr. E. Vidyachand |
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Designation : |
Director |
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Address : |
No. 11, Sadasivanagar, Gujannagulla, Gutur, India |
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Date of Birth/Age : |
01.04.1947 |
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Date of Appointment : |
29.01.2004 |
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Name : |
Mr. T. L. Narasimha Rao |
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Designation : |
Director |
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Address : |
107, Veterinary Colony, Vijayawada, Andhra Pradesh, India |
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Date of Birth/Age : |
02.08.1940 |
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Date of Appointment : |
29.01.2004 |
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Name : |
Mr. D. Krishna Kumari |
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Designation : |
Director |
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Address : |
7-57, Kamalanagar, ECIL X roads, Hyderabad 500 062, India |
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Date of Birth/Age : |
20.11.1972 |
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Date of Appointment : |
29.01.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2006)
|
Names of Shareholders |
|
Percentage |
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Directors or relatives of Directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Importer and Exporters of Veterinary Pharmaceutical Formulations. |
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Products : |
·
Analgesics and Antipyrectics |
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Exports : |
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Products : |
All Products |
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Countries : |
·
Nigeria ·
Saudi
Arabia ·
Madagascar |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
China ·
Belgium |
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Terms : |
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Selling : |
L/C, Cash and Credit (90 days) |
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Purchasing : |
L/C and Credit (90 days) |
PRODUCTION STATUS
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Particulars |
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Installed Capacity |
Actual Production |
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Tablets and Bolus |
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4.058 million |
56037 Boxes |
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Liquid Orals |
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40,000 Ltrs. |
241546 Cans |
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Ointments |
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5,000 Kg. |
63320 Tubes |
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Dry Powders |
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3500 Kg. |
95503 Tins |
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Injectables |
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NA |
1417490 Vials |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Retailers · Government Organisations |
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No. of Employees : |
About 150 |
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Bankers : |
· State Bank of India Saifabad, Haca Bhavan, Hyderabad, Andhra Pradesh, India |
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Facilities : |
C/C – Rs.25.000 Millions L/C – Rs.3.000 Millions DG – Rs.1.000 Million FLC – Rs.5.000 Millions Term Loan – Rs.10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G. Sreenivasa Rao Chartered Accountants |
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Address : |
D. No. 8-2-214/6, SBH Buildings, Srinivasa Nagar (West),
Hyderabad - 500038, Andhra Pradesh, India |
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Tel. No.: |
91-40-23732424 |
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Associates/Subsidiaries
: |
Indian Genqmix
Private Limited B-23/A, Electronic Complex, Hyderbad, India (Manufacturers, Importer and Exporters of Veterinary
Pharmaceutical Formulations) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1200000 |
Equity Shares |
Rs.10/- each |
Rs.12.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
1128940 |
Equity Shares |
Rs.10/- each |
Rs.11.289
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
11.289 |
11.289 |
11.289 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.911 |
20.175 |
17.042 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
34.200 |
31.464 |
28.331 |
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LOAN FUNDS |
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1] Secured Loans |
41.268 |
33.757 |
31.190 |
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2] Unsecured Loans |
1.715 |
5.415 |
0.782 |
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TOTAL BORROWING |
42.983 |
39.172 |
31.972 |
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DEFERRED TAX LIABILITIES |
4.483 |
2.237 |
2.560 |
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TOTAL |
81.666 |
72.873 |
62.863 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
51.070 |
48.906 |
48.502 |
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Capital work-in-progress |
0.000 |
0.000 |
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 |
0.000
|
20.750
|
12.338 |
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Sundry Debtors |
0.000
|
28.621
|
18.337 |
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Cash & Bank Balances |
0.000
|
1.431
|
1.059 |
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Other Current Assets |
71.926
|
0.000
|
0.000 |
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Loans & Advances |
0.000
|
3.208
|
3.517 |
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Total
Current Assets |
71.926
|
54.010
|
35.251 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.330
|
28.728
|
20.372 |
|
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Provisions |
0.000
|
1.330
|
0.550 |
|
Total
Current Liabilities |
41.330
|
30.058
|
20.922 |
|
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Net Current Assets |
30.596
|
23.952
|
14.329 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.015 |
0.032 |
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TOTAL |
81.666 |
72.873 |
62.863 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
174.590 |
115.388 |
58.767 |
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Other Income |
0.000 |
0.000 |
0.126 |
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Total Income |
174.590 |
115.388 |
58.893 |
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Profit/(Loss) Before Tax |
7.982 |
4.355 |
3.747 |
|
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Provision for Taxation |
2.700 |
1.330 |
2.675 |
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Profit/(Loss) After Tax |
5.282 |
3.025 |
1.072 |
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Export Value |
47.811 |
NA |
11.049 |
|
|
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|
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Imports Value |
NA |
NA |
0.544 |
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Expenditures : |
|
|
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Interest |
5.424 |
4.605 |
2.418 |
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Depreciation & Amortization |
5.096 |
5.928 |
2.070 |
|
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Other Expenditure |
157.088 |
100.500 |
50.658 |
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Total Expenditure |
166.608 |
111.033 |
55.146 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.02
|
2.62
|
1.82 |
|
|
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|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
4.57
|
3.77
|
6.37 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.49
|
4.23
|
4.47 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.13
|
0.13 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.46
|
2.20
|
1.86 |
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|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.79
|
1.68 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
This Form is for |
Creation of Charge |
|
Charge
identification number of the charge to be modified |
NA |
|
Corporate
identity number of the company |
U24239AP1992PTC014800 |
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Name of the
company |
VETINDIA PHARMACEUTICALS LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
1-7-187/D-16, Kamala Nagar, Ecil “X” Roads, Hyderabad –
500 062, Andhra Pradesh, India |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
State Bank of India Saifabad SIB Branch, Haca Bhavan, Saifabad, Hyderabad 500004, Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Loan Cum hypothecation Agreement. |
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Date of instrument
Creating the charge |
23.08.2007 |
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Amount secured by
the charge |
Rs. 0.720 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Interest on the loan
will be charged at 0.50% per annum below SBAR currently 12.25% per annum with
quarterly rests. The rate of interest
is subject to revision from time to time. [b] Terms of
Repayment Term Loan is to
be repaid in 60 Equated Monthly installments of Rs. 0.015 Million each till
the entire loan with interest is fully repaid. The first installment commences from the month following the
month of purchase of above said articles/vehicles. [c] Margin 25% [d] Extent and
operation of the charge Hypothecation of
proposed TATA SAFARI DICOR Vehicle |
|
Short particulars
of the property charged |
Hypothecation of
the vehicle purchased out of the loan amount in favour of the Bank. |
|
Date of latest
modification prior to the present modification |
NA |
|
Particulars of
the present modification |
NA |
|
Name of the
company |
VETINDIA
PHARMACEUTICALS LIMITED |
|
Presented By |
Shri. S.
Sambasiva Rao, Director |
|
1) Date and description of instrument
creating the change |
Dated 21.11.2002 General Agreement for the grant of medium Term Advances to small scale
industries and hypothecation of movables, book debts and other assets. Ancillary agreement for medium term loan against pledge of movable
machinery – Ancillary Agreement ‘A’. Ancillary Agreement for Medium Term Loan aggressing to mortgage
immovable, - Ancillary Agreement ‘B’. Pledge letter in respect of machines accepted as collateral security
for advances. List of machinery equipments. Deposit of Title Deeds form ‘A’ , form ‘B’. Resolution. Sanction letter. |
|
2) Amount secured by the charge/amount
owing on the securities of charge |
Rs. 18.100
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 |
Hypothecation of
plant and machinery, fixed assets of the company both present and future. Equitable
mortgage of land and building admeasuring 2222.22 Sq. yards situated at
A-6/1, Kushaiguds Industrial Estate. Electronic
Complex, Hyderabad 62, belonging to the Company. Equitable
mortgage of house admeasuring 6.480 Sq. feet situated at 1-7-187/D-16,
Kushaiguda, ECIL Road, Hyderabad 62, belonging to the company. Corporate
Guarantee of M/s. Bull Pharmaceuticals Private Limited. Personal
Guarantee of Shri S. Sambasiva
Rao Shri. K. Chandram Shri. M.
Sambasiva Rao Shri. M. Nirmala
Devi Shri. M.
Nagabhusanam |
|
4) Gist of the terms and conditions and
extent and operation of the charge. |
Term Loan
repayable in 20 quarterly installments of Rs. 0.905 Millions commencing from
July, 2003. Rate of Interest 13.60%
p.a. at monthly rests. Marging : Building 25% Plant and
Machinery 25% |
|
5) Name and Address and description of the
person entitled to the charge. |
State Bank of India Saifabad SIB Branch, Haca Bhavan, Saifabad, Hyderabad
500004, Andhra Pradesh, India |
|
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 |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Electrical installations
·
Computer and Fax
·
Furniture at Office
·
Furniture at Factory
·
Telephone Equipment
·
Capital work factory furniture
·
Capital work Lab Equipment
·
Capital Work Electrical Installation
AS PER WEBSITE
DETAILS:
PROFILE
Subject was established by Dr. M. Sambasiva Rao a Veterinarian
in the year 1992 with the sole objective of providing quality veterinary
formulations that are exclusively for live stocks.
INDIAN Economy mostly depends on agriculture. The agriculture practice
in India is done by farmers who mostly depend on live stock for their Milk,
Agriculture and Transportation etc.
The high cost of treatment lack of Quality medicine and difficulty in
gaining access to these medical facilities is hindering the wealth that is
contributed by live stock. Viewing all these difficulties Dr. M. S. Rao felt
the need of quality formulation and better service to the farmer community.
This has given its shape in the form of Subject. A company engaged in
Manufacturing, Marketing, Research and Development of various Veterinary Pharmaceuticals
Formulations under one roof & quot; Vetindia" for the Treatment /
Prevention / Recovery / Increase production of live stock Wealth in India.
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] 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.39.94 |
|
UK Pound |
1 |
Rs.79.03 |
|
Euro |
1 |
Rs.63.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|