MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
METROCHEM API PRIVATE LIMITED (06.11.2003) |
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Formerly Known
As : |
METRO CHEM ACTIVE PHARMACEUTICAL INGREDIENTS PRIVATE LIMITED |
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Registered
Office : |
7-1-638 to 643, 643/1, Flat No.302, Beside |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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Date of
Incorporation : |
01.07.2002 |
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Com. Reg. No.: |
01-039223 |
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Capital
Investment / Paid-up Capital : |
Rs.40.000
millions |
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CIN No.: [Company Identification
No.] |
U24239A2002PTC039223 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM04148E |
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PAN No.: [Permanent Account No.] |
AADCM2691M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Drugs. |
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No. of Employees
: |
350 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 678000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management of the company ahs not filed its latest financial to government department.
However, trade relations are reported as fair. Business is active. Payments
are unknown. The company can be considered for business dealings with some
cautions. |
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 |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Sai Rama |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9866273643 |
|
Date : |
08.07.2011 |
LOCATIONS
|
Registered Office : |
7-1-638 to 643, 643/1, Flat No.302, Beside |
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Tel. No.: |
91-40-23700421 |
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Mobile No.: |
91-9866273643 (Mr. Sai Rama |
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Fax No.: |
91-40-23705088 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Ft. |
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Location : |
Owned |
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Corporate Office : |
302, Bhanu Enclave, Sunder Nagar, Erragadda, |
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Tel No.: |
91-40-23700421/ 23813969/ 23812317/ 23816929 (Direct) |
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Fax No.: |
91-40-23705088 |
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E-Mail : |
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Factory 1 : |
Flat No.62/C/6, IDA, Phase I, |
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Area : |
1260 Sq. Yard |
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Location : |
Owned |
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Factory 2 : |
Plot No 69/A
(Part) and D-69, IDA, Phase I, Jeedimetla, |
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Factory 3 : |
Plot No.3 and 4,
Survey No.42, Ali Nagar Jinnararn Mandal, Medak District, |
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Factory 4 : |
Survey No:530
and 534, Bonthapally, |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Nandepu Venkateshwara Rao |
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Designation : |
Director |
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Address : |
Flat No.204, Block-A, Millenium Royale, H.No.7-1-63 Opposite Challa
Nursing Home Lane, Dharam Karam Road, Ameerpet, Hyderabad – 500 016, Andhra
Pradesh, India |
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Date of Birth/Age : |
17.12.1963 |
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Qualification : |
PHD |
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Date of Appointment : |
17.09.2003 |
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DIN No.: |
00092757 |
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Name : |
Mr. Nalla Surya Prakash Rao |
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Designation : |
Director |
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Address : |
F-1, H.No.8-3-167/ D/204, Sri Sadan Apartments, Kalyannagar X Road,
Vengalrao Nagar, Hyderabad – 500 038, Andhra Pradesh, India |
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Date of Birth/Age : |
25.04.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.07.2002 |
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DIN No.: |
00092929 |
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Name : |
Nalla Hymavathi |
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Designation : |
Director |
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Address : |
F-1, H.No.8-3-167/ D/204, Sri Sadan Apartments, Kalyannagar X Road,
Vengalrao Nagar, Hyderabad – 500 038, Andhra Pradesh, India |
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Date of Birth/Age : |
07.09.1973 |
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Qualification : |
Graduate |
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Date of Appointment : |
17.09.2003 |
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DIN No.: |
00093000 |
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Name : |
Nandepu Veera Venkata Rama Vijaya Lakshmi |
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Designation : |
Additional Director |
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Address : |
Flat No.204, Block-A, Millenium Royale, H.No.7-1-63 Opposite Challa
Nursing Home Lane, Dharam Karam Road, Ameerpet, Hyderabad - 500 016, Andhra
Pradesh, India |
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Date of Birth/Age : |
16.06.1964 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.10.2005 |
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DIN No.: |
00092882 |
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Other Directorship : |
Name of the company: Sloka Enteric Labs Private Limited Designation: Director |
KEY EXECUTIVES
|
Name : |
Mr. Sai Rama |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
|
N. Venkateshwara Rao |
|
1600000 |
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N. Surya Prakash Rao |
|
400000 |
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N. Hymavathi |
|
1600000 |
|
N.V.V.R. Vijaya Lakshmi |
|
400000 |
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Total |
|
4000000 |
As on 31.01.2011
|
Names of Allottees |
|
No. of Shares |
|
N. Venkateshwara Rao |
|
710000 |
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N. Surya Prakash Rao |
|
177500 |
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N. Hymavathi |
|
710000 |
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N.V.V.R. Vijaya Lakshmi |
|
177500 |
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Total |
|
1775000 |
As on 31.03.2010
|
Names of Allottees |
|
No. of Shares |
|
N. Venkateshwara Rao |
|
400000 |
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N. Hymavathi |
|
400000 |
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N. Surya Prakash Rao |
|
100000 |
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N.V.V.R. Vijaya Lakshmi |
|
100000 |
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Total |
|
1000000 |
As on 29.09.2009
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs. |
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Products : |
v Active Pharmaceutical Ingredient (APIs) v Pellets v Intermediates |
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Exports : |
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Products : |
Pharmaceutical Drugs |
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Countries : |
v
v European Countries v
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Imports : |
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Products : |
Raw Material |
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Countries : |
v
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2009)
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Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Omeprazole |
|
MTs |
60.00 |
63.00 |
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Omeprazole Magnesium |
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MTs |
N.A. |
6.00 |
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Omeprazole Sodium |
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MTs |
N.A. |
0.05 |
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Lansoprazole |
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MTs |
12.00 |
8.00 |
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Esomeprazole Magnesium |
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MTs |
N.A. |
23.00 |
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Pantoprazole Sodium |
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MTs |
N.A. |
1.00 |
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Rabeprozole |
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MTs |
N.A. |
18.00 |
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Itracanazole |
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MTs |
N.A. |
10.00 |
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Omeprazole Pellets |
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MTs |
N.A. |
306.00 |
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Lansoprazole Pellets |
|
MTs |
24.00 |
27.00 |
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Itraconazole Pellets |
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MTs |
N.A. |
20.00 |
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Pantoprazole Pellets |
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MTs |
N.A. |
1.00 |
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Esomeprazole Pallets |
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MTs |
N.A. |
2.00 |
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Rabeprozole Pellets |
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MTs |
N.A. |
29.00 |
GENERAL INFORMATION
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Customers : |
End Users and Dealers |
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No. of Employees : |
350 (Approximately) |
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Bankers : |
v
State Bank of v Citi Bank v Kotak Mahindra Bank v American Express Bank v Barclays Bank Limited v ABN Amro Bank v HDFC Bank Limited v ICICI Bank Limited |
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Facilities : |
Cash Credit - Rs.200.000 millions (State Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P.S.N. Ravishanker and Associates Chartered Accountants |
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Address : |
Flat No. 205, B-Block, II Floor, Kushal Towers, Khairatabad, |
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Income-tax
PAN of auditor or auditor's firm : |
AACFP1611J |
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Associates/Subsidiaries : |
Synergy Active
Ingredients Private Limited, Line of Business: Manufacturer of Bulk Drugs. |
CAPITAL STRUCTURE
After 29.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6775000 |
Equity Shares |
Rs.10/- each |
Rs.67.750
millions |
|
|
|
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|
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000
millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
19.450 |
13.870 |
|
|
2] Share Application Money – Pending Allotment |
0.108 |
0.019 |
0.017 |
|
|
3] Reserves & Surplus |
129.393 |
52.691 |
22.091 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
|
|
NETWORTH |
169.501 |
72.160 |
35.978 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
121.821 |
117.700 |
75.193 |
|
|
2] Unsecured Loans |
3.000 |
3.000 |
7.456 |
|
|
TOTAL BORROWING |
124.821 |
120.700 |
82.649 |
|
|
DEFERRED TAX LIABILITIES |
6.944 |
5.996 |
4.125 |
|
|
|
|
|
|
|
|
TOTAL |
301.266 |
198.856 |
122.752 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
121.160 |
103.402 |
74.758 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
67.488
|
65.792 |
42.394
|
|
|
Sundry Debtors |
281.185
|
226.851 |
135.770
|
|
|
Cash & Bank Balances |
10.747
|
9.382 |
6.357
|
|
|
Other Current Assets |
29.570
|
23.558 |
14.151
|
|
|
Loans & Advances |
13.179
|
14.398 |
13.631
|
|
Total
Current Assets |
402.169
|
339.981 |
212.303 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
189.960
|
230.143 |
157.375 |
|
|
Other Current Liabilities |
5.892
|
2.773 |
1.031
|
|
|
Provisions |
26.485
|
12.426 |
7.259
|
|
Total
Current Liabilities |
222.337
|
245.342 |
165.665
|
|
|
Net Current Assets |
179.832
|
94.639 |
46.638
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.274 |
0.815 |
1.356 |
|
|
|
|
|
|
|
|
TOTAL |
301.266 |
198.856 |
122.752 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
820.800 |
573.297 |
413.271 |
|
|
|
Other Income |
10.727 |
0.219 |
1.558 |
|
|
|
TOTAL (A) |
831.527 |
573.516 |
414.829 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Cost |
514.970 |
415.204 |
305.633 |
|
|
|
Manufacturing Cost |
95.048 |
68.803 |
41.476 |
|
|
|
Personnel Cost |
43.190 |
25.390 |
12.480 |
|
|
|
Administration Expenses |
13.934 |
7.601 |
4.582 |
|
|
|
Selling and Distribution Cost |
22.184 |
8.046 |
10.150 |
|
|
|
Remuneration to Directors |
11.284 |
2.550 |
1.800 |
|
|
|
Miscellaneous Expenses Written off |
0.038 |
0.038 |
0.038 |
|
|
|
Increase/ Decrease in Stocks |
(7.600) |
(23.912) |
(4.593) |
|
|
|
TOTAL (B) |
693.048 |
503.720 |
371.566 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
138.479 |
69.796 |
43.263 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.894 |
16.383 |
8.399 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
114.585 |
53.413 |
34.864 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.585 |
9.151 |
6.726 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
102.000 |
44.262 |
28.138 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
26.799 |
11.387 |
8.411 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
75.201 |
32.875 |
19.727 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.444 |
17.924 |
1.948 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
5.080 |
2.167 |
|
|
|
Tax on Dividend |
0.000 |
0.330 |
1.387 |
|
|
|
Dividend |
0.000 |
1.945 |
0.197 |
|
|
BALANCE CARRIED
TO THE B/S |
119.645 |
43.444 |
17.924 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (Direct) |
147.928 |
82.513 |
41.356 |
|
|
TOTAL EARNINGS |
147.928 |
82.513 |
41.356 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
19.00 |
16.90 |
142.00 |
|
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
1150.000 |
1000.000 |
|
|
|
|
|
Expected Sales (2011-2012): Rs.1200.000 millions
The above information has been parted by Mr. Sai Rama Krishna (Accounts
Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
9.04
|
5.73 |
4.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.43
|
7.72 |
6.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.78
|
9.98 |
9.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.60
|
0.61 |
0.78 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.05
|
5.07 |
6.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81
|
1.39 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
BRIEF INTRODUCTION OF STATE OF
As in the last
year the company has achieved good results in the current year from various
products. The company has dealt with the business of bulk drugs, intermediates
and APl's. The company has produced various products in the year in the bulk
drugs and in pellets categories and achieved excellent response from its
domestic as well as international customers.
The, company has
participated in various exhibitions held during the year for the purpose of
exploring new customers and for furtherance of business by understanding the
requirements of customers. The company has achieved good results from pellets
manufactured at its el let is at ion plant.
FURTHER EXPANSION PROGRAMMES:
The company
maintains its manufacturing facilities as per IS0 9001 standards. The company
has setup its own Research 8 Development facility, which caters to the in-house
research and development requirements. The company also undertakes
modernization 8 expansion of its facilities from time to time in order to meet
the requirements of its customers. The company has drawn plans to introduce new
products and generics in the near future.
The company has
planned to expand its operations in the state of Andhra Pradesh for which the
management has acquired required land. Management will start operations in
these after obtaining necessary regulatory approvals and procure necessary
infrastructure in the coming months. The directors have expanded the product
variety and especially in the pellets products because of this the company
could obtain better realizations and margins.
The company also
strives to introduce its new products after utilization of the newer
technologies developed from the in-house research and development division as
per the customer specifications.
INDUSTRY SCENARIO-VISA
The bulk drug and
intermediates sector is growing and the Pharma industry as a whole is growing
at a brisk pace. The exports market for the bulk drugs is also increasing. Due
to this the company expects to improve the business in the coming years as
company expects to maintain the quality standards prevalent in the industry.
The company has achieved export turnover of Rs.287.600 millions (P.Y Rs 218.300
millions) and a domestic turnover of Rs.632.700 millions (P.Y Rs.437.900
millions) from sale of its products to the customers totaling amounting to
Rs.920.300 millions (P.Y Rs.656.300 millions) (Inclusive of taxes and duties)
The company has
also its own R and D facilities to give utmost quality control and quality
maintenance of its products and to make research and develop new and improved
drugs, intermediates, APl's and pellets.
PERFORMANCE OF THE COMPANY:
The company has
achieved good results in the year 2008-2009 and the results are quite
encouraging
REVIEW OF THE FINANCIAL RESULTS:
During the year,
the company achieved a gross total turnover of Rs.920.300 millions for the
current year ended 31.03.2009 as against the previous year turnover of
Rs.656.200 millions recording a growth of about 40% in the topline compared to
the previous year. The company has achieved the profit before depreciation of
Rs.115.300 millions against the previous year amount of Rs.53.400 millions
which is almost double when compared to previous year. After making a provision
for income tax and FBT and deferred taxes of Rs.26.500 millions the company is
left with net profit of Rs.75.500 millions as against the previous year's net
profit of Rs 32.800 millions.
FORM 8:
|
Corporate
identity number of the company |
U24239AP2002PTC039223 |
|
Name of the
company |
METROCHEM API PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-1-638 to 643, 643/1, Flat No.302, Beside E-Mail: api@metroapi.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90343706 |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of E-Mail: sridhar.r@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Hypothecation of Goods and Assets for increase in the overall
Limit. 2) Memorandum for
recording extension of mortgage by deposit of title deeds covering enhanced
limits and/or creation of equitable mortgage on additional properties for
existing limits and enhanced limits and additional facilities. 3) Letter
regarding the grant of individual limits within the overall limit. 4) Supplemental
Agreement of loan for increase in the overall limit. |
|
Date of
instrument Creating the charge |
10.06.2010 |
|
Amount secured by
the charge |
Rs.470.100
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: 1) CC: at 1.25%
above SBAR, 2) TL- 2 and 3: at 2.50% above SBAR, 3) TL-4: at 1.50% Above
SBAR, 4)TL-5: at 2.25% above SBAR, 5) SLC: at 2.25% above SBAR (more details
are given in Form C.5). Terms of
Repayment: 1) Working
Capital: on demand. 2) TL 2, 3 and 4
: As per its original sanction 3) TL - 5:
Repayable in 16 quarterly installments of Rs.2.500 millions each commencing
from 30th September 2010. Margin: 1) Raw
Materials-(Imported and Indigenous) - 25% 2) Stock in
Process - 30% 3) Finished goods
- 25% 3) Receivables
(Cover period - 120 days) - 30% 4) Term Loan - 5
- 33.33% 5) Bank Guarantee
- 15% 6) Letters of
Credit - 15% 7) EPC -
10% Extent and
Operation of the charge: The charge operates
as security, inter alia, for the due repayment by the company to the State
Bank of India, Commercial Branch, Hyderabad for its limits sanctioned to the
extent of Rs.470.100 millions, together with interest, additional interest,
liquidated damages, commitment charges, premia on prepayment or on
redemption, costs, charges, expenses and all other moneys payable by the
Company to State Bank of India, Commercial Branch, Hyderabad. |
|
Short particulars
of the property charged |
Hypothecation of
Exclusive first charge on all the current assets of the company namely stocks
stores and spares not relating to Plant and Machinery (Consumable stores and
spares) Bills Receivables and book debts and all other movable assets of the
borrower. Hypothecation of
the whole of the movable properties of the company (Fixed Assets) including
its movable Plant and Machinery whether attached to the earth or otherwise,
machinery spares, tools and accessories and others. Equitable
Mortgage on the company immovable properties. |
|
Date of latest
modification prior to the present modification |
10.06.2009 |
|
Particulars of
the present modification |
The existing
limits of Rs.291.800 millions is enhanced to Rs.470.100 millions. The details of the individual limits are as
under: 1) Cash Credit
(Hypothecation) - Rs.200.000 millions 2) Term Loan -
2 - Rs.2.800 millions 3) Term Loan -
3 - Rs.2.300 millions 4) Term Loan -
4 - Rs.60.000 millions 5) Term Loan -
5 - Rs.40.000 millions 6) SLC - Rs.15.000 millions 7) LC - Rs.150.000
millions |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90343706 |
|
Corporate
identity number of the company |
U24239A2002PTC039223 |
|
Name of the
company |
METROCHEM API PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
7-1-638 to 643, 643/1, Flat No.302, Beside |
|
Type of charge |
Immovable
property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
State Bank of E-Mail : arrao.ca@gmail.com |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
Agreement of hypothecation of Goods and Assets for increase in the overall
limit. 2. Memorandum for recording extension of
mortgage by deposit of title deeds covering enhanced limits and/or creation
of equitable mortgage on additional properties for existing limits and
enhanced limits and additional facilities. 3. Letter
regarding the grant of individual limits within the overall limit. 4. Supplemental
agreement of loan for increase in the overall limit. |
|
Date of
instrument Creating the charge |
10.06.2009 |
|
Amount secured by
the charge |
Rs.291.800
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of Repayment
Margin 1) Raw Material – (Imported and Indigenous) –
25% 2) Stock in Process- 30 % 3) Finished goods- 30% 4) Receivable (Cover period- 120 days)- 30% 5) Term Loan- 4-36.17% 6) Bank Guarantee – 15% 7) Letter of Credit – 15% 8) EPC- 10% Extent and Operation of the charge The charge
operates as security inter alia, for the due repayment by the company to the
state bank of India, Commercial Branch, Hyderabad for its limits sanctioned
to the extent of Rs.291.800 millions, together with interest additional
interest, liquidated damages, commitment charges, premia on prepayments or on
redemption, costs, charge, expenses and all other money payable by the
company by the company of State Bank of India, Commercial Branch, Hyderabad. |
|
Short particulars
of the property charged |
1) The whole of
the current assets of the borrower namely, stocks of raw material , stock in
process, semi finished and finished goods, stores and spares not relating to
plant and machinery (consumable stores and spares), Bills receivable and Book
debts and all other movable, both present and future whether now lying loose
or in cases or which are now lying or stored in or about or shall hereinafter
from time to time during the continuance of the security |
|
Date of latest
modification prior to the present modification |
12.02.2009 |
|
Name of the company |
METROCHEM API PRIVATE LIMITED |
|
|
Presented By |
Jointly By The
Borrower And The Banker |
|
|
1) Date and description of instrument creating the change |
1. Letter of Arrangement
SME- dated 19.08.2005 2. Agreement of
Loan –cum Hypothecation dated – 19.08.2005 3. Memorandum for
creation of mortgage by deposit of title deeds dated 19.08.2005 |
|
|
2) Amount secured by the charge/amount owing on the securities of charge |
|
Amount in Millions |
|
A. Fund Based Limits: |
|
|
|
a. Cash credit (Hypothecation ) |
15.000 |
|
|
b. CC (Book
Debts) |
(6.000) |
|
|
c. Term Loan – I |
0.793 |
|
|
d. Term Loan- II |
13.000 |
|
|
|
|
|
|
B. Non-fund Based Limits |
|
|
|
a. Letter of
credit |
5.000 |
|
|
b. One time FLC |
(4.776) |
|
|
Total |
33.793 |
|
|
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 |
Primary Security : 1. Hypothecation charge
on current assets of the company 2. Fixed assets
to be acquired with bank finance. Collateral Security : 1. E.M on factory
Land and building admeasuring 1203.65 Sq. Yds, in Plot No.62/C/6, IDA,
Phase-I, Pipeline Road, Jeedimetla, Hyderabad belonging to the company 2. E.M on Flat
No.302,
D.No.7-1-638 to 643 and 643/BE301, 3rd Floor, Bhanu Enclave,
situated at Bhalookhan Guda, Erragada, Sanathnagar, Hyderabad belonging to
the company 3. E.M on Flat No.302, Municipal No.7-1-638 ti 643 and 643/1/BE/302, 3rd
Floor, Bhang Enclave, situated at Bhalookhan Guda, Erragadda Sanathanager,
Hyderabad belonging to the company 4. E.M of lease hold right of factory land admeasuring 513.082 sq. yds
and structures thereon, situated at Plot No.69/A, IDA, Phase-I, Jeedimetla,
Hyderabad. E.M of open land admeasuring 720 Sq. Yds in Sy No.298P, situated at 6. First charge on the present and future fixed assets of the company |
|
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin Raw Material -- 25% Stock in
process --
30% Finished
Goods -- 25% Receivable -- 25% (Cover period 60
days) Letter of
credit --
25% Repayments Repayable on
monthly installments. Term loan-I, start from August, 2005 and Term Loan – Ii
start from October 2005. Interest Cash –credit
-1.50% above SBAR, with a minimum of 11.75% with monthly rests Term Loan- 2.00 %
above SBAR, With a minimum of 12.25% with monthly rests. |
|
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of Commercial
Branch- 4168, |
|
|
6) Date and brief description of instrument modifying the charge |
Letter for
rephasement of term loan from state bank of |
|
|
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. |
There is no
change in the sanctioned limits of Rs.33.793 millions Repayment of Term loan is modified as
under Term Loan is
repayable in 60 monthly installments of Rs.0.216 million each starting from
30.04.2006 instead of October 2005. There is no
change in other terms and conditions. |
|
TRADE REFERENCES:
v Dr. Reddy
v Matrix Laboratories Limited
CONTINGENT LIABILITIES: (As on 31.03.2009)
v The contingent
liability in respect of letters of credit issued by State Bank of India on behalf
of the company and unpaid in respect of materials purchased from suppliers of
Rs 28.117 millions (both inland and foreign).
FIXED ASSETS
v Free hold Land
v Office Premises
v Factory Buildings
v Plant and Machinery
v Furniture and Fixtures
v Motor Vehicles
v Computers and Office Equipments
v Other Assets
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.