MIRA
INFORM REPORT
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Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
NIFTY LABS PRIVATE LIMITED |
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Registered Office : |
Flat No. 203, Satya Sai Residency, Beside MCH Park, H No. 7-1-54/1, Dharam
Karam Road, Ameerpet, Hyderabad-500016, 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 : |
16.03.2005 |
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Com. Reg. No.: |
01-045637 |
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CIN No.: [Company
Identification No.] |
U24239A2005PTC045637 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDN02172C |
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PAN No.: [Permanent
Account No.] |
AACCN0645D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Bulk Drugs and Intermediates |
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 170000 |
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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. Nothing adverse reported. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Flat No. 203, Satya Sai Residency, Beside MCH Park, H No. 7-1-54/1,
Dharam Karam Road, Ameerpet, Hyderabad-500016, Andhra Pradesh, India |
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Tel. No.: |
91-40-66464099/ 66464199 |
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Fax No.: |
91-40-23740734 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 64-A,B, C and D, 65-A and B IDA Konadapally,
Ibrahimpatnam,-521228, Krishna District, Andhra Pradesh, India |
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Tel. No.: |
91-866-2871119 |
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Fax No.: |
91-866-2871369 |
DIRECTORS
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Name : |
Mr. Kesava Desireddy Reddy |
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Designation : |
Managing Director |
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Address : |
H.No. 7-154/1, Flat No. 203, Satya Sai Residency beside MCH Park, Dharam
Karan Road, Ameerpet, Hyderabad-500016, Andhra Pradesh, India |
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Date of Birth/Age : |
02.06.1966 |
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Date of Appointment : |
16.03.2005 |
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Name : |
Mr. Yellamanda Thatiparthi Reddy |
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Designation : |
Director |
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Address : |
Plot No. 805, Vivekanand Nagar Colony, Kukatpally, Hyderabad-500072,
Andhra Pradesh, India |
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Date of Birth/Age : |
24.10.1965 |
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Date of Appointment : |
16.03.2005 |
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Name : |
Mr. Krishna Bhimireddy Reddy |
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Designation : |
Whole-time Director |
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Address : |
Plot No. 478 and 479, Flat No. 303, Tirumala, Hyderabad-500072, Andhra
Pradesh, India |
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Date of Birth/Age : |
06.06.1972 |
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Date of Appointment : |
16.03.2005 |
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Name : |
Mr. Kishore Mandapati Reddy |
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Designation : |
Whole-time Director |
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Address : |
Plot No. 478 and 479, Flat No. 203, Tirumala, Hyderabad-500072, Andhra
Pradesh, India |
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Date of Birth/Age : |
05.04.1974 |
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Date of Appointment : |
16.03.2005 |
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Name : |
Mr. Bharat Yerram Reddy |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 202, Sri Bhavan Enclave MIG-262, Road No. 4 KPHB Colony,
Hyderabdd-500072, Andhra Pradesh, India |
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Date of Birth/Age : |
01.05.1974 |
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Date of Appointment : |
16.03.2005 |
KEY EXECUTIVES
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Name : |
M Joji Reddy |
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Designation : |
Company Secretary |
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Address : |
SRT 351, Sanath Nagar, Hyderabad-500018, Uttar Pradesh, India |
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Mobile No. : |
91-9440482713 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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D Kesava Reddy |
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560000 |
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T Yellamanda Reddy |
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232800 |
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B Krishna Reddy |
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191000 |
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M Kishore Reddy |
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149000 |
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Y Bharat Reddy |
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133000 |
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D Uma Devi |
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60000 |
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D Neha Reddy |
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60000 |
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D Dhamini Reddy |
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60000 |
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T Prabhakar Reddy |
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174200 |
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B Anitha |
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60000 |
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M Sushma |
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40000 |
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Malvika Reddy |
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20000 |
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Y Lavanya |
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15000 |
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D Venkata Rami Reddy |
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45000 |
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D Padmavathi |
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15000 |
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M Verma Bharma Chary |
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25000 |
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M Padmavathi |
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25000 |
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B Nagarami Reddy |
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25000 |
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B Vijayalakshmi |
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15000 |
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G S Reddy |
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15000 |
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G S Rani |
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20000 |
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M K Reddy |
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26000 |
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M Padmavathi |
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9000 |
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C S Reddy |
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30000 |
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G S S Reddy |
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20000 |
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M Srinivasa Rao |
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19000 |
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M Lakshmi |
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6000 |
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J V Reddy |
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10000 |
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J Veera Kumari |
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6000 |
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J Srilekha |
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4000 |
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Total |
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2070000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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76.30 |
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Other top fifty (50) shareholders (other than listed above) |
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23.70 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Bulk Drugs and Intermediates |
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Products : |
Underdevelopment
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GENERAL
INFORMATION
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Suppliers : |
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Bankers : |
State Bank of India, Commercial Branch, Bank Street, Koti,
Hyderabad-500095, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M V Narayan Reddy Chartered Accountant |
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Address : |
Flat No. 504, Vijayasree Apartments opposite Kamma Sagham,
Hyderabad-500073, Andhra Pradesh, India |
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Tel. No.: |
91-40-23743975/ 23744448 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2750000 |
Equity Shares |
Rs. 10/- each |
Rs. 27.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2070000 |
Equity Shares |
Rs. 10/-
each |
Rs. 20.700
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.700 |
0.100 |
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2] Share Application Money |
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4.344 |
18.634 |
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3] Reserves & Surplus |
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9.181 |
2.802 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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34.225 |
21.536 |
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LOAN FUNDS |
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1] Secured Loans |
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56.483 |
0.755 |
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2] Unsecured Loans |
|
1.935 |
6.935 |
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TOTAL BORROWING |
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58.418 |
7.690 |
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DEFERRED TAX LIABILITIES |
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5.479 |
2.131 |
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TOTAL |
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98.122 |
31.357 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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87.361 |
27.320 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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31.166
|
32.653 |
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Sundry Debtors |
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77.384
|
59.695 |
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Cash & Bank Balances |
|
0.249
|
0.855 |
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Other Current Assets |
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0.000
|
0.000 |
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Loans & Advances |
|
14.993
|
8.232 |
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Total
Current Assets |
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123.792
|
101.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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113.299
|
97.044 |
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Provisions |
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1.351
|
0.499 |
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Total
Current Liabilities |
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114.650
|
97.543 |
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Net Current Assets |
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9.142
|
3.892 |
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MISCELLANEOUS EXPENSES |
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1.619 |
0.145 |
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TOTAL |
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98.122 |
31.257 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
21.05.2005 To 31.03.2006 |
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Sales Turnover |
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268.683 |
152.096 |
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Other Income |
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0.272 |
0.341 |
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Total Income |
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268.955 |
152.437 |
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Profit/(Loss) Before Tax |
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10.621 |
5.432 |
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Provision for Taxation |
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4.242 |
2.630 |
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Profit/(Loss) After Tax |
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6.379 |
2.802 |
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Earnings in Foreign Currency : |
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Export Value |
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5.311 |
3.005 |
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Imports : |
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Import Value |
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24.673 |
1.459 |
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Expenditures : |
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Financial Charges |
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3.404 |
0.268 |
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Increase/(Decrease) in Finished Goods |
|
[3.272] |
[14.030] |
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Depreciation & Amortization |
|
1.667 |
0.701 |
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Other Expenditure |
|
256.535 |
160.066 |
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261.606 |
161.035 |
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Total Expenditure |
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258.334 |
147.005 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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2.37 |
1.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.95 |
3.57 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.03 |
4.22 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.31 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.06 |
4.86 |
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Current Ratio (Current Asset/Current Liability) |
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1.08 |
1.04 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile:
Subject represents an efficacious blend of knowledge and
experience. The company is the result of the coming together of a team of
highly qualified and trained professionals from the bulk actives, intermediates
and pharma industry who have first hand experience of building production
facilities, promoting products and creating companies right from the drawing
board stage onward. Nifty's unique strength lies in its ability
to harness this knowledge to ensure quality results.
Subject scores in its
approach to Quality over the rest: it's not just the systems installed but the
attitude inculcated in every functional area: R and D, Production, Marketing,
etc., led as they are, by technocrats for whom quality is not just a mantra but
a faith. Subject’s emphasis
on excellence, best reflected in its endeavours to engage the best minds,
managers and manpower and build GMP
certified production facilities, is the core component of its formula to
concretise its reputation as a quality focussed producer in India and overseas.
DETAILS OF PLANT and MACHINERY
Land
Area : 8000 Sq.mtrs.
Built-up
Area : 3000 Sq.mtrs.
MANUFACTURING PLANT
Size
and Type of Reactors: 1.0 KL. to 5.0 KL of various Material
Of Construction such as Glass Lined, Graphite Lined, SS-316.
High
Pressure Autoclaves : 40 Bar
Filters:
Nutsche, Press, Automatic Press, Sparkler
Reaction
Temperatures: -200 C to
2000 C
Dryers :
Tray Dryer/Vaccum Tray Dryer
Acids
and Solvents used in reaction : Acetic Anhydride, Aromatic
Aldehydes, Chloro Sulphonic Acid, Ethanol, Esters, Formaldehyde, Fumming Nitric
Acid, Methanol, Mono Chlorobenzene, Phosphorus Oxychloride, Phosphorus
Trichloride, Thionylchloride, Toluene
UTILITIES
Boiler: 1.5 Ton/hr.
Brine
Chilling Plant : -200 C of 25 TR Capacity
Water
Chilling Plant : +50 C of 100 TR Capacity
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.45.12 |
|
UK Pound |
1 |
Rs.79.60 |
|
Euro |
1 |
Rs.63.83 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|