MIRA
INFORM REPORT
|
Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MALLADI DRUGS AND PHARMACEUTICALS LIMITED |
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Registered Office : |
No. 52,
Jawaharlal Nehru Street, Ekkatuthangal, Chennai - 600097, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.08.1980 |
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Com. Reg. No.: |
18-8382 |
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CIN No.: [Company
Identification No.] |
U24230TN1980PLC008382 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM00349G |
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PAN No.: [Permanent
Account No.] |
AAACM5031A |
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Legal Form : |
A closely held
public limited liability company. |
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Line of Business : |
Manufacturers
and Distributors of pharmaceuticals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 7000000 |
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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 well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. General financial position is good. Business
is active. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Jagan |
|
Designation : |
Senior Marketing Manager |
|
Date : |
02.06.2008 |
LOCATIONS
|
Registered Office : |
No. 52,
Jawaharlal Nehru Street, Ekkatuthangal, Chennai - 600097, Tamilnadu, India |
|
Tel. No.: |
91-44-2345880 / 2345881 / 2345882 / 2340698 / 2334637 /
22340026 / 22254110 |
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Fax No.: |
91-44-2345884 / 2340104 / 2340106 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory : |
v
Plot No. 67,
Sipcot Industiral Complex, Ranipet – 632403, Vellore District , India v
Plot Nos. 7
B & 7C, Sipcot Industiral Complex, Ranipet – 632403, Vellore District,
India v
Plot No. 6A,
7A, Sipcot Industiral Complex, Ranipet – 632403, Vellore District, India v
Plot Nos.
49, 50, 55 & 56, IDA Gajulamandyam, Attur P. O., Renigunta, Tirupati –
517520, India v
Tantech Agro
Chemicals Limited, Sipcot Industrial Complex, Ranipet – 632403, Vellore
District, India Rest are: Tirupati and
Guddalore |
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Branches : |
Located
at : v
14,
Raghavan Reddy Colony, Ashok Nagar, Chennai - 600 083, Tamilnadu, India Tel No. : 91-44-24892056 v
137
B, Old Mahabalipuram Road, Chennai - 600 096, Tamilnadu, India Tel. No. : 91-44-24960761 / 24960629 /
24960633 v
14,
Dr. Natesan Salai, Ashok Nagar, Chennai - 600 083, Tamilnadu Tel No. : 91-44-24890185 |
DIRECTORS
|
Name : |
Mr. V V
Raghupathi Rao |
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Designation : |
Director |
|
Address : |
9 II, Street,
Raghavan Colony, Chennai – 600097, Tamilnadu, India |
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Date of Birth/Age : |
05.05.1952 |
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Date of Appointment : |
26.09.1997 |
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Name : |
Mr.
G. S. Laddha |
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Designation : |
Director |
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Address : |
39,
II Main Road, Kasturiba Nagar, Adyar, Chennai - 600 020, Tamilnadu |
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Date of Birth/Age : |
26.08.1922 |
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Date of Appointment : |
04.12.1981 |
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Name : |
Mr. M. Prashant |
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Designation : |
Managing Director
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Address : |
31, Navarathna Gardens, Ekkatuthangal, Chennai - 600 097,
Tamilnadu |
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Date of Birth/Age : |
20.05.1959 |
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Qualification : |
B. Com |
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Experience : |
25 Years |
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Date of Appointment : |
03.09.1998 |
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Previous Employment : |
Consultant in
Saka Marketing Services Private Limited |
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E-Mail: |
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Name : |
Mrs. S. Shreya |
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Designation : |
Executive
Director - Operation |
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Address : |
45, Navarathna Gardens, Ekkatuthangal, Chennai - 600 097,
Tamilnadu |
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Date of Birth/Age : |
15.10.1962 |
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Date of Appointment : |
02.12.1998 |
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E-Mail: |
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|
Name : |
Mr.
V. N. Gopalakrishnan |
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Designation : |
Chief
Executive Officer |
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Address : |
B – 2, Aditiyaa
Malaviya Nagar, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India |
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Date of Birth/Age : |
05.08.1952 |
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Date of Appointment : |
02.12.1998 |
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Name : |
Mr.
T. M. Aaditiyaa |
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Designation : |
Director |
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Address : |
68/3,
Greenways Road Extn., R. A. Puram, Chennai - 600 028, Tamilnadu |
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Date of
Birth/Age : |
04.03.1960 |
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Date of
Appointment : |
11.03.1998 |
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Name : |
Mr.
A. Ramachandran |
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Designation : |
Director |
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Address : |
2/16, Ravi Raja
Apartment, 18th East Kamaraha Nagar, Thiruvanmiyur, Chennai –
600041, Tamilnadu, India |
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Date of
Birth/Age : |
15.08.1928 |
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Date of
Appointment : |
11.03.1998 |
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|
Name : |
Mr. Dilip Keshavlal
Patel |
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Designation : |
Director |
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Address : |
15, Neel Shoba,
52-E, Sir M. V. Road, Andheri [East], Mumbai – 400069, Maharashtra |
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Date of
Birth/Age : |
20.10.1947 |
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Date of
Appointment : |
17.06.2003 |
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E-Mail: |
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Name : |
Mr. Arun Prakash
Korati |
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Designation : |
Director |
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Address : |
171, 3rd
Cross, Giri nagar, Phase – I, Bangalore – 560085, Karnataka |
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Date of
Birth/Age : |
21.05.1966 |
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Date of
Appointment : |
21.04.2003 |
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Date of
Ceasing : |
27.12.2004 |
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|
Name : |
Mr. Anant Kumar
Kulkarni |
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Designation : |
Director |
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Address : |
1201, A 1,
Building, Riddhi Gardens, Film City Road, Malad East, Bangalore - 400097, Karnataka |
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Date of
Birth/Age : |
22.02.1967 |
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Date of
Appointment : |
21.04.2003 |
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|
Name : |
Mr. Sunil Vasant
Diwakar |
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Designation : |
Nominee of IL
& FS Limited |
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Address : |
C – 002, Shreeji Valle,
Almcide Road, Opp. Nitin Casting, Punch Pakhadi, Thane West, Mumbai – 400602,
Maharashtra |
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Date of
Birth/Age : |
22.05.1963 |
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Date of
Appointment : |
27.12.2004 |
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|
Name : |
Mr. Aluri
Stinivas Rao |
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Designation : |
Nominee of ICICI Venture
Funds Management Company Limited |
|
Address : |
9 B, West View 2nd
Floor, St. Fracis Road, Bandra [West], Mumbai – 400050, Maharashtra |
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Date of
Birth/Age : |
13.02.1965 |
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Date of
Appointment : |
24.06.2005 |
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|
Name : |
Mr. Anand Vyas |
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Designation : |
Alternate to
Aluri Srinivasa Rao |
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Address : |
301, West Wind,
Cadell Road, Shivaji Park, Mahim, Mumbai – 400016 |
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Date of
Birth/Age : |
29.05.1973 |
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Date of
Appointment : |
24.06.2005 |
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Name : |
Mr. Albert Hansen
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|
Designation : |
Nominee of LOF
Mauritius |
|
Address : |
1729, Port
Sheffield, New Port Beach, CA – 92660, USA |
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Date of
Birth/Age : |
03.10.1954 |
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Date of
Appointment : |
24.06.2005 |
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|
Name : |
Mr. Gaurav Singh Bhandari |
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Designation : |
Director |
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Address : |
1603, Wallace Apartments , Sleater Road, Noshir Bharucha Marg, Grant
Road, (West), Mumbai – 400 007, Maharashtra, India |
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Date of Birth/Age : |
07.02.1969 |
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Date of Appointment : |
13.04.2006 |
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E-Mail : |
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|
Name : |
Mr. Muthukumaran Krishnamurthy |
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Designation : |
Director |
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Address : |
No. 3, Deepa Apartments, No. 2, Turnbulls Road, Nandanam, Chennai – 600
035, Tamil Nadu, India |
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Date of Birth/Age : |
12.09.1954 |
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Date of Appointment : |
21.11.2007 |
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E-mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of
Shareholders (as on 31.03.2007):- |
|
No. of Shares |
||
|
Mr.
M. Prabhavathy |
|
92179 |
||
|
Mr. Prashant |
|
306490 |
||
|
Mrs. S. Shreya |
|
125776 |
||
|
Mr.
M. Parvathi |
|
253630 |
||
|
Malladi
Project Management Centre Private Limited |
|
5093905 |
||
|
Saka Marketing
Services Private Limited |
|
3003199 |
||
|
TIIC |
|
770000 |
||
|
M. S. Pawan |
|
154 |
||
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Mr.
V. N. Gopalakrishnan |
|
53130 |
||
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Mr.
M. Parvathi and Mr. Prashant |
|
279961 |
||
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MDPL
Employee Welfare Trust |
|
774620 |
||
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Sara
Fund Trustee Company Limited |
|
1499960 |
||
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Leverage
India Fund |
|
2666596 |
||
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IVC
Employee Welfare Trust |
|
80000 |
||
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India
Advantage Fund |
|
5999840 |
||
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LFD
Mauritius – LLC |
|
2399936 |
||
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||
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Equity Share Break Up (as on
31.03.2007):- |
Percentage |
|
||
|
Public Companies |
3.29 |
|
||
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Nationalised or
other Banks |
3.81 |
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||
|
venture capital |
21.84 |
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||
|
Foreign holdings
(Foreign institutional investors ) foreign companies foreign financial
institutions , non residents or Overseas corporate bodies or others |
10.26 |
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||
|
Bodies Corporate |
52.74 |
|
||
|
Director or
relatives of Director |
4.75 |
|
||
|
|
3.31 |
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||
|
Total |
100.0 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturers
and Distributors of pharmaceuticals. |
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Products : |
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Exports : |
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Countries : |
USA, Middle East |
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Imports : |
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Countries : |
Europe, China |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C, Cash |
GENERAL
INFORMATION
|
No. of Employees : |
550 (100 in
Office and 450 in Factory) |
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Bankers : |
v
Corporation
Bank v UTI Bank Limited v Union Bank of India, 1209 , First Avenue, Ashok Nagar, Chennai - 600 083, Tamilnadu v Dhanalakshmi Bank, Mount Road, Chennai - 600 002, Tamilnadu v Bank of Baroda v State Bank of India Commercial Branch, No. 232, NSC Bose Road, Chennai – 600 001, Tamil Nadu, India v Exim Bank |
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Banking Relations : |
Good |
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Auditors : |
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Name: |
Price Water House
Chartered
Accountants |
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Address: |
32, Khader
Nawazkhan Road, Nungambakkam, Chennai – 600006, Tamilnadu, India |
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Associates/Subsidiaries : |
v
Malladi Inc.
USA 76, National Road, Edison, NJ 08818 Tel. No. 1732-2870666 Fax. No.1732-2871231 E-mail. malladiinc@email.msn.com Website. http://www.malladi.com v
Tantech Agro
Chemicals Limited (CIN : U24121TN1989PTC018170) v
Malladi
Project Management Centre Private Limited v
Saka
Marketing Service Private Limited v
Catazyrne
India v
Lactochem
India Limited v
Sreeprabha
Franchise v
Marine and
Agro Products Private Limited v
Aswini
Biopharma Limited v
Catazyme
Drugs and Pharmaceuticals Limited v
Kaushik
Chemical Limited v
Malladi
Research Centre v
Novus
Fine chemicals v
Malladi
INC |
CAPITAL STRUCTURE
(As on 31.03.2007):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 5/- each |
Rs 150.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23399376 |
Equity Shares |
Rs. 5/- each |
Rs.116.996
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
116.997 |
116.997 |
74.998 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1103.033 |
1040.676 |
641.513 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1220.030 |
1157.673 |
716.511 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
738.568 |
785.425 |
698.901 |
|
|
2] Unsecured Loans |
36.229 |
28.718 |
31.689 |
|
|
TOTAL BORROWING |
774.797 |
814.143 |
730.590 |
|
|
DEFERRED TAX LIABILITIES |
117.515 |
131.394 |
109.633 |
|
|
|
|
|
|
|
|
TOTAL |
2112.342 |
2103.210 |
1556.734 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
556.317 |
650.284 |
633.873 |
|
|
Capital work-in-progress |
75.154 |
64.131 |
98.316 |
|
|
|
|
|
|
|
|
INVESTMENT |
655.881 |
655.876 |
46.385 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
219.424
|
301.717
|
364.158 |
|
|
Sundry Debtors |
290.485
|
237.198
|
255.548 |
|
|
Cash & Bank Balances |
262.906
|
216.005
|
164.214 |
|
|
Other Current Assets |
21.692
|
18.120
|
19.955 |
|
|
Loans & Advances |
334.385
|
327.290
|
260.000 |
|
Total
Current Assets |
1128.892
|
1100.330 |
1063.875 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
286.744
|
351.032
|
280.902 |
|
|
Provisions |
17.158
|
16.379
|
4.813 |
|
Total
Current Liabilities |
303.902
|
367.411 |
285.715 |
|
|
Net Current Assets |
824.990
|
732.919
|
778.160 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2112.342 |
2103.210 |
1556.734 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1029.146 |
676.048 |
693.994 |
|
|
Other Income |
203.311 |
36.894 |
60.156 |
|
|
Total Income |
1232.457 |
712.942 |
754.150 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
50.178 |
[202.604] |
20.285 |
|
|
Provision for Taxation |
[12.179] |
23.900 |
3.450 |
|
|
Profit/(Loss) After Tax |
62.357 |
[226.504] |
16.835 |
|
|
|
|
|
|
|
|
Export Value |
741.157 |
418.958 |
458.012 |
|
|
|
|
|
|
|
|
Import Value |
NA |
NA |
444.121 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
546.814 |
383.510 |
357.097 |
|
|
Purchases made for re-sale |
0.765 |
39.911 |
5.724 |
|
|
Increase/(Decrease) in Finished Goods |
80.718 |
15.600 |
[55.494] |
|
|
Salaries, Wages, Bonus, etc. |
68.716 |
57.941 |
52.241 |
|
|
Managerial Remuneration |
7.568 |
5.852 |
6.626 |
|
|
Payment to Auditors |
0.826 |
0.832 |
0.831 |
|
|
Interest |
97.104 |
96.155 |
80.873 |
|
|
Insurance Expenses |
4.232 |
4.665 |
4.547 |
|
|
Power & Fuel |
81.282 |
68.105 |
52.022 |
|
|
Depreciation & Amortization |
56.925 |
49.407 |
52.630 |
|
|
Other Expenditure |
237.329 |
193.568 |
176.768 |
|
Total Expenditure |
1182.279 |
915.546 |
733.865 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.06
|
[31.77] |
2.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.88
|
[29.96] |
2.93 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.07
|
[8.20] |
1.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
[0.18] |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
1.02 |
1.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.71
|
2.99 |
3.72 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Since
1990, the company has developed many high profile clients and are regular
suppliers to all of them.
The company
incorporated, NJ is the wholly owned subsidiary of the company. The marketing
and sales unit is a self-supporting profit making entity and handles the entire
North American market.
The
marketing unit has been successful in increasing its sales and also in securing
many long-term contracts.
Stocking
facility at Malladi Inc, is a major benefit to its numerous customers. Its
warehouse stocks the material to be delivered to he customer at short notice.
CORPORATE STRUCTURE
The
Group was established in 1980 and is now a professionally run public limited company.
Ephedrine
and Pseudoephedrine salts were the first products manufactured by fully
indigenously developed process. It was also the first to manufacture these
complex molecules in India.
The Group
is a leader in its product category. It is largest manufacturer in India and
also an US-FDA approved manufacturer of Pseudoephedrine Hcl.
Future
areas of thrust are Bulk Actives and Intermediates, Custom Research and Custom Manufacture.
The Malladi Group consists of
different business units with separate manufacturing facilities.
v
Malladi Drugs Pharmaceuticals
Limited
v
Aswini Biopharma Limited
v
Kausik Chemicals Limited
v
Lactochem Limited
v
Malladi
Inc., USA
Each unit
is independent and specializes in specific product category / specific thrust
areas.
The
Group has a Centralized Corporate Set-up consisting of an Apex Team on
functional lines – Marketing, Technical, Finance and Operations.
The
Groups has a Centralised Corporate set-up consisting of an Apex Team on
functional lines - Marketing, Technical, Finance and Operations.
The
Group's products range includes :
v
Ephedrine
Hydrochloride
v
Ephedrine
Sulphate
v
Pseudo
Ephedrince Hydrochloride
v
Pseudo
Ephedrine Sulphate
v
Alprazolam
v
Selegiline
Hcl / I- deprenyl
v
Phenyl
Propanolamine Hydrochloride
v
Phenyl
Ephrine Hydrochloride
v
Lactic
Acid
v
Sodium
Lactate
v
Calcium
Lactate Pentahydrate
v
Custom
Synthesis Products
INT’L BUSINESS OPERATION
Their presence is spread across USA,
Canada, Mexico, Chile, Brazil, Argentina, UK, Germany, Switzerland, Austria,
Poland, Egypt, South Africa, Iran, Jordan, Syria, Pakistan, Bangladesh, Sri
Lanka, Singapore, Malaysia, Taiwan, Thailand, Indonesia, Philippines, Korea,
Japan, and Australia.
Their practice is to have Sole
Selling/Indenting Agents in important markets. Many Agents stock their product,
while others directly indent to the End User.
MANUFACTURING
There
are 5 separate manufacturing facilities with very different capabilities and
handling different Process / Product lines.
Its
facilities and manufacturing practices are world-Class and are consistent with
WHO-GMP and CGMP guidelines for manufacture of Active Pharmaceutical
Ingredients.
Manufacturing Facilities
v
5
Dedicated Blocks operating as per CGMP guidelines.
v
Stainless
Steel and Glass Lined Reaction Vessels with varying capacities
v
Fully
Automated Solvent Recovery System
v
Effluent
treatment Plant
v
Bioreactor
Core Reaction Capabilities
v
Expertise
in Chiral Synthesis
v
Hydrogenation
(Catalytic)
v
Resolution
v
Diazotisation
v
Chlorination
v
Bromination
v
Acetylation
v
Benzylation
v
Amination
v
Esterification
v
Methylation
TRADE REFERNECES:
· Novartis
· GSK
· Alfa Chemicals in Pakistan
FORM 8:-
|
Corporation identity number or foreign company registrations number of
the company |
U24230TN1980PLC008382 |
|
Name of the company |
MALLADI DRUGS AND PHARMACEUTICALS LIMITED |
|
Address |
No. 52,
Jawaharlal Nehru Street, Ekkatuthangal, Chennai - 600097, Tamilnadu, India |
|
This Form is for |
Creation of Charge |
|
Type of Charges |
· Immovable Property · Any Interest in immovable property · Book Debts · Others |
|
Particular of the charge holder
|
State Bank of India Commercial Branch, No. 232, NSC Bose Road,
Chennai – 600 001, Tamil Nadu, India E-Mail: kpkchennai@yahoo.co.in |
|
Nature or description of the instrument creating charge |
· Agreement of loan fro overall limit · Agreement of hypothecation of goods and assets · NOC from union Bank of India for creating paripassu charge. |
|
Date of the instrument creating charge |
22.02.2008 |
|
Amount Secure by the charge |
Rs. 250.900 millions |
|
Brief of the principal terms and conditions and extent and operation
of the charge |
Rate of Interest : As stipulated by State Bank of India from
time to time. Terms of repayment: As stipulated by bank form time to time Margin: As stipulated by bank form time to time Extent and operation of the charge: As mentioned in the agreement |
|
Short Particulars of the Property charged |
Hypothecation by way of pari passu charge on current assets with
existing banks. Extension of EM of land, leasehold and building.
Hypothecation of existing P and M , Furniture, Capital WIP, Hypothecation of
assets to be created out of the capex of 298.400 millions Second charge on current assets on pari passu with other term lenders. Pari passu charge on all fixed assets with other Term lenders which
are located at Ranipet, Vanapadi, Poonamallee and Renigunta. |
|
Name of the company |
Malladi Drugs And
Pharmaceuticals Limited |
|
Presented By |
Mr. V V Raghupathi Rao Sr. Vice president [F and CS] |
|
1) Date and description of instrument creating the change |
Term loan agreement dated 30.04.2004 for hypothecation of moveable assets. General term loan agreement and Hypothecation agreement dated 30.04.2004 Extension of equitable mortgage letter dated 30.04.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term loan finance of Rs. 160 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 |
Exclusive first charge on Plot No. B 11/2 B/13 SIPCOT Industrial Complex, Kudikadu, Cuddalore – 607005 belonging to Tantech Ago chemicals Limited both existing and future assets of land buildings and machinery etc and perform other obligations stipulated in the agreement. Extension of equitable mortgage created on 17.08.2002 for the working capital facility of Rs. 507.8 Millions to the company as under as collateral security. Corporate office land and building at No. 52 J. N. Road, Chennai – 600097, land adm. 42133 sq. Ft. and office admeasuring 14603 sq.fts with compound wall and other super structures. Hypothecation of fixed plant machinery vehicles and other assets tangible, movable plant spare tools both present and future to be purchase out of the loan. Whether installed or not and whether lying loose or in case at site or in transit or which may at any time hereafter during the continuation of this security to install or lying loose or incase or being in or upon or about the borrowers factory at Plot No. 67, 7B and 7 C SIPCOT Industrial complex Ranipet and at B/11/2, B /13 SIPCOT Industrial complex of Tantech Agro Chemical Limited ranking pari passu with Corporation Bank Chennai. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as a security for the repayment of the term loan with a moratorium of
6 months repayable in 60 instalments of Rs. 2.666 Millions commencing from
November, 2004. The rate of interest being 9 % p.a. on monthly rests Personal
Guarantees of Mr. M. Prashant,
Managing Directors Mrs. S. Shreya Director |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India, Ashok Nagar, Madras - 600 083, Tamilnadu |
|
6) Date and brief description of instrument modifying the charge |
25.11.05 SD-18 Term Loan Agreement 25.11.05 SD-19 Hypothecation of movable 25.11.05 AD-12 undertaking not to alienate hypothecated goods Rs. 138.7 Millions |
|
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. |
Hypothecation of goods located at Ranipet and Cuddalore and first pari passu charge on fixed assets created out of the term loan of the company and exclusive charge on assets located at B/11/2, B /13 SIPCOT Industrial complex of Tantech Agro Chemical Limited continuation of the existing equitable mortgage. Repayment of the rephrased term loan of Rs. 138.7 millions with a moratorium of 1 year form July 2005 and repayable from July 2006 in 60 installments at interest being 9 % p.a. |
FIXED ASSETS :-
v
Goodwill
v
Land
v
Leasehold Land
v
Building
v
Plant and Machinery
v
Furniture and Fixture
v
Office Equipments
v
Vehicles
v
Technical Knowhow
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.42.53 |
|
UK Pound |
1 |
Rs.83.44 |
|
Euro |
1 |
Rs.66.18 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
|