MIRA
INFORM REPORT
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Report Date : |
02.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
MANTENA LABORATORIES LIMITED |
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Formerly Known As : |
MANTENA DRUGS PRIVATE LIMITED |
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Registered Office : |
No.8-3-976/86/1/1 Shalivanagar, Yellareddyguda, Hyderabad – 500072,
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 : |
17.10.2000 |
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Com. Reg. No.: |
01-35486 |
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CIN No.: [Company
Identification No.] |
L24230AP2000PLC035486 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Bulks and Intermedites. |
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 610000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Sekhar |
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Designation : |
Finance Manager |
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Contact No.: |
91-9704156393 |
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Date : |
28.06.2008 |
LOCATIONS
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Registered Office : |
No.8-3-976/86/1/1 Shalivanagar, Yellareddyguda, Hyderabad – 500072,
Andhra Pradesh, India |
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Tel. No.: |
91-40-23741657/ 23735885 |
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E-Mail : |
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Website : |
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Area : |
1500 sq. ft. |
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Locations : |
Rented |
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Corporate Office : |
A-41 Madhura Nagar, Colony S R Nagar, Post Hyderabad – 500038, Andhra
Pradesh, India |
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Factory 1 : |
Sr. No. 715, Kondamadugu Village, Bibinagar Mandal,
Nalgonda Dist., Andhra Pradesh, India. |
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Factory 2 : |
Sr.
No. 85 & 86 Hussainabad Bhongir Mandal
Nalgonda Dist. Andhra Pradesh, India. |
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Factory 3 : |
Custom
Synthesis Prashanth nagar, IDA Kukatpally, Hyderabad – 29, Andhra Pradesh, India |
DIRECTORS
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Name : |
Mr. R. V. Prasada Raju |
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Designation : |
Director |
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Address : |
A-25 Madhura Nagar, Colony S R Post, Hyderabad – 500038, Andhra
Pradesh, India |
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Date of Birth/Age : |
01.04.1959 |
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Qualifications : |
M. Sc. |
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Date of Appointment : |
17.10.2000 |
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Name : |
Mrs. Sita Devi |
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Designation : |
Director |
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Address : |
A-25 Madhura Nagar, Colony S R Post, Hyderabad – 500038, Andhra
Pradesh, India |
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Date of Birth/Age : |
28.09.1961 |
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Qualifications : |
SSC. |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Amalgharabally |
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Designation : |
Director |
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Address : |
Plot No.6, Link Road, No.31, Area No.3, Sahiyat Abdullah 70459 |
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Date of Birth/Age : |
65 years |
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Qualifications : |
Engineer |
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Name : |
Mr. Annapurna |
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Designation : |
Director |
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Address : |
Panduva Via, Ganapava Ram West, Godavari, Panduva, West Godavari,
Andhra Pradesh, India |
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Date of Birth/Age : |
08.02.1965 |
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Date of Appointment : |
15.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Mr. R. V. Prasada Raju |
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361500 |
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Mr. Ravi Kumar Raju |
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250 |
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Mrs. Sita Devi |
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278500 |
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Mrs. Sirisha Mantena |
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111000 |
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Mr. Ramchandra Raju Mantena |
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94500 |
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Mr. Venkataraman Mantena |
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91250 |
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Mr. Balarama Mantena |
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86750 |
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Mr. Penmatsa Saraswathi |
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43750 |
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Name of Allotted |
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No.
of Shares Allotted
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Capital API/M |
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320988 |
(As on 31.03.2007)
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Category |
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Percentage |
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Directors or relatives of directors |
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83.00 |
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Others |
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17.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Bulks and Intermedites. |
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Exports : |
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Products : |
Bulks |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C and Credit, Local |
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Purchasing : |
L/C and Credit, Local |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
80 (Office – 40 and Factory – 40) |
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Bankers : |
Industrial; Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad – 500082,
Andhra Pradesh, India |
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Facilities : |
L/C Rs.0.260 Million and BG
Rs.0.300 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. Narayan Roa and Company Chartered Accountant |
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Address : |
Plot No.505, Vijayasree, Ameerpet, Hyderabad – 500073, Andhra Pradesh,
India |
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Tel. No.: |
91-9885909050 – Mr. Sudarshan |
CAPITAL STRUCTURE
Authorised Capital:
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No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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2642000 |
Equity Shares |
Rs.10/- each |
Rs.26.420
Millions |
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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 |
26.420 |
19.735 |
12.850 |
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2] Share Application Money |
0.000 |
0.000 |
10.098 |
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3] Reserves & Surplus |
96.118 |
10.484 |
1.685 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
122.538 |
30.219 |
24.633 |
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LOAN FUNDS |
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1] Secured Loans |
56.299 |
65.101 |
38.781 |
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2] Unsecured Loans |
0.309 |
0.000 |
0.000 |
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TOTAL BORROWING |
56.608 |
65.101 |
38.781 |
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DEFERRED TAX LIABILITIES |
3.211 |
2.008 |
3.066 |
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TOTAL |
182.357 |
97.328 |
66.480 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.862 |
39.844 |
36.384 |
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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 |
43.021
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37.510 |
34.045 |
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Sundry Debtors |
75.112
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38.153 |
22.155 |
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Cash & Bank Balances |
21.454
|
0.143 |
1.503 |
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Other Current Assets |
0.000
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0.000 |
0.256 |
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Loans & Advances |
25.976
|
11.496 |
3.491 |
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Total
Current Assets |
165.563
|
87.302 |
61.450 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
49.449
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32.043 |
34.199 |
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Provisions |
3.120
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3.075 |
0.832 |
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Total
Current Liabilities |
52.569
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35.118 |
35.031 |
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Net Current Assets |
112.994
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52.184 |
26.419 |
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MISCELLANEOUS EXPENSES |
13.501 |
5.300 |
3.677 |
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TOTAL |
182.357 |
97.328 |
66.480 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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127.726 |
116.005 |
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Other Income |
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1.740 |
0.081 |
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Increase in Stock |
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2.686 |
1.804 |
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Total Income |
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132.152 |
117.890 |
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Profit/(Loss) Before Tax |
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5.140 |
4.557 |
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Provision for Taxation |
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3.073 |
1.479 |
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Profit/(Loss) After Tax |
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2.067 |
3.078 |
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Expenditures : |
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Raw Material Consumed |
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86.027 |
74.767 |
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Manufacturing Expenses |
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7.415 |
8.032 |
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Selling and Administrative Expenses |
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19.282 |
17.859 |
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Financial Charges |
|
8.863 |
7.177 |
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Depreciation & Amortization |
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5.425 |
5.499 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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127.012 |
113.334 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.56
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2.61 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
4.02
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3.93 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.99
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3.58 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.15 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.89
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3.32 |
2.99 |
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Current Ratio (Current Asset/Current Liability) |
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3.15
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2.48 |
1.75 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- A.P.C. Form
- Dr. Reddy
Labs
Form 8:
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Corporate
identity number of the company |
L24230AP2000PLC035486 |
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Name of the
company |
MANTENA LABORATORIES LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
8-3-976/86/1/1 Shalivanagar, Yellareddyguda, Hyderabad – 500073,
Andhra Pradesh, India |
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This form is for |
Modification of Charge |
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Type of charge |
Equitable Mortgage or mortgage of property by depositing
the title deeds |
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Particular of
charge holder |
State Bank of India Industrial; Finance Branch, Raj Bhavan Road, Somajiguda, Hyderabad –
500082, Andhra Pradesh, India |
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Date of
instrument Creating the charge |
22.04.2006 |
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Amount secured by
the charge |
Rs.0.800 Million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Memorandum of deposit
for creation of charge for overall limit C9 |
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Particulars of
the property charged |
Hypothecation of
all chargeable current assets of the company entire stocks term loan book
debts other current assets of the company both present and future First charge on
all the fixed assets of the company |
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Particulars of
the present modification |
Memorandum of
deposit of title deeds of the property situated at kondamadagu (V) BIBI Nagar
Mandal, Nalgonda District |
Corporate Profile:
Subject
is an Indian-based growing pharmaceutical company located at Hyderabad.
Incorporated in the year 2001, the Company is focused on the manufacture and marketing
of active pharmaceutical ingredients [API] and its Intermediates in India as
well as globally and enjoys a diversified and growing presence in regulated and
developing international markets.
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.42.95 |
|
UK Pound |
1 |
Rs.67.81 |
|
Euro |
1 |
Rs.85.62 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
4 |
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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 |
|
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 |
|