MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
TRIDENT PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
2-3-18-53, Sai Nilayam, Golnaka Amberpet, Hyderabad – 500013, Andhra
Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
19.10.1989 |
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Com. Reg. No.: |
010577 |
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CIN No.: [Company
Identification No.] |
U24230AP1989PTC010577 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDT00797G |
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PAN No.: [Permanent
Account No.] |
AAACT7522R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceutical, Medicinal, Herbal bacteriological, Biological
preparations, Articles and compounds and as chemicals and Druggists
generally. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 25836 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject seems to be an established company, but its current financials
are missing from the Government. The management so far remained non-cooperative.
It would be difficult to assess the current financial position of the
company, in view of non-availability of latest financials. Payments are
reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
2-3-18-53, Sai Nilayam, Golnaka Amberpet, Hyderabad – 500013, Andhra
Pradesh, India |
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Tel. No.: |
91-40-27403958/65168487/27404334/27551355 |
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Mobile No.: |
91-9440048487 |
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Fax No.: |
91-40-27403958 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dr. K. Murlidhar |
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Designation : |
Managing Director |
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Address : |
2-3-18-53, Tulasi Colony,
Golnaka Amberpet, Hyderabad – 500013, Andhra Pradesh, India |
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Date of Birth/Age : |
10.03.1937 |
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Date of Appointment : |
19.10.1989 |
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Name : |
Mr. Ch. Venugopal |
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Designation : |
Director |
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Address : |
2-2-1131, Flat No.1 A, Satya Residency, New Nallakunta, Hyderabad -
500044 |
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Date of Birth/Age : |
15.03.1968 |
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Date of Appointment : |
19.10.1989 |
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Name : |
Mr. J. Anantham |
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Designation : |
Director |
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Address : |
H. No.2-2-647/A/32, Saibaba Nagar, Baghamberpet, Hyderabad – 500013 |
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Date of Birth/Age : |
26.07.1955 |
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Date of Appointment : |
01.02.1990 |
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Name : |
Mr. M. Srinivas |
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Designation : |
Director |
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Address : |
2-2-1130, Flat No.302, Janalapuram Enclave, New Nallakunta, Hyderabad
- 500044 |
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Date of Birth/Age : |
12.08.1967 |
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Date of Appointment : |
01.08.2000 |
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Name : |
Mr. K. Venkat Laxmi |
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Designation : |
Director |
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Address : |
2-3-18-53, Sainilayam, Lane Opp. Bible Church, Golnaka Amberpet,
Hyderabad – 500013, Andhra Pradesh, India |
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Date of Birth/Age : |
05.05.1977 |
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Date of Appointment : |
30.11.2001 |
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Name : |
Mrs. Ch. Anjaneya Prasad |
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Designation : |
Director |
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Address : |
2-2-1105/82/D/4, Flat No.1A, Sai Sheela Apartment, Prashanthnagar, New
Nallakunta, Hyderabad - 500044 |
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Date of Birth/Age : |
08.06.1963 |
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Date of Appointment : |
13.02.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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|
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Mr. Dr. K. Murlidhar |
|
3024 |
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Mr. J. Anantham |
|
859 |
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Mrs. K. Sudha |
|
4700 |
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Mr. Ch. Anil Kumar |
|
1165 |
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Mrs. K. Vinoda |
|
690 |
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Mrs. B. Padmavati |
|
1803 |
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Total |
|
12241 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical, Medicinal, Herbal bacteriological,
Biological preparations, Articles and compounds and as chemicals and Druggists
generally. |
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Products : |
·
Ginned Cotton ·
Cotton Seeds ·
Antibiotics ·
Pain/fever ·
Antiulcerants ·
Antacids ·
Vitamins and Minerals ·
Appetite Stimulants ·
Infertility ·
Digestive Enzymes ·
Haematinics ·
Anti Cold ·
Cough Suppressants ·
Antiallergic ·
Liver Protector ·
Uriniar Alkalisers ·
Cardiovascular ·
Drugs on Uterus ·
Calcium ·
Antiemetic ·
Anxiolytics ·
Antimalatials ·
Injectables ·
Antidiarrhoeal ·
Haemostatics ·
Anthelmintics |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Liquid Orals |
Ltrs |
N.A. |
0.136 |
58.843 |
|
Tables and Capsuls |
Kgs |
N.A. |
N.A. |
16.308 |
|
Vials |
Nos |
N.A. |
N.A. |
0.078 |
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GENERAL
INFORMATION
|
No. of Employees : |
26 |
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Bankers : |
·
ING Vysya
Bank Limited No.1-1-191/A, 6th
Cross, Chikkadapally, Hyderabad – 500020, Andhra Pradesh, ·
State Bank
of Hyderabad, Kachiguda Branch |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
45000 |
Equity shares |
Rs.100/- each |
Rs.4.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000 |
Equity shares |
Rs.100/-
each |
Rs.4.500
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
4.500 |
4.500 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
1.959 |
1.654 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
6.459 |
6.154 |
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LOAN FUNDS |
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1] Secured Loans |
|
3.113 |
3.351 |
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2] Unsecured Loans |
|
0.689 |
0.689 |
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TOTAL BORROWING |
|
3.802 |
4.040 |
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DEFERRED TAX LIABILITIES |
|
0.407 |
0.436 |
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TOTAL |
|
10.668 |
10.630 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
4.346 |
4.695 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.015 |
0.016 |
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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 |
|
5.310 |
5.738 |
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Sundry Debtors |
|
3.524 |
3.137 |
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Cash & Bank Balances |
|
0.108 |
0.024 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.534 |
1.010 |
|
Total
Current Assets |
|
9.476 |
9.909 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
3.169 |
3.989 |
|
|
Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
3.169 |
3.989 |
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Net Current Assets |
|
6.307 |
5.920 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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|
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TOTAL |
|
10.668 |
10.630 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
|
Sales Turnover |
|
27.006 |
22.289 |
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Other Income |
|
2.780 |
2.379 |
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Increase in stocks |
|
0.120 |
0.000 |
|
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Total Income |
|
29.906 |
24.668 |
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Profit/(Loss) Before Tax |
|
0.475 |
0.326 |
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Provision for Taxation |
|
0.305 |
(0.153) |
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Profit/(Loss) After Tax |
|
0.170 |
0.479 |
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Export Value |
|
N.A. |
N.A. |
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Import Value |
|
N.A. |
N.A. |
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Expenditures : |
|
|
|
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Manufacturing Consumed |
|
16.116 |
11.810 |
|
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Selling and Administration Expenses |
|
12.173 |
10.410 |
|
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Interest |
|
0.484 |
0.526 |
|
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Depreciation |
|
0.657 |
0.675 |
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Decrease in stocks |
|
0.000 |
0.896 |
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Other Expenditure |
|
0.000 |
0.024 |
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Total Expenditure |
|
29.430 |
24.341 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
|
0.57 |
1.94 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.76 |
1.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.44 |
2.23 |
|
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.05 |
|
|
|
|
|
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.05 |
2.27 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.99 |
2.48 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate identity
number (CIN) Foreign company registration number |
U24230AP1989PTC010577 |
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Name of the
Company |
TRIDENT PHARMACEUTICALS PRIVATE LIMITED |
|
Address |
2-3-18/53, Plot No. 328, Lane Opp. Bible Church Golnaka, Amberpet,
Hyderabad – 500013, Andhra Pradesh, India |
|
This form is for |
Creation of
Charge |
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Type of Charge |
Immovable Property Movable Property (Not being pledge) Entire Fixed Assets of the company |
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Particulars of
the charge holder |
ING Vysya Bank
Limited No.1-1-191/A, 6th
Cross, Chikkadapally, Hyderabad – 500020, Andhra Pradesh, India CIN :
L65191KA1930PLC000124 |
|
Nature or
description of the instrument(s) creating or modifying the charge |
General
Hypothecation Agreement Letter Evidencing
Deposit of Title Deed |
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Date of the
instrument creating or modifying the charge |
Date : 01.09.2006 |
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Amount secured by
the charge |
Rs.2.000 Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest
: IVRR – 1.5%
(Present IVRR is 13%)=11.5% p.a. Monthly Rest Terms of
Repayment : Repayable in 48 EMI
of INR 51695/- each with a initial holiday period of 3 months. Margin : Margin – 60% Extent and
operation of the charge : First charge on
the entire fixed assets of the company and assets procured out of TL Equitable
mortgage on the company property bearing shed no.48, in S. No.125 part
admeasuring 1119.45 sq. yards situated at ida, mallapur, range reddy district
and bounded by north: storm water
drain, south: private lands, east shed no.47 and west: shed no.49. |
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Short particulars
of the property charged (including location of the property) |
Plant and
Machinery of the company at factory premises, 48 Phase II, Mallapur
Hyderabad. Property Bearing
Shed No.48, In s. no.125 Part Admeasuring 1119.45 sq. yards situated at
India, Mallapur, Ranga Reddy District and Bounded by North: storm water
drain, south: private lands, east shed no.47 and west: shed no.49. |
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Particular of the
present modification |
N.A. |
|
Name of the company |
TRIDENT PHARMACEUTICALS PRIVATE LIMITED |
||||||||||||
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Presented By |
Dr. K.
Muralidhar Managing Director |
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1) Date and description of instrument creating the change |
10.11.1999 Agreement Of Loan
– C-1 Agreement of
Hypothecation of Goods and Assets – C-2 Agreement of
pledge of Goods – C-3 Deed of Guarantee
– C-4 Working Capital
Agreement Medium Term Loan
Agreement |
||||||||||||
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.900 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 |
·
Primary : Hypothecation of
all current assets of the company 1st charge on the past, future
and current assets of the company. ·
Collateral Equitable
Mortgage of factory Land and Building situated at shed No.48, phase – II,
IDA, Mallapur, Hyderabad. Valued at Rs.5.004 Millions House No.
2-2-1055/82/D, Shivam Road, Golnaka, Hyderabad Belonging to Mrs. K.Sudha
Valued at Rs.1.189 Million Pledge of plant
and Machinery in the name of the company valued at Rs.4.472 Millions First Charge on
all Fixed Assets of the company. |
||||||||||||
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : C.C.(Hypothecation)
:3.00% above SBHPLR, subject to a minimum of 15.00% p.a. with quarterly
rests. Penal Rate of Interest 2% above the rate applicable on the entire
O/s. for the following unsatisfactory features. Irregularity in
accounts Non-submission of
stock statements, SOD and other financial Data. Default in
Compliance of borrowing covenants. Margin : CC 25% of RM, SIP,
FGS and Stores and Spares. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of
Hyderabad Kachiguda Branch |
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6) Date and brief description of instrument modifying the charge |
DP Note Delivery
Letter dated 26.03.2003 Letter of waiver
letter dated 26.03.2003 Sanction Letter
dated 12.03.2003 from State Bank of Hyderabad, Kachiguda Branch |
||||||||||||
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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. |
The Bank has
sanctioned to the company an additional limit of Rs.0.600 Million by way of
clean cash credit limit in addition to the existing facilities and the total
limit is Rs.3.600 Millions. The security
available to the existing credit facilities is extended to cover the clean
cash credit limit of Rs.0.600 Million Interest is
@13.5% |
|
Name of the company |
TRIDENT PHARMACEUTICALS PRIVATE LIMITED |
|
Presented By |
Dr. K.
Muralidhar Managing Director |
|
1) Date and description of instrument creating the change |
The following
documents executed on the 10th November, 1999 executed by Trident
Pharmaceuticals private limited (therein and here in after referred to as the
company) In favour or the State Bank of Hyderabad, Kachiguda Branch Here in
after referred to as the Lender. Agreement Of Loan
– C-1 Agreement of
Hypothecation of Goods and Assets – C-2 Agreement of
pledge of Goods – C-3 Deed of Guarantee
– C-4 Working Capital
Agreement Medium Term Loan
Agreement |
|
2) Amount secured by the charge/amount owing on the securities of charge |
The Limit Were as
Under Working Capital :
Rs.3.600 Millions (therein and here
in after referred to as the Loan) |
|
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 |
Primary Security: Hypothecation of
all current assets of the company and Hypothecation of Raw Materials, Stocks,
in progress, Finished Goods,
Consumables, Spares and Book debts. Collateral
Security: Equitable
mortgage of land and building of shed no.48, phase II, IDA, Mallapur, Hyderabad
Valued at Rs.7.508 Millions. House No.
2-2-1055/82/D, Shivam Road, Golnaka, Hyderabad Belonging to Mrs. K.Sudha
Valued at Rs.1.189 Million Pledge of plant
and Machinery in the name of the company valued at Rs.3.094 Millions First Charge on
all Fixed Assets of the company. House No.
2-3-18/53/ Amberpet, Hyderabad Belonging to Mrs. Jyoti Valued at Rs.3.436
Millions Guarantee : Personal
guarantee of the directors of the company viz. Mr. Dr. K. Muralidhar, Mr. Ch Venugopal,
Mr. J. Anantham Mr. M. Srinivas, Mr. K. Venkatata Laxmi, Mr. Ch. Anjaneya
Prasad. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : Indigenous Raw Materials 25% Stocks in Process
25% Stores and Spares
25% Finished Goods
25% Rate of Interest
: Rate of Interest
is stipulated as 1% above PLR. |
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
Hyderabad Hyderabad,
Kachiguda Branch |
|
6) Date and brief description of instrument modifying the charge |
Agreement Of Loan
for overall limit – C-1 Agreement of
Hypothecation of Goods and Assets – C-2 Agreement of
pledge of Goods and Assets – C-3 Letter of
Undertaking Deed of Guarantee
for overall limit – C-4 All dated 16th
September 2004 |
|
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. |
Working Capital
Enhance to Rs.5.000 Millions |
Operations :
During the year, the company had tough
competition in the market. Hence, the result of the company are not to be
expectations. However, during the current year the company continued its growth
in production and sales. In spite of the highly competitive environment with
the entrant of new players, the company could achieve command able growth in
its operations and revenues.
Fixed Assets :
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computers
·
Office Equipments
·
Motor Car
·
Motor Cycle
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.39.29 |
|
UK Pound |
1 |
Rs.77.05 |
|
Euro |
1 |
Rs.58.39 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|