MIRA
INFORM REPORT
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Report Date : |
21.02.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
A-14 and 15, MIDC Area, Chincholi, Solapur-413255, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.01.1991 |
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Com. Reg. No.: |
11-059750 |
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CIN No.: [Company Identification
No.] |
U24231MH1991PLC059750 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of API's and Piperidine, Piperidone
derivatives in |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 150000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Financial position
of the company is improving. Trade relations are reported as fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
LOCATIONS
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Registered Office : |
A-14 and 15, MIDC Area, Chincholi, Solapur-413255, |
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Tel. No.: |
91-217-2357274 / 75 |
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Mobile No.: |
91-9422457791 (Mr. G. Pratap Reddy) 91-9422457790 (Mr. M. Kesava Reddy) |
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Fax No.: |
91-217-2357278 |
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E-Mail : |
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Website : |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. Kesava Reddy Bhujanga Reddy Madana |
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Designation : |
Whole Time Director |
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Address : |
B-149, Plot No.3, Gangadhar Housing Society, |
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Date of Birth/Age : |
01.04.1954 |
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Date of Appointment : |
09.01.1991 |
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DIN No : |
01916588 |
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Name : |
Mr. Pratap Reddy Linga Reddy Gaddam |
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Designation : |
Managing Director |
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Address : |
Plot No.24/2, |
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Date of Birth/Age : |
16.07.1960 |
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Date of Appointment : |
09.01.1991 |
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DIN No : |
01926026 |
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Name : |
Mr. Prasadu Reddy Kotiswamy Devagiri
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Designation : |
Director |
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Address : |
Raghavendra Apatments, |
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Date of Birth/Age : |
01.07.1945 |
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Date of Appointment : |
01.03.2004 |
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DIN No : |
02796374 |
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Name : |
Ms. Rama Taraka Reddy Tummuru |
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Designation : |
Director |
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Address : |
H. No.8-2-601/B/104, G. P. Residency Road No.10, Banjara Hills,
Hyderabad-500034, |
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Date of Birth/Age : |
01.07.1948 |
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Date of Appointment : |
01.03.2004 |
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DIN No : |
02797424 |
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Name : |
Mr. Jaganmohan Anakala |
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Designation : |
Whole Time Director |
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Address : |
Plot No.16, 68/69, Deepjyoti Apartment, |
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Date of Birth/Age : |
01.07.1968 |
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Date of Appointment : |
30.09.2010 |
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DIN No : |
02796369 |
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Name : |
Mr. Nagraj Kanatayya Alwal |
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Designation : |
Whole Time Director |
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Address : |
Plot No. LIG-6th Group, Shanti Vidi Gharkul Yojana, Indira
Gandhi Nagar, Solapur-413005, |
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Date of Birth/Age : |
16.06.1970 |
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Date of Appointment : |
30.09.2010 |
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DIN No : |
02794259 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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M. Kesava Reddy |
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593810 |
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G. Pratap Reddy |
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479240 |
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M. Bhujanga Reddy |
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26950 |
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M. Pramiladevi |
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114750 |
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G. Linga Reddy |
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63350 |
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Joji Reddy |
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13850 |
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D. Prasadu Reddy |
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71650 |
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G. Anupama Reddy |
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103400 |
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K. Venkata Laxmi |
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8730 |
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D. Vindya Rani |
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12870 |
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A. Leelavathi |
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26480 |
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J. Chandra Reddy |
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18470 |
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K. Madhusudan Reddy |
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10730 |
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D. Ranga Reddy |
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11550 |
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V. Kotti Reddy |
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25020 |
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V. Gopi Reddy |
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22780 |
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G. Padma Reddy |
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27870 |
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T. R. Tarak Reddy |
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20880 |
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M. Sanjiva Reddy |
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10270 |
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G. Chandrakala |
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15470 |
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K. Venkata Reddy |
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2700 |
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V. Venkata Reddy |
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3300 |
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K. Krishna Reddy |
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3500 |
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K. Bal Reddy |
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8100 |
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M. Shiva Reddy |
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3500 |
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V. Sambi Reddy |
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8300 |
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G. Venkata Reddy |
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3600 |
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M. Veera Reddy |
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13100 |
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K. Kalamohan Reddy |
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3300 |
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K. Divakar Reddy |
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3300 |
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K. Kalapenta Reddy |
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22880 |
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M. Sambrajayamma |
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100000 |
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G. Bhuchamma |
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50000 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of API's and Piperidine, Piperidone
derivatives in |
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Products : |
PRODUCTION STATUS (As on : 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Utilizes
Capacity |
|
Salbutamol Sulphate |
MT/ KGS |
24 |
405 |
|
Salmeterol Xinafoate |
KGS |
600 |
16.762 |
|
Formeterol Fumarate |
KGS |
600 |
5.119 |
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Cyproheptadine |
MT/ KGS |
24 |
9468 |
|
Domperidone and Malate |
MT/ KGS |
24 |
11692 |
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Haloperidol |
MT/ KGS |
24 |
445 |
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Loperamide |
MT/ KGS |
6 |
1701 |
GENERAL INFORMATION
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Bankers : |
·
State Bank of ·
HDFC Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Madgundi and Company Chartered Accountant |
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Address : |
210/ A /1, Sakhar Peth, Solapur, |
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Tel. No.: |
91-217-2620403 / 2626540 |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3750000 |
Equity Shares |
Rs. 10/- each |
Rs. 37.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
1999600 |
Equity Shares |
Rs. 10/- each |
Rs. 19.996
millions |
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Notes :
Of the above
a) 1381 930 Equity
shares of Rs.101- each fully paid up - Originally allotted
b) 453270 Equity
shares were allotted of Rs.101-as fully paid up bonus shares by capitalization
of General Reserve
c) 84400 Equity
shares were allotted of Rs.10/- as fully paid up on conversion of Unsecured
loans to Equity.
d) 80000 Equity
shares were allotted of Rs.10/- as fully paid up.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.996 |
19.996 |
19.996 |
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2] Share Application Money |
8.639 |
8.639 |
13.183 |
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3] Reserves & Surplus |
10.773 |
6.127 |
4.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(4.702) |
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NETWORTH |
39.408 |
34.762 |
32.477 |
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LOAN FUNDS |
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1] Secured Loans |
105.262 |
106.600 |
114.192 |
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2] Unsecured Loans |
41.477 |
40.091 |
36.117 |
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TOTAL BORROWING |
146.739 |
146.691 |
150.309 |
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DEFERRED TAX LIABILITIES |
5.607 |
6.137 |
6.531 |
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TOTAL |
191.754 |
187.590 |
189.317 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
71.520 |
74.481 |
75.709 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.641 |
0.669 |
0.611 |
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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 |
57.515
|
55.900 |
49.965 |
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Sundry Debtors |
55.848
|
44.083 |
43.089 |
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Cash & Bank Balances |
0.782
|
0.530 |
0.156 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
117.443
|
118.371 |
116.569 |
|
Total
Current Assets |
231.588
|
218.884 |
209.779 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
109.085
|
105.934 |
99.212 |
|
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Other Current Liabilities |
4.731
|
5.196 |
5.090 |
|
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Provisions |
0.913
|
0.782 |
0.682 |
|
Total
Current Liabilities |
114.729
|
111.912 |
104.984 |
|
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Net Current Assets |
116.859
|
106.972 |
104.795 |
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MISCELLANEOUS EXPENSES |
2.734 |
5.468 |
8.202 |
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TOTAL |
191.754 |
187.590 |
189.317 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
|
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|
|
|
|
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Income |
190.484 |
174.254 |
140.072 |
|
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Other Income |
0.288 |
0.812 |
5.255 |
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TOTAL (A) |
190.772 |
175.066 |
145.327 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
104.177 |
100.134 |
83.041 |
|
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Manufacturing Expenses |
24.611 |
16.429 |
14.678 |
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Employees Remuneration |
12.568 |
12.233 |
10.093 |
|
|
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Administrative Expenses |
23.042 |
20.979 |
13.245 |
|
|
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TOTAL (B) |
164.398 |
149.775 |
121.057 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
26.374 |
25.291 |
24.270 |
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|
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Less |
FINANCIAL
EXPENSES (D) |
15.262 |
12.377 |
15.478 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.112 |
12.914 |
8.792 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.052 |
5.964 |
6.068 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.060 |
6.950 |
2.724 |
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Less |
TAX (H) |
0.267 |
0.468 |
0.163 |
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PROFIT AFTER TAX
(G-H) (I) |
4.793 |
6.482 |
2.561 |
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EXPORT VALUE |
37.126 |
33.488 |
44.395 |
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IMPORT VALUE |
14.521 |
5.531 |
1.242 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.51
|
3.70 |
1.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.66
|
3.99 |
1.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.67
|
2.37 |
0.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.20 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
6.78
|
7.62 |
8.06 |
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Current Ratio (Current Asset/Current Liability) |
|
2.02
|
1.96 |
1.99 |
LOCAL AGENCY FURTHER INFORMATION
COMPANY
PERFORMANCE
The sales and other
income have increased by Rs. 16.230 millions. During the year 2009-10. The
company’s sales improving mainly new products market share increased. The
company’s sales are picking up on new drugs and also increasing volume of high
value products range. And Directors have pose sincere confidence to keep
consistency in the growing performance of the company.
FORM 8
|
Corporate
identity number of the company |
U24231MH1991PLC059750 |
|
Name of the
company |
VAMSI
LABS LIMITED |
|
Address of the registered
office or of the principal place of
business in |
A-14 and 15, MIDC Area, Chincholi, Solapur-413255, |
|
This form is for |
Creation of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Agreement Of Hypothecation Of Goods And Assets |
|
Date of
instrument Creating the charge |
05.07.2008 |
|
Amount secured by
the charge |
Rs.116.000 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest As
per the sanction terms and condition of state bank of Terms of
repayment As
per the sanction terms and condition of state bank of Margin As
per the sanction terms and condition of state bank of Extent and
operation of the charge As
per the sanction terms and condition of state bank of |
|
Short particulars
of the property charged (Including location of the property) |
A
first charge by way of hypothecation of the borrowers entire goods, movables
and Other assets present and future including documents of title to goods and
other Assets, such as book-debts outstanding moneys, receivables, including
receivables by Way of cash assistance and/or cash incentives under the cash
incentive scheme or any Other scheme, claims, including claims by way of
refund of customs/excise duties under The duty drawback credit scheme, or any
other scheme |
FIXED ASSETS
·
Land
·
Land Development
·
Agricultural Land
·
Building
·
Plant and Machinery
·
Electrical Equipments
·
Office Furniture and Fixtures
·
Vehicles
WEB SIDE DETAILS
PROFILE
Subject an ISO 9002 company is one of the major manufacturers of Active
Pharmaceutical Ingredients (API's) in
MANAGEMENT
Subject is one of the fastest growing pharma group
professionally managed by a team of qualified technocrats. The Company is
managed on the lines of total quality management to give its esteemed customers
outstanding products and services.
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.45.18 |
|
|
1 |
Rs.73.04 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
28 |
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.