MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
REMIDEX PHARMA PRIVATE LIMITED |
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Registered
Office : |
B-249/250, II Stage, Peenya Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.06.1981 |
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Com. Reg. No.: |
08-004260 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.000 Millions |
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CIN No.: [Company Identification
No.] |
U24231KA1981PTC004260 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Products |
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No. of Employees
: |
50 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 290000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Girish Chandra |
|
Designation : |
Director |
LOCATIONS
|
Registered Office/ Factory : |
B-249/250, II Stage, Peenya Industrial Area, |
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Tel. No.: |
91-80-28361565 |
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Fax No.: |
91-80-28362755 |
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E-Mail : |
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Website : |
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Area : |
25000 sq.ft |
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Location : |
Owned |
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Administrative Office : |
90/B, 19th Main, 1st Floor, 1st
Block, Rajaji Nagar, |
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Tel. No.: |
91-80-23327452/23322515/23321703 |
DIRECTORS
As On 30.09.2010
|
Name : |
Mrs. Mohini Dayanand Rao |
|
Designation : |
Managing Director |
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Address : |
‘Sachidanand’, No.74, Sharada Colony, Basaveshwaranagar, |
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Date of Birth/Age : |
23.10.1935 |
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Qualification : |
B.Sc |
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Experience : |
29 Years |
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Date of Appointment : |
15.06.1981 |
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DIN No.: |
00330718 |
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Name : |
Mr. Seegakula Sathyanarayana Setty |
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Designation : |
Director |
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Address : |
#44, 7th Cross,
Prashanthnagar, |
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Date of Birth/Age : |
18.02.1955 |
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Date of Appointment : |
01.04.1994 |
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DIN No.: |
02395848 |
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Name : |
Mr. Venkatram Subramony |
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Designation : |
Director |
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Address : |
#56, 6th |
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Date of Birth/Age : |
11.06.1934 |
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Date of Appointment : |
01.04.1994 |
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DIN No.: |
00287344 |
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Name : |
Mr. Girish Chandra |
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Designation : |
Director |
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Address : |
S-2, Reliance Manor, Site No.34 and 35, Hariram Aildas Layout, Vijayanagar, |
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Date of Birth/Age : |
03.01.1967 |
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Date of Appointment : |
12.05.2003 |
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DIN No.: |
00330881 |
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Name : |
Mr. Namagundlu Bhaskarasastry Vishwanath |
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Designation : |
Director |
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Address : |
Redimex Pharma Private Limited, Fl Apartments Near |
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Date of Birth/Age : |
04.04.1965 |
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DIN No.: |
02396031 |
KEY EXECUTIVES
|
Name : |
Dr. Dayanand S Rao |
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Designation : |
Chief Executive Officer |
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Date of Birth/Age : |
81 Years |
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Qualification : |
M.Sc, Ph.D, M.B.A |
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Experience : |
29 Years |
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Date of Appointment : |
15.06.1981 |
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|
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Name : |
Mr. Sanand D Rao |
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Designation : |
Executive |
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Date of Birth/Age : |
38 Years |
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Qualification : |
B.E, M.B.A |
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Experience : |
2 Years |
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Date of Appointment : |
01.04.2009 |
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Name : |
Shashidhara G. S. and Company |
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Designation : |
Company Secretaries |
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Address : |
No. 725, 1st Floor, 10th Main, 4th
Block, Jayanagar, |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Nilima D Rao |
|
1687 |
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Dr. Dayanand S Rao |
|
3188 |
|
Mohini D Roa |
|
245125 |
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Total |
|
250000 |
As On 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Products |
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Terms : |
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Selling : |
Cash, Credit: 30/60/90 Days |
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Purchasing : |
Cash, Credit: 30/60/90 Days |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Actual
Production |
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Capsules |
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Nos |
175742400 |
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Tablets |
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Nos |
773320533 |
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Premixes – Oily |
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Kgs |
78913 |
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Premixes – Dry |
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|
Kgs |
101156.88 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
50 (approximately) |
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Bankers : |
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Facilities : |
Cash Credit: Rs. 33.500 Millions (From Kotak Mahindra Bank)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
K. V. Narasimhan and Company Chartered Accountant |
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Address : |
No. 25, 3rd Floor, |
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Tel. No.: |
91-80-23344527 |
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Fax No.: |
91-80-23366673 |
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E-Mail : |
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Pan No.: |
AABFK4027E |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000 |
Equity Shares |
Rs. 100/- each |
Rs. 30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 100/-
each |
Rs. 25.000
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
25.000 |
25.000 |
25.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
49.746 |
37.425 |
23.645 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
74.746 |
62.425 |
48.645 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
51.012 |
60.701 |
83.681 |
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2] Unsecured Loans |
4.886 |
22.763 |
9.139 |
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TOTAL BORROWING |
55.898 |
83.464 |
92.820 |
|
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DEFERRED TAX LIABILITIES |
5.008 |
5.221 |
6.761 |
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|
|
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|
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TOTAL |
135.652 |
151.110 |
148.226 |
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APPLICATION OF FUNDS |
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|
|
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|
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FIXED ASSETS [Net Block] |
99.504 |
105.441 |
115.226 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
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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 |
|
|
|
|
|
|
Inventories |
47.388
|
41.117 |
32.567 |
|
|
Sundry Debtors |
44.739
|
54.916 |
49.128 |
|
|
Cash & Bank Balances |
21.046
|
19.611 |
18.555 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
27.260
|
30.075 |
19.875 |
|
Total
Current Assets |
140.433
|
145.719 |
120.125 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
57.301 |
72.362 |
68.044 |
|
|
Other Current Liabilities |
31.654
|
18.428 |
16.851 |
|
|
Provisions |
15.330
|
9.260 |
2.230 |
|
Total
Current Liabilities |
104.285
|
100.050 |
87.125 |
|
|
Net Current Assets |
36.148
|
45.669 |
33.000 |
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
|
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TOTAL |
135.652 |
151.110 |
148.226 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
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|
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Income |
|
|
|
|
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|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
552.517 |
722.383 |
481.248 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
512.513 |
678.099 |
445.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.004 |
44.284 |
35.279 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
7.081 |
11.094 |
10.930 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32.923 |
33.190 |
24.349 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.775 |
13.920 |
15.422 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.148 |
19.270 |
8.927 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
7.827 |
5.490 |
6.614 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
12.321 |
13.780 |
2.313 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.830 |
16.050 |
13.738 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
42.151 |
29.830 |
16.050 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
49.29 |
NA |
NA |
|
Expected Sales (2010-2011) : Rs. 800.000 Millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.23
|
1.91 |
0.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.40
|
7.67 |
0.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.31 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.14
|
2.94 |
3.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35
|
1.46 |
1.38 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Raw Materials |
36.877 |
53.148 |
45.964 |
|
For Packing Materials |
13.436 |
12.373 |
15.291 |
|
For Expenses |
6.988 |
6.841 |
6.789 |
|
Total |
57.301 |
72.362 |
68.044 |
FINANCIAL RESULTS AND
FUTURE PROSPECTS:
The Board of Directors reports that the Company has earned total income
of Rs. 552.517 millions as
against the previous year income of Rs. 722.383 millions, which is lower by 23157%. The Board of Directors are taking all
possible steps to increase the turnover of the company during the current
financial year.
Form 8:
|
This form is for |
Modification of
charge |
||||||||
|
Charge
identification number of the modified |
80044051 |
||||||||
|
Corporate identity
number of the company |
U02423KA1981PTC004260 |
||||||||
|
Name of the
company |
REMIDEX PHARMA
PRIVATE LIMITED |
||||||||
|
Address of the
registered office or of the principal place of business in |
B-249/250,Ii
Stage,Peenyaindustrial Area, |
||||||||
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Type of charge |
Immovable
Property Movable Property Fixed plant and
machineries |
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Particular of
charge holder |
|
||||||||
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Entry (Joint Equitable Mortgage) dated 29.11.2008 |
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|
Date of
instrument Creating the charge |
29.11.2008 |
||||||||
|
Amount secured by
the charge |
Rs. 33.500
Millions |
||||||||
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As stipulated by the Bank from time to time. Terms of
Repayment - As stipulated by the Bank from time to time. Margin - As
stipulated by the Bank from time to time. Extent and
Operation of the charge - As mentioned in the Memorandum of Entry. Others – Facilities Rs. in
millions Term Loan-I 19.500 Term Loan-II
(New) 14.000 ------------ Total
33.500
------------ |
||||||||
|
Short particulars
of the property charged |
Pari Passu charge
with Canara Bank, on the immovable properties, fixed plant and machineries
and other movable assets belonging to the Company |
||||||||
|
Date of latest
modification prior to the present modification |
28.032008 |
||||||||
|
Particulars of
the present modification |
By the present modification
the overall limit of Rs.33.500 millions is additionally secured by the
Immovable properties and Fixed Plant and Machineries, belonging to the
Company, by way of Pari Passu charge with Canara Bank |
Fixed Assets:
- Land
- Building
- Plant and machinery
- Electrical installation
- Furniture and fixture
- Technical books
- Laboratory and factory equipment
- Vehicles
- Air conditioners
- Service equipments
- Borewell
- Office equipments
- Computers
- Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.45.17 |
|
|
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.