MIRA INFORM REPORT
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Report Date : |
11.01.2011 |
Note:
The correct name of the company is LEE PHARMA LIMITED
IDENTIFICATION DETAILS
|
Name : |
LEE PHARMA
LIMITED |
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Registered Office : |
Survey No. 257 and 258/1, Door No. 11-6/56-C Block, Opposite IDPL
Factory, Moosapet (Village), Balanagar (Post), |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
06.10.1997 |
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Com. Reg. No.: |
01-028095 |
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CIN No.: [Company
Identification No.] |
U24230AP1997PLC028095 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDL00379B |
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PAN No.: [Permanent Account No.] |
AAACL3435F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing and
marketing of Active Pharmaceutical Ingredients (APIs) and Intermediate
Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (49) |
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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 1472000 |
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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 an 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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 |
INFORMATION declined BY
|
Name : |
Ms. Bindu |
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Designation : |
Operator |
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Date : |
01.01.2011 |
LOCATIONS
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Registered Office : |
Survey No. 257 and 258/1, Door No. 11-6/56C Block, Opposite IDPL
Factory, Moosapet (Village), Balanagar (Post), |
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Tel. No.: |
91-40-66170334 / 66170336 |
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Fax No.: |
91-40-66170330 |
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E-Mail : |
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Website : |
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Factory 1 : |
Active
Pharmaceutical Ingredients : Survey No. 10/G-1,
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E-Mail : |
Owned |
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Area : |
14700sq.mtr. |
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Factory 2 : |
Bulk Pellets : Survey No. 199, Plot No. 3, D. No. 5-9-265/2, Rajeev Gandhi Nagar,
Kukatpally, Hyderabad – 500 072, Andhra Pradesh Lee Advanced
Research Centre : Sy. No. 10/G/1,
Gaddapotharam Industrial Estate, Jinnaram Mandal, Medak District, Andhra
Pradesh |
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Tel. No.: |
91-40-23078738/23074614 |
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Area : |
25000 sq.ft. |
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Location : |
Owned |
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DIRECTORS
AS ON 18.09.2010
|
Name : |
Mr. Alla Venkata
Reddy |
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Designation : |
Managing Director |
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Address : |
Plot No. 157, Vivekanandnagar
Colony, Kukatpally, Hyderabad-500072, |
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Date of Birth : |
15.02.1955 |
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Qualification : |
Post Graduate |
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Date of
Appointment : |
27.08.2007 |
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Name : |
Mrs. Alla Ratna
Kumari |
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Designation : |
Wholetime Director |
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Address : |
Plot No. 157,
Vivekanandnagar Colony, Kukatpally, Hyderabad-500072, |
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Date of Birth : |
22.11.1960 |
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Qualification : |
Graduate |
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Date of
Appointment : |
27.08.2007 |
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Name : |
Dr. T. Gopala Rao |
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Designation : |
Director |
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Address : |
203, Siri Residency, |
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Date of Birth : |
15.07.1944 |
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Date of
Appointment : |
22.04.1999 |
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Name : |
Mr. Alla Raghu Mitra |
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Designation : |
Whole time Director |
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Address : |
Plot No.157, Vivekanand
Nagar Colony, Kukatpally, |
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Date of Birth : |
10.10.1980 |
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Date of
Appointment : |
27.08.2007 |
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Name : |
Mr. Vijay Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
13.03.1952 |
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Date of Appointment : |
18.06.2007 |
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Name : |
Mr. Gary Ethan Kamins |
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Designation : |
Director |
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Date of Birth/Age : |
06.06.1962 |
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Date of Appointment : |
18.06.2007 |
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Name : |
Mr. Fransisco Javier Castellsague Casals |
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Designation : |
Director |
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Date of Birth/Age : |
09.06.1941 |
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Date of Appointment : |
18.06.2007 |
KEY EXECUTIVES
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Name : |
Mr. A N Rao |
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Designation : |
Accounts Executive |
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Name : |
Mr. P Gopi Krishna |
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Designation : |
BDM |
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Name : |
Mr. Santhosh P Iyer |
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Designation : |
General Manager – International Business |
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Name : |
Mr. S K Bhat |
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Designation : |
Manager – Domestic |
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Name : |
Mr. P V Subba Reddy |
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Designation : |
DGM – supply Chain |
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Name : |
Mr. V Ramesh Reddy |
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Designation : |
AGM – Purchase |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 19.09.2009
|
Names of Shareholders |
No. of Shares |
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|
|
|
A. Venkata Reddy |
249000 |
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A. Ratna Kumari |
161700 |
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A. Raghumitra |
102300 |
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A. Leela Rani |
62100 |
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P. V. Subba Reddy |
16200 |
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P. Jagadeeshwara Reddy |
4050 |
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P. Padmalatha Reddy |
5400 |
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P. Anjusha Reddy |
1350 |
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P. Venkata Reddy |
6750 |
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P. Varalakshmi |
1350 |
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P. Venkata Reddy |
2700 |
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K. Lahiri |
100 |
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K. Swapna Lahiri |
100 |
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M. Lakshmi Prasanna |
100 |
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P. Madhusudhan Reddy |
5400 |
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P. Bhuvana Reddy |
5400 |
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A. Nagi Reddy |
42700 |
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A. Anjamma Reddy |
40800 |
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K. Tarun Reddy |
10000 |
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K. Bhargav Reddy |
10000 |
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B. Pitchi Reddy |
20000 |
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B. Dhanalakshmi Reddy |
15000 |
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B. Anasurya Reddy |
15000 |
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S. Madhusudhan Reddy |
20000 |
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M. Mallikarjun Rao |
100 |
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A. Vijaya Kumari |
100 |
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B. Rama Subba Reddy |
100 |
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K. Mallikarhun Reddy |
100 |
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T. Gopal Rao |
100 |
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Moehs Iberica S L |
616636 |
|
Vijay Kumar Raghunandan Prasad Agarwal |
36273 |
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Total
|
1450909 |
AS ON 19.09.2009
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Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
45.00 |
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Directors or relatives of directors |
|
55.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
marketing of Active Pharmaceutical Ingredients (APIs) and Intermediate Chemicals. |
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Products : |
Ř
Intermediates Ř
APIs Ř
Pallets and Granules Ř
LARC Ř
Formulation Ř
Bulk Pharmaceutical Chemicals Ř
Intermediate Chemicals Ř
Modified Release Dosage Forms Apis Antihypertensive Ř
Carvedilol Ř
Doxazosin Mesylate Ř
Enalaprilat Ř
Lisinopril Antiulcerative Ř
Lansprazole powder Ř
Esomeprazole magnesium powder Ř
Omeprazole powder Ř
Omeprazole Magnesium Antifungal Ř
Fluconazole Ř
Itraconazole Powder Ř
Saperconazole Ř
Terconazole Antidepressant Ř
Citalopram HBr Ř
Setraline HCI Form I & II Ř
Venlafaxine HCI Powder Antihistaminic Ř
Levocetirizine HCI Ř
bulk pellets Antiulcerative Ř
Lansoprazole Pellets Ř
Esomeprazole Magnesium Pellets Ř
Omeprazole Pellets Antidepressant Ř
Venlafaxine HCL Pellets Intermediate
Chemicals Ř
4-Hydroxy Carbazole Ř
4-(3,3-epoxypropoxy) Carbazole Ř
2-(2-methoxyphenoxy) ethylamine Hydrochloride Ř
1-(1,4-benzodioxan-2-yl carbonyl) piperazine Ř
N6 –trifluoroacetyl-L-lysine Ř
N2-[(1S) –
ehtoxycarbonyl-3-phenylpropyl]-n6-trifluoroacetyl-L-lysine
|
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Bulk Drugs and Intermediates |
MTs |
600 |
567528 |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
300 Approximately |
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Bankers : |
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Facilities : |
Note: Secured loans availed form State Bank of India are secured by
hypothecation of stocks, Book Debts, Machinery, other Equipment and Equitable
mortgage by way of first charge on the Immovable properties of the Company.
The loans are further secured by the personal guarantees of two directors. Hire purchase loans are secured by the respective vehicles purchased
from the said loans.
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M. V. Narayana
Reddy & Company Chartered
Accountants |
|
Address : |
504, Vijayasree
Apartments, Opp. Kamma Sangam, Ameerpet, |
|
Tel. No.: |
91-40-23744448 / 23743975 |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7650000 |
Equity Shares |
Rs. 10/- each |
Rs. 76.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1450909 |
Equity Shares |
Rs. 10/- each |
Rs.14.509
millions |
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 |
|
|
|
|
|
1] Share Capital |
14.509 |
14.509 |
14.509 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
353.604 |
341.373 |
330.629 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
368.113 |
355.882 |
345.138 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
198.945 |
151.864 |
163.676 |
|
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2] Unsecured Loans |
17.004 |
17.113 |
15.732 |
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TOTAL BORROWING |
215.949 |
168.977 |
179.408 |
|
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DEFERRED TAX LIABILITIES |
28.990 |
23.801 |
21.467 |
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|
|
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TOTAL |
613.052 |
548.660 |
546.013 |
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
441.317 |
364.407 |
281.786 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
11.904 |
120.823 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
217.000
|
129.755
|
151.211 |
|
|
Sundry Debtors |
183.961
|
133.575
|
137.048 |
|
|
Cash & Bank Balances |
8.212
|
5.740
|
8.037 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
36.762
|
32.266
|
30.272 |
|
Total
Current Assets |
445.935
|
301.336 |
326.568 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
247.040
|
107.526
|
188.299 |
|
|
Other Liabilities |
23.894
|
24.652
|
0.000 |
|
|
Provisions |
3.266
|
0.119
|
0.108 |
|
Total
Current Liabilities |
274.200
|
132.297
|
188.407 |
|
|
Net Current Assets |
171.735
|
169.039
|
138.161 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.068 |
0.137 |
|
|
DEFERRED REVENUE EXPENDITURE |
0.000 |
3.242 |
5.106 |
|
|
|
|
|
|
|
|
TOTAL |
613.052 |
548.660 |
546.013 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
728.786 |
589.900 |
563.034 |
|
|
|
Other Income |
3.014 |
5.919 |
18.220 |
|
|
|
TOTAL (A) |
731.800 |
595.819 |
581.254 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
509.503 |
361.630 |
387.282 |
|
|
|
Increase/(Decrease) in Finished Goods |
(44.791) |
(9.123) |
(33.302) |
|
|
|
Salaries, Wages, Bonus, etc. |
14.617 |
47.866 |
10.933 |
|
|
|
Managerial Remuneration |
0.000 |
1.680 |
1.720 |
|
|
|
Payment to Auditors |
0.000 |
0.300 |
0.300 |
|
|
|
Power & Fuel |
0.000 |
32.395 |
24.903 |
|
|
|
Other Expenditure |
194.285 |
92.831 |
135.076 |
|
|
|
TOTAL (B) |
673.614 |
545.825 |
526.912 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
58.186 |
49.994 |
54.342 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.362 |
18.174 |
17.892 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.824 |
31.820 |
36.450 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.756 |
16.794 |
11.315 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
23.068 |
15.026 |
25.135 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.837 |
4.283 |
6.273 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.231 |
10.743 |
18.862 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
38.391 |
37.648 |
28.785 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
40.622 |
38.391 |
37.647 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
391.598 |
349.007 |
379.555 |
|
|
|
Commission Earnings |
0.00 |
0.000 |
7.496 |
|
|
TOTAL EARNINGS |
391.598 |
349.007 |
387.051 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
151.727 |
61.709 |
129.607 |
|
|
|
Capital Goods |
7.696 |
3.190 |
11.217 |
|
|
|
Others |
10.088 |
8.064 |
7.496 |
|
|
TOTAL IMPORTS |
169.511 |
72.963 |
148.320 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.43 |
7.40 |
--- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.67
|
1.80
|
3.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.16
|
2.54
|
4.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.59
|
2.25
|
4.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.04
|
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.33
|
0.91
|
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.62
|
2.27
|
1.73 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS:
During the year, the Company has clocked a net turnover of Rs.728.786 millions as against 589.900 millions in the preceding financial year registering a growth of 24 % in the current year sales. The company has earned a net profit of Rs.12.231 millions (previous year Rs. 10.743 millions) after providing for taxes of Rs.10.837 millions (previous year Rs. 4.283 millions).
The export turnover (CIF Value) of the company is Rs. 405.551 millions comprising of 55.65% on Sales in the current year.
The Company has penetrated into the European Markets,
utilizing the approval received from the Danish Medicines Agency (European
Union) and have initiated several projects with generic multinational
companies. The company has filed CEP application for generic Prevacid –
Lansoprazole, three billion dollar molecule developed by leading Japanese drug takeda. The company is also planning to
File CEP application or generic protonix – Pantoprazole, a two billion dollar
molecule, developed by
Respecting their concern towards environment, the company got ISO 14001:2004 from UKAS environmental management.
Several new products which are expected to go off patent in the years 2014, 2015 and 2016 are developed by the research team which has entered into European registration phase. These development projects are bringing in improved revenues as well as profitability suiting the current plan of action.
The company has initiated registrations of three APIs in
The company is in the process of setting up of the new manufacturing
facility for Pellets, Granules and Finished Dosage Forms at Visakhapatnam
Special Economic Zone (VSEZ). This is expected to be completed by end of July
2010. The company is creating this facility with a view to go for USFDA,
European and other Regulatory Audits.
During the year, the R and D Division of the company is focusing on
cardiovascular, neuropsychiatic, anti diabetics and anti bacterial, drug for
over-active bladder and ante cholesterol therapeutic segments to develop more
then a dozen generic APIs. These selections are based on the promising
potential shown by them in addition to improve existing processes and to
develop the non infringing process for the patented drugs and also to produce
various drug intermediate in the cost effective manner, in this direction, the
company invested an amount of Rs.0.271 million towards additions to R and D
equipments and Rs.9.043 millions towards recurring expenditure.
Fixed Assets
- Land Factory Buildings
- Plant and machinery
- Electrical Works
- Office equipments
- Lab Equipments
- Furniture and Fixtures
- Computers
- Vehicles
- Capital Work in Progress
- R & D Equipment
Form 8
|
Corporate
identity number of the company |
U24230AP1997PLC028095 |
|
Charge
Identification Number |
90124067 |
|
Name of the
company |
LEE PHARMA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Survey No. 257 and 258/1, Door No. 11-6/56C Block, Opposite IDPL
Factory, Moosapet (Village), Balanagar (Post), |
|
This form is for |
Modification of charge |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of Address: MIDC Loan Adminstation Unit, 3/6/281/A/1, First Floor, Email: mclau.zohyd@sbi.co.in
|
|
Nature of
instrument creating charge |
1) Supplemental Agreement Of Hypothecation Of Goods And Assets For
Increase In The Overall Limit 2) Supplemental Agreement Of Loan For Increase In The Overall Limit 3) Memorandum Of Deposit For Creation Of Further Charge For Term Loan
Overall Limit Where The Initial Charge Is Created By Way Of Mortgage By
Deposit Of Title Deeds 4) Letter Regarding The Grant Of Individual Limits Within The Overall
Limit 5) Supplemental Deed Of Guarantee For Increase In Overall Limit. |
|
Date of
instrument Creating the charge |
23.08.2010 |
|
Amount secured by
the charge |
Rs. 526.700 millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
RATE OF INTEREST Cash Credit: 5.25 % above Base Rate; effective rate 12.75% p.a. TERMS OF REPAYMENT Repayable on demand/Renewable every 12 months MARGIN ash Credit: Raw Material Domestic : 25%
Imported : -- SIP : 25%
FG : 25% Receivables : 40%
(Cover Period) : 90 Days LC(Domestic) : 15% LC (Foreign) : 12% BG : 12% EXTENT AND OPERATION OF THE CHARGE Primary Security: Hypothecation of all chargeable current assets of the Company. Collateral Security: (i) Extension of Charge on fixed assets of the Company. (ii) Extension of EM on three storeyed house at plot no.157, Vivekananda
Nagar Colony,Kukatpally, Hyderabad Belonging to Mrs. A. Ratna Kumari. Guarantee: Personal Guarantee of the Promoter directors as under 1. Mr. A. Venkata Reddy, 2. Mrs. A. Ratna Kumari. OTHERS CC 19.00 EPC (12.00) BD (12.00) TL III 3.20 TL IV 3.20 TL V 2.95 TL VI 6.00 LC 10.00 BG 1.50 STAND BY LIMIT 6.00 Forward contract 0.82 TOTAL 52.67 |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Date of latest modification
prior to the present modification |
22.10.2009 |
|
Particulars of
the present modification |
Limits Enhanced From Rs. 406.700 millions To Rs. 526.700 millions. |
|
Name of the company |
LEE PHARMA LIMITED |
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Presented By |
Mr. A. Venkata Reddy Managing Director (Name and designation of the official of the
Company |
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1) Date and description of instrument
creating the change |
Dt.01.03.1999
(Hypothecation
of Goods, Book Debts, Movables and other Assets)
(Letter of
Credit Guarantees and Indemnities)
|
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2) Amount secured by the charge/amount owing
on the securities of charge |
Working Capital Limits of Rs.4.000 Millions Term Loan of Rs.1.200 Millions |
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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 |
Hypothecation of Stocks, Book Debts and
Pledge of Machinery and other equipment. Equitable mortgage of landed property in the
name of Company of Acres 1.83 Cents at Sy.No.10/G-1in Gadda Potharam Village,
Jinnaram Mandal, Medak District. Equitable mortgage of landed property in the
name of Company 0.35 Cents at Sy.No.10, |
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4) Gist of the terms and conditions and
extent and operation of the charge. |
Working Capital limits shall be repayable on
demand with interest@ 3.25% above SBI advance rate subject to minimum of
16.25%. Term Loan shall be repayable in eight
quarterly instalments commencing from 01.07.1999 together with interest @
15.75% + interest tax. |
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5) Name and Address and description of the
person entitled to the charge. |
State Bank Of Balanagar Branch Hyderabad-500037 |
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6) Date
and brief description of instrument modifying the charge |
Date: 18.10.2005 Instruments: 1.
Board Resolution
|
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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. |
(Rs. in Millions)
Security
Cash Credit, EPC
(Sub Limit), Bill Discounting, Letters of Credit and Bank Guarantee:
Hypothecation of all chargeable current assets of the company. Term Loan (New):
First charge on the fixed assets being acquired with bank finance. II. Collateral
Securities:
|
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|
|
Rate of
Interest: Cash Credit: 0.75% above State Bank advance
rate (SBAR)- effective rate being 11.00% with monthly rests subject to change
in SBAR from time to time. EPC: Up to 180 days-6.5% per annum with
monthly rests and beyond 180 days-8.15% per annum with monthly rests. Bill Discounting: Up to 180 days- 6.5% per
annum with monthly rests and beyond 180 days-8.15% per annum with monthly
rests. Term Loan (New): 2% over SBAR – effective
rate being 12.25% with monthly rests subject to change in SBAR from time to
time. Term Loan (New) is repayable in 59 monthly
equal instalments of Rs.0.534 millions starting from October 2006 to August
2011. Interest payable as when applied. SLC: Interest rate equivalent to 1% over the
present applicable rate on Cash Credit (current effective rate 12%) would be
charged. |
sundry creditors details:
(Rs.
In Millions)
|
Particular |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors dues to Micro, Small and Medium Enterprises |
0.000 |
0.000 |
|
Others |
247.041 |
107.526 |
|
Creditors for Capital Goods dues to Micro, Small and Medium Enterprises |
0.000 |
0.000 |
|
Others |
8.366 |
12.759 |
Contingent Liabilities Not Provided For:
(Rs.
In Millions)
|
Particular |
31.03.2010 |
31.03.2009 |
|
Guarantees given by Bank |
10.475 |
8.900 |
|
Un-expired Letters of Credits |
57.414 |
45.933 |
Change of address:
The Registered Office of the company was A-401, Sai Datta Apartments, Srinivasanagar
Colony East, 157, Hyderabad - 500 038, Andhra Pradesh shifted to present
Registered Address .i.e. Survey No. 257 and 258/1, Door No. 11-6/56C Block,
Opposite IDPL Factory, Moosapet (Village), Balanagar (Post), Hyderabad 500037,
Andhra Pradesh
WEBSITE DETAILS
PROFILE
Over the years,
they have leveraged the position in the global market with an enviable list of
clients and a phenomenal growth rate achieved through product innovation,
dedicated teams and timely implementation of solutions.
Their success is
based on providing a value-added service by adopting a customer-orientated
approach. Their corporate independence allows them to respond as fast as
possible, gives them a greater flexibility, and enables them to invest in plant
and processes.
They are committed
to seeking innovative product range and processes and have a proven track
record for delivering in a stipulated time frame. This has enabled them to win
in global markets.
Management
Mr. A.Venkata Reddy – Managing Director
A Post Graduate in Economics and has a rich experience of more than 26 years in Pharmaceutical Industry. Started his Career with Dr. Reddy’s group of Companies and served in various capacities till 1993. Co-promoter of Hetero Drugs Limited, Served in the capacity of Executive Director till 1996. Promoter of M/S Genix Pharma and served in the capacity of Managing Director till 1997. Started M/s Lee Pharma in 1997.
Mrs. A.Ratna Kumari - Director - Q.A
A Graduate in Chemistry and had experience of 18 years as Quality Assurance In-charge and is the instrumental in setting up quality Control Systems and Experienced in the implementation of Regulatory Affairs.
Dr. T. Gopala Rao – Director
Well known medical
practitioner in
At Global level, the
Bulk Drug Industry is passing through the changeover situation and new
strategic alliances, mergers and take overs are taking place by identifying the
strength of each company and joining hands to fully utilise the opportunities
to the growth rate in the new millennium. During this process, the year 2005 AD
is an important milestone year for the Indian Pharmaceutical Industry. Since
the Indian Industry is going to be covered under the patent laws.
To meet the
challenges in the new millennium, the company has established the basic
research centre under the name and style "Lee Advanced Research
Centre". A number of scholars are working in the invention of critical
health care molecules to make available for the needy.
Marketing of Solutions
Marketing is more
about solutions than products. The company's experience has been that for a
hundred specific healthcare needs being addressed by different products there
are always a few that are being overlooked. The company's special expertise has
been in identifying niche and special needs and developing solutions for them. It
is this inventiveness that helped it gain the confidence of its growing
clientele. In the future too, the company shall seek to address critical
healthcare applications.
Looking Forward
The company fruition
of plans and actions it has taken in a short, but eventful, period of
operations. The company has devised a blueprint for exploring several exciting
new areas, researching and developing new molecules, biosynthesis, synergistic
alliances with leading Indian and World players in developing new products etc.
Sharing knowledge and experience not just with customers but its competitors
too, the company believes, enriches everyone involved.
LEE Quality Policy
The corner Stone of their company is Quality. Maintaining World Class Quality Standards is obsession with the top management that percolates down to every level. They serve the pharmaceutical market with cGMP operational philosophy. Their objectives are to manufacture all of products right to deliver them within a stipulated time frame to achieve complete customer satisfaction.
A few facts and
figures
· Constructing a facility in an area of 10 acres for Pellets, granules and finished dosages forms with high standards in Vizag, AP, which will be ready for Audit by any GMP authorities by end of second Quarter 2009.
·
Setting up R and D Center in an area of 9.5
acres for Contract research in
·
Coming Up with a project for Biotechnology
development in a area of 2.5 acres in
·
Constructing a facility in an area of 11 acres
exclusively to manufacturing Intermediate chemicals in Raichur,
· Health, Safety and Environment.
· They are in process to for an Audit ISO 14001.
· They have constructed a Column to treat the water both industrial waste as well as human waste and they are using the same for plantation and green belt.
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.45.44 |
|
|
1 |
Rs.70.61 |
|
Euro |
1 |
Rs.58.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.