MIRA
INFORM REPORT
|
Report Date : |
29.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ASTRIX LABORATORIES LIMITED |
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Registered Office : |
1-1-151 / 1, 4th Floor, Sairam Towers, Alexander Road, Secunderabad
– 500003, 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 : |
21.09.2005 |
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Com. Reg. No.: |
47551 |
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CIN No.: [Company
Identification No.] |
U24239AP2005PLC047551 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA05588C |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturers and Exporters of Bulk Drugs, Finished Drugs and
Pharmaceutical Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
||
|
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 |
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Maximum Credit Limit : |
USD 9200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a sister company of Matrix Laboratories Limited, an
established company having excellent track. The company has also produced excellent results in it’s first year of
operation. Trade relations are fair. Market reputation is favorable. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office / Corporate Office : |
1-1-151 / 1, 4th Floor, Sairam Towers, Alexander Road,
Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27700363 – 1182 / 66327722 |
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Fax No.: |
91-40-27700343 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. Rajiv Malik |
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Designation : |
Director |
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Address : |
B – 6B, Gangotri, Alknanda, New Delhi – 110019, India |
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Date of Birth/Age : |
12.03.1961 |
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Date of Appointment : |
21.09.2005 |
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Name : |
Mr. C. S. Muralidharan |
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Designation : |
Director |
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Address : |
Flat No. 302, Wing B Avalon Building Hiranandani Gardens, Powai, Mumbai
– 400076, Maharashtra, India |
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Date of Birth/Age : |
05.02.1963 |
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Date of Appointment : |
21.09.2005 |
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Name : |
Mr. V. V. Ravi Kumar |
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Designation : |
Director |
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Address : |
H. No. 8, Sai Ansh Archade Durga Vihar Colony, Thirumalaghery,
Secunderabad – 15 |
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Date of Birth/Age : |
01.07.1965 |
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Date of Appointment : |
21.09.2005 |
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Name : |
Mr. Barber Peter John |
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Designation : |
Director |
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Address : |
9, Kronenzicht Villas, Brunia Way, Hout Bay, Durban – 7806, South
Africa |
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Date of Birth/Age : |
19.03.1951 |
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Date of Appointment : |
01.01.2006 |
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Name : |
Mr. Arun Kumar Mathur |
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Designation : |
Director |
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Address : |
5, Polisetti Enclave, Vikrampuri, Secunderabad – 500 009, Andhra
Pradesh, India |
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Name : |
Mr. B Hari Babu |
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Designation : |
Director |
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Address : |
P No. 11, Sai Ansh Arcade, Tirumalghery, Secunderabad – 500 015,
Andhra Pradesh, India |
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Date of Birth/Age : |
01.07.1964 |
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Date of Appointment : |
29.11.2006 |
KEY
EXECUTIVES
|
Name : |
Mr. Nagraj Goud |
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Designation : |
Secretary |
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Address : |
H. No. 5-14-88, Indiranagar Colony, Aphb Colony, Moulali, Andhra
Pradesh, India |
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Date of Birth/Age : |
02.12.1977 |
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Date of Appointment : |
26.04.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2007)
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
50.00 |
|
Bodies corporate |
|
50.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Bulk Drugs, Finished Drugs and
Pharmaceutical Products. |
GENERAL INFORMATION
|
No. of Employees : |
About 150 |
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Bankers : |
·
Bank of Nova Scotia 6-3-346/1, Road No. 1, Banjara Hills,
Hyderabad – 500032, Andhra Pradesh, India ·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower
Parel, (West), Mumbai – 400 013, Maharashtra, India ·
ABN Amro
Bank 6-3-24/1/1/A, Road No. 1, Banjara Hills, Hyderabad – 500 034, Andhra
Pradesh, India |
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Banking
Relations : |
Good |
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Auditors : |
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|
Name : |
Deloitte Haskins and Dells Chartered Accountants |
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Address : |
Coromandal house, 1-2-10, Sardar Patel Road, Secunderabad – 500003,
Andhra Pradesh, India |
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Associates/Subsidiaries : |
Matrix Laboratories Limited |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4525000 |
Equity Shares |
Rs.10/- each |
Rs.45.250
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
45.250 |
45.250 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1801.287 |
1661.294 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1846.537 |
1706.544 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
650.625 |
0.000 |
|
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2] Unsecured Loans |
|
0.000 |
0.000 |
|
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TOTAL BORROWING |
|
650.625 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
93.237 |
20.881 |
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|
|
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|
|
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TOTAL |
|
2590.399 |
1727.425 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
1519.327 |
1590.637 |
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Capital work-in-progress |
|
14.955 |
25.335 |
|
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INVESTMENT |
|
0.000 |
40.586 |
|
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
740.431 |
367.274 |
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Sundry Debtors |
|
504.113 |
336.257 |
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Cash & Bank Balances |
|
0.114 |
13.118 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
169.486 |
52.525 |
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Total
Current Assets |
|
1414.144 |
769.174 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
324.817 |
690.993 |
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Provisions |
|
33.210 |
7.314 |
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Total
Current Liabilities |
|
358.027 |
698.307 |
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Net Current Assets |
|
1056.117 |
70.867 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
2590.399 |
1727.425 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
|
2267.197 |
427.082 |
||
|
Other Income |
|
22.738 |
3.228 |
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Total Income |
|
2289.935 |
430.310 |
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|
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|
|
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|
Profit/(Loss) Before Tax |
|
212.845 |
93.159 |
|
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Provision for Taxation |
|
72.552 |
21.100 |
|
|
Profit/(Loss) After Tax |
|
140.293 |
72.059 |
|
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Export turnover |
|
|
|
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Sale of goods manufactured |
|
1042.751 |
250.998 |
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Expenditures : |
|
|
|
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Raw Material Consumed |
|
1704.913 |
451.179 |
|
|
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Consumption of stores and spares parts |
|
25.069 |
9.106 |
|
|
Increase/(Decrease) in Finished Goods |
|
(192.876) |
(180.819) |
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Salaries, Wages, Bonus, etc. |
|
54.085 |
11.005 |
|
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Payment to Auditors |
|
2.408 |
0.000 |
|
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Interest |
|
47.740 |
0.325 |
|
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Insurance Expenses |
|
6.297 |
0.028 |
|
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Power & Fuel |
|
51.554 |
1.174 |
|
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Depreciation & Amortization |
|
135.766 |
10.864 |
|
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Other Expenditure |
|
242.134 |
34.289 |
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Total Expenditure |
|
2077.090 |
337.151 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
6.13 |
16.75 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
9.39 |
21.81 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
7.26 |
3.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.12 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.55 |
0.41 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.95 |
1.10 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24239AP2005PLC047551 |
|
Name of the
company |
ASTRIX LABORATORIES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1-1-151 / 1, 4th Floor, Sairam Towers, Alexander Road,
Secunderabad – 500003, Andhra Pradesh, India |
|
Type of charge |
|
|
Particular of
charge holder |
Bank of Nova Scotia 6-3-346/1, Road No. 1, Banjara Hills, Hyderabad – 500032, Andhra
Pradesh, India |
|
Nature of description
of the instrument creating or modifying the charge |
|
|
Date of
instrument Creating the charge |
21.09.2007 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As detailed in
the sanction letter vide BNS HYD CB 56 OL 2 2007 dated 22.08.2007 given by
the Bank for sanctioning of the working capital limits and as applicable from
time to time. Terms of
repayment As detailed in
the sanction letter vide BNS HYD CB 56 OL 2 2007 dated 22.08.2007 given by
the Bank for sanctioning of the working capital limits and as applicable from
time to time. Margin As detailed in
the sanction letter vide BNS HYD CB 56 OL 2 2007 dated 22.08.2007 given by
the Bank for sanctioning of the working capital limits and as applicable from
time to time. Extent operation
of the charge First pari passu
charge on the entire current assets of the company including raw materials,
stock in process, finished goods, consumables stores, book debts and
receivables including export receivables, both present and future, along with
other Banks namely State Bank of India, ABN Amro bank and HDFC Bank under
Multiple Banking Arrangement. |
|
Short particulars
of the property charged |
First pari passu
charge on the entire current assets of the company including raw materials, stock
in process, finished goods, consumables stores, book debts and receivables
including export receivables, both present and future, along with other Banks
namely State Bank of India, ABN Amro bank and HDFC Bank under Multiple
Banking Arrangement. |
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U24239AP2005PLC047551 |
|
Name of the
company |
ASTRIX LABORATORIES LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
1-1-151 / 1, 4th Floor, Sairam Towers, Alexander Road,
Secunderabad – 500003, Andhra Pradesh, India |
|
Type of charge |
·
Book Debts ·
Movable Property (not being pledge) ·
Floating charge |
|
Particular of
charge holder |
ABN Amro Bank 6-3-24/1/1/A,
Road No. 1, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India |
|
Nature of
description of the instrument creating or modifying the charge |
Supplementary
Deed of Hypothecation of Movable Assets dated 27th September, 2007.
Enhancement of working capital limits from Rs.370.000 millions to Rs.450
millions. |
|
Date of
instrument Creating the charge |
27.09.2007 |
|
Amount secured by
the charge |
Rs.450.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
interest As detailed in the Sanction Letter given by the Bank for sanctioning
of the working capital limits. ·
Terms of
repayment As detailed in the Sanction Letter given by the Bank for sanctioning
of the working capital limits. ·
Margin As detailed in the Sanction Letter given by the Bank for sanctioning
of the working capital limits. ·
Extent and
operation of the charge First pari passu charge on the current assets of the Company, both
present and future in favour of the working capital banks. |
|
Short particulars
of the property charged |
First pari passu
charge on the current assets of the Company, both present and future in
favour of the working capital banks. |
|
Particulars of
the present modification |
Enhancement of
working capital limits from Rs.370.000 millions to Rs.450 millions (both fund
based and non fund based), in terms of Supplementary Deed of Hypothecation of
Moveable Assets dated 27th September, 2007. |
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.43.73 |
|
UK Pound |
1 |
Rs.80.31 |
|
Euro |
1 |
Rs.64.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
72 |
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 |
|