MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SREEPATHI LAB PRIVATE LIMITED |
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Registered Office : |
103, Tirumala Gardens, Ranga Raju Lane, Road No.1, Banjara Hill, Hyderabad-
500034, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.06.2004 |
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Com. Reg. No.: |
01-043403 |
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Capital
Investment/ Paid-up Capital: |
Rs. 53.500 Millions
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CIN No.: [Company
Identification No.] |
U24239AP2004PTC043403 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS10413E |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Manufacturers and Exporters of Pharmaceutical active
Ingredients, Drug Intermediates and Fine Chemicals. |
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No. of Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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 310000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
LOCATIONS
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Registered Office : |
103, Tirumala Gardens, Ranga Raju Lane, Road No.1, Banjara Hill,
Hyderabad- 500034, Andhra Pradesh, India |
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Tel. No.: |
91-40-23351381 |
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Fax No.: |
91-40-40144663 |
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E-Mail : |
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Website : |
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Corporate Office: |
Flat -5B, 5th Floor, 6-3-347/20/3A, Divya Sai Shakti
Apartments, Dwarkapuri Colony, Punjagutta, Hyderabad- 500082, Andhra Pradesh,
India |
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Tel No.: |
91-40-23351381 / 23351382 |
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Fax No.: |
91-40- 40144663 |
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E-Mail : |
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Factory : |
Survey No. 26/27, |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Anup Agarwal |
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Designation : |
Managing Director |
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Address : |
Flat No.103, Tirumala Gardens, Ranga Rajulane Road No.1, Banjara Hill,
Hyderabad- 500034, Andhra Pradesh, India |
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Date of Birth/Age : |
01.08.1967 |
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Date of Appointment : |
15.12.2006 |
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DIN No.: |
00166577 |
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Other Directorship : |
Yutika Holding Private Limited CIN : U67120AP2005PTC047532 |
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Name : |
Mr. Satyanarayana Venkata Sakhamuri |
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Designation : |
Director |
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Address : |
495 RT Sanjeev Reddy Nagar, |
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Date of Birth/Age : |
01.09.1965 |
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Date of Appointment : |
03.10.2006 |
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DIN No.: |
00841032 |
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Name : |
Mr. Gajanand Gupta |
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Designation : |
Director |
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Address : |
5-9-22, 108 1st Floor, Adarsh Nagar, Hyderabad-500063, |
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Date of Birth/Age : |
04.09.1951 |
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Date of Appointment : |
03.10.2006 |
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DIN No.: |
01643269 |
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Name : |
Mr. Asha Agarwal |
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Designation : |
Director |
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Address : |
Flat No.103, Tirumala Gardens, Ranga Rajulane Road No.1, Banjara Hill,
Hyderabad- 500034, Andhra Pradesh, India |
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Date of Cessation : |
06.10.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Anand Gupta |
|
110000 |
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Anup Agarwal |
|
305500 |
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Asha Agarwal |
|
708500 |
|
RAmakant Panda |
|
25000 |
|
Atika Gupta |
|
30000 |
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C Vijaya Mohan Reddy |
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170000 |
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Vivek Gupta |
|
30000 |
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Gajanand Gupta |
|
265000 |
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Gajanand Gupta (HUF) |
|
80000 |
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J Manjula Devi |
|
81000 |
|
Kailash Store Private Limited, |
|
100000 |
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K C. Agarwal |
|
5000 |
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M Muthuvaradhan |
|
32000 |
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M V Nandiunl |
|
83000 |
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M V Raman |
|
110000 |
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Rajdeep Marketing Private Limited, |
|
180000 |
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Rose Commodities |
|
100000 |
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Sangeeta Gupta |
|
35000 |
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S Anita |
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900500 |
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Sanjay Agarwal |
|
77000 |
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Sanjay Gupta |
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35000 |
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Anand Ghupta |
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50000 |
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Shashikala Gupta |
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40000 |
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S V Satyanarayana |
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1098500 |
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S V R V Prasad |
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225000 |
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Devender Kumar Gupta |
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25000 |
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Vijetha Gupta |
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40000 |
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Vikram Gupta |
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50000 |
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Yuthika Impex Private Limited, |
|
359000 |
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Total |
|
5350000 |
Equity Share Breakup
(Percentage of Total Equity)
As On (30.09.2010)
|
Category |
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Percentage
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Pharmaceutical active
Ingredients, Drug Intermediates and Fine Chemicals. |
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Products : |
Product
Description |
ITC Code |
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Slidenafil Citrate |
29420090 |
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Quinapyramine Salts |
29392120 |
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PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Sidenfil Citrate |
TPA |
|
24 |
-- |
|
Ciprofloxacin |
TPA |
|
180 |
0.025 |
|
N-methyl Piperazine |
TPA |
|
120 |
8.400 |
|
Quinapyramine Salt |
TPA |
|
4 |
2.671 |
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Ethoxy Benszonic Acid |
TPA |
|
72 |
58.237 |
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Acetonitrile |
TPA |
|
-- |
72.160 |
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Others |
TPA |
|
-- |
785.262 |
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Ciprofloxacin HCL |
TPA |
|
-- |
91.480 |
GENERAL INFORMATION
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Bankers : |
Industrial Finance Branch, 1st Floor, Navbharat Chambers,
Raj Bhavan Road, Somajiguda, Hyderabad- 500082, Andhra Pradesh, India |
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Facilities: |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CKS Associates Chartered Accountant |
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Address : |
87 Road No.3, Gagan Mahal Colony, |
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Pan No.: |
AABFC2043A |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity Shares |
Rs.10/- Each |
Rs. 60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5350000 |
Equity Shares |
Rs.10/- Each |
Rs. 53.500
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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
53.500 |
53.500 |
30.000 |
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2] Share Application Money |
13.558 |
7.734 |
20.436 |
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3] Reserves & Surplus |
10.697 |
10.383 |
5.368 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
77.755 |
71.617 |
55.804 |
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LOAN FUNDS |
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1] Secured Loans |
137.332 |
147.266 |
97.423 |
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2] Unsecured Loans |
21.417 |
0.000 |
5.643 |
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TOTAL BORROWING |
158.749 |
147.266 |
103.066 |
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DEFERRED TAX LIABILITIES |
4.404 |
0.743 |
0.782 |
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TOTAL |
240.908 |
219.626 |
159.652 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
156.126 |
126.260 |
23.176 |
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Capital work-in-progress |
7.467 |
30.793 |
106.322 |
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INVESTMENT |
0.539 |
0.539 |
0.539 |
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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 |
81.126
|
39.706 |
18.713 |
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Sundry Debtors |
23.027
|
39.969 |
25.756 |
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Cash & Bank Balances |
6.532
|
11.152 |
1.157 |
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Other Current Assets |
5.655
|
0.770 |
0.164 |
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Loans & Advances |
33.249
|
38.831 |
21.923 |
|
Total
Current Assets |
149.589
|
130.428 |
67.713 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
68.749
|
71.518 |
37.439 |
|
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Other Current Liabilities |
13.494
|
2.373 |
0.349 |
|
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Provisions |
0.760
|
0.593 |
0.310 |
|
Total
Current Liabilities |
83.003
|
74.484 |
38.098 |
|
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Net Current Assets |
66.586
|
55.944 |
29.615 |
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MISCELLANEOUS EXPENSES |
10.190 |
6.090 |
0.000 |
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TOTAL |
240.908 |
219.626 |
159.652 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
352.148 |
277.143 |
98.836 |
|
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Other Income |
9.354 |
0.917 |
0.142 |
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TOTAL (A) |
361.502 |
278.060 |
98.978 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
314.749 |
249.322 |
77.391 |
|
|
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Payments and benefits to Employees |
8.353 |
8.416 |
2.010 |
|
|
|
Manufacturing, Selling and Administrative Expenses |
33.349 |
24.584 |
13.726 |
|
|
|
Product Development Expenditure Written off |
1.353 |
0.676 |
0.000 |
|
|
|
Adjustment for Stocks |
[28.965] |
[30.912] |
0.451 |
|
|
|
Prior Period Expenditure |
0.405 |
0.009 |
0.057 |
|
|
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TOTAL (B) |
329.244 |
252.095 |
93.635 |
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.258 |
25.965 |
5.343 |
|
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|
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|
Less |
FINANCIAL
EXPENSES (D) |
21.707 |
16.335 |
1.401 |
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.551 |
9.630 |
3.942 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.507 |
4.351 |
0.736 |
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|
|
|
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PROFIT BEFORE TAX
(E-F) (G) |
4.044 |
5.279 |
3.206 |
|
|
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|
|
|
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|
Less |
TAX (H) |
3.729 |
0.264 |
1.070 |
|
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PROFIT AFTER TAX
(G-H) (I) |
0.315 |
5.015 |
2.136 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.383 |
5.368 |
3.232 |
|
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|
|
|
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|
|
BALANCE CARRIED
TO THE B/S |
10.698 |
10.383 |
5.368 |
|
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|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
0.06 |
1.37 |
1.02 |
|
|
|
Diluted |
0.05 |
1.13 |
1.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.09 |
1.80 |
2.16 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
1.15 |
1.90 |
3.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.32 |
2.06 |
3.53 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.07 |
0.06 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.11 |
3.10 |
0.68 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.80 |
1.75 |
1.78 |
LOCAL AGENCY FURTHER INFORMATION
Operations during
the year:
Commercial production of the expanded production capacity from 24 MTs to
72 MTS of 2 Ethoxy Benzoic Aicd at Gundrampally, Nalgonda District, Andhra
Pradesh has commenced with effect from September 30, 2010
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10054062 |
|
Corporate
identity number of the company |
SREEPATHI LAB PRIVATE LIMITED |
|
Name of the
company |
SREEPATHI LAB PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
103, Tirumala Gardens, Ranga Rajulane Road No.1, Banjara Hill,
Hyderabad- 500034, Andhra Pradesh, India |
|
Type of charge |
Immovable
property Book Debts Movable Property Other |
|
Particular of
charge holder |
Industrial Finance Branch, Raj E-Mail: sa.9103@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of loan for increase in the overall limit – Form C 1 A Supplemental
Agreement of hypothecation of goods
and assets for increase in the overall limit – Form C 2 A Supplemental Deed
of Guarantee for increase in overall limit – Form C 5 Letter regarding
the grant of individual limits within the overall limits – Form C 5 Memorandum for
recording extension of mortgage by deposit of title deeds. |
|
Date of instrument
Creating the charge |
20.03.2009 |
|
Amount secured by
the charge |
Rs.236.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash credit hypothecation
– 2.50% above SBAR effective rate 14.75% Term Loan-I-0.5%
over SBAR from 30.03.2009 subject to reset after two years from that date Term Loan –II-2%
above SBAR Terms of Repayment Cash credit
hypothecation – Repayable on demand Term Loan- I and
II- Repayable commences from September 2009 Term Loan I-
Repayable in 17 quarterly installments Term Loan II-
Repayable in 13 quarterly installments Margin Cash credit RM, SIP and FG-
25% Receivables- 40%
(cover period 100 days) Letter of credit
– 15% BG-20% Extent and Operation of the charge CC: Exclusive
charge on current assets of the company. Extension of
charge on fixed assets and EM of immovable Property (company’s land) land of
Acres 12.09 guntas vide sale deed number 6090/ 2006 and the property belong
to the director and individual. |
|
Short particulars
of the property charged |
Charge on the
entire stock, book debts and other current assets of the company both present
and future. Extension of charge on the fixed assets of the company and EM of
the land belonging to the company. |
|
Date of latest
modification prior to the present modification |
31.03.2008 |
|
Particulars of
the present modification |
Total limits have
been enhanced from Rs.156.000 millions to Rs.236.000 millions with increase
in the fund based working capital limits from Rs.30.000 millions to Rs.80.000
millions and increase in the Non Fund based working capital limits from
Rs.30.000 millions to Rs.60.000 millions. Other terms and conditions remain
the same except change in the repayments period of the term loan. |
Fixed Assets
- Land
- Building
- Plant and Machinery
- Office Equipments
- Computer
- Furniture and Fixture
- Vehicles
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.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
27 |
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.