%20LABORATORIES%20PRIVATE%20LIMITED%20-%20148146%2013-Jul-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
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Report Date : |
13.07.2011 |
IDENTIFICATION DETAILS
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Name : |
FOURRTS (INDIA) LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 1 and 2, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
31.03.1979 |
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Com. Reg. No.: |
18-007782 |
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Capital Investment
/ Paid-up Capital : |
Rs.129.875
millions |
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CIN No.: [Company Identification
No.] |
U85185TN1979PTC007782 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing, Exporting, Importing and Marketing of
Pharmaceuticals in the form of tablets, capsules, liquids, powder, etc. |
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No. of Employees
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351 (Approximately) (Office – 100 and Factory – 250) |
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 1700000 |
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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 old and well established company having satisfactory track.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The Profit and Loss of the company is not available. |
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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Vasu |
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Designation : |
Finance Manager |
LOCATIONS
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Registered/ Corporate office : |
Plot No. 1 and 2, |
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Tel. No.: |
91-44-24581666/ 24581899 (10 Lines) |
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Fax No.: |
91-44-24581199 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
9-A, |
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Tel. No.: |
91-44-24914573/ 24901110/ 24421930/ 24423679/ 24915632/
24418047/ 24404638 |
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Fax No.: |
91-44-24915607 |
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Administrative Office : |
11-C, |
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Tel. No.: |
91-44-24915222 |
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Fax No.: |
91-44-24915607 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot No. 1, Fourrst Avenue, Annai Indira Nagar, Okkiam,
Thoraipakkam, Chennai – 600069, Tamilnadu, India |
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Tel. No.: |
91-44-24964939 |
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Fax No.: |
91-44-24964799 |
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E-Mail : |
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Factory 2 : |
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Tel. No.: |
91-44-27474325 (5
lines)/ 47404310 (5 Lines) |
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Fax No.: |
91-44-27475083 |
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E-Mail : |
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Location : |
Owned |
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Branches : |
Located at :- ·
9-A, ·
49, Tel. 91-44-24450865 Location:
Owned |
DIRECTORS
(AS ON 22.09.2010)
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Name: |
Mr. Sekharipuram Viswanathan Veeramani |
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Designation : |
Chairman and managing
Director |
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Address : |
New No. 172 Old No.
(49A), |
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Date of Birth: |
26.08.1949 |
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Date of Appointment : |
10.10.1979 |
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Name : |
Mrs. Radha Veeramani |
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Designation : |
Director |
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Address : |
New No. 172 Old No.
(49A), |
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Date of Birth: |
29.11.1954 |
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Date of Appointment : |
30.10.1991 |
KEY EXECUTIVES
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Name : |
Mr. Vasu |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 22.09.2010)
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Names of Shareholders |
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No. of Shares |
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Lalitha Guru |
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675 |
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Aishwarya |
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1225 |
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K |
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300 |
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K |
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300 |
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C H Kamalam |
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1900 |
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S P Gopalakrishnan |
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650 |
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Parvathi Ramachandran |
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600 |
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Rajan Vishwanathan |
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36550 |
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S P Ramachandran |
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600 |
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P |
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4000 |
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Lalitha Gopalakrishnan |
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550 |
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Ashwin |
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1600 |
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R Rajagopal |
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75 |
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Uma Venkatesh |
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3000 |
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S V Veerramani |
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525560 |
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K S Kamala |
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2000 |
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V Gayathri |
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69305 |
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K |
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700 |
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V Nithya |
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65480 |
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Radha Veirramani |
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559130 |
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1900 |
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M Radha |
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250 |
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P Kamla |
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650 |
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L |
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350 |
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Nalina Seshadri |
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2000 |
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Vidya Hariharan |
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2400 |
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R Seshadri |
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2000 |
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K |
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750 |
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Suguna Ravi |
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2250 |
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S |
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2000 |
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S V Subramanian |
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8000 |
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Geetha Narayanan |
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2000 |
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Total |
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1298750 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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99.00 |
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Other top fifty shareholders |
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1.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Exporting, Importing and Marketing of
Pharmaceuticals in the form of tablets, capsules, liquids, powder, etc. |
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Products : |
Ř
Fourrts B Vitamin Ř B Complex Tablet Ř Redin Plus Haematinic Capsules Ř Redin PN Postnatal Tonic Ř Foliden Folic Acid Capsules Ř Fertibex Ř Fourts B Ř Gilfil M Ř Gliclan M Ř Seltoc AC in the diabetology segments Ř 10 products in the gynecology area Ř Four in ophthalmology Ř Eight In the general category |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
351 (Approximately) (Office – 100 and Factory – 250) |
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Bankers : |
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State Bank of Guindy Commercial Branch, Chennai – 600032, Tamilnadu, India ·
Axis Bank Adyar, Chennai, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijayaraghavan and Associates Chartered Accountants |
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Address : |
51, |
CAPITAL STRUCTURE
(AS ON 22.09.2010)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.100/- each |
Rs.150.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1298750 |
Equity Shares |
Rs.100/- each |
Rs.129.875
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
129.875 |
100.265 |
87.665 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
302.745 |
221.186 |
174.323 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
432.620 |
321.451 |
261.988 |
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LOAN FUNDS |
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1] Secured Loans |
419.032 |
342.589 |
262.265 |
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2] Unsecured Loans |
2.197 |
2.164 |
2.164 |
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TOTAL BORROWING |
421.229 |
344.753 |
264.429 |
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DEFERRED TAX LIABILITIES |
6.459 |
9.771 |
5.824 |
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TOTAL |
860.308 |
675.975 |
532.241 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
226.170 |
177.252 |
169.048 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
6.608 |
5.462 |
4.142 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
105.132
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92.665 |
90.593 |
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Sundry Debtors |
276.478
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312.059 |
309.985 |
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Cash & Bank Balances |
405.014
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263.700 |
135.016 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
252.823
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127.998 |
102.573 |
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Total
Current Assets |
1039.447
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796.422 |
638.167 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
206.268
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168.416 |
159.556 |
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Other Current Liabilities |
21.532
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14.734 |
14.504 |
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Provisions |
186.451
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121.814 |
106.985 |
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Total
Current Liabilities |
414.251
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304.964 |
281.045 |
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Net Current Assets |
625.196
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491.458 |
357.122 |
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MISCELLANEOUS EXPENSES |
2.331 |
1.800 |
1.926 |
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TOTAL |
860.308 |
675.975 |
532.241 |
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KEY RATIOS
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PARTICULARS |
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31.03.2010 |
31.03.2009 |
31.03.2008 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.93
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2.02 |
2.08 |
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Current Ratio (Current Asset/Current Liability) |
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2.51
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2.61 |
2.27 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject was incorporated on 31st March, 1979 at Thiruvanmiyur in Tamilnadu having Company Registration Number 18-7782.
FORM 8:-
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Corporate identity
number of the company |
U85185TN1979PTC007782 |
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Name of the
company |
FOURRTS INDIA
LABORATORIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Plot No. 1 and 2, Fourrts Avenue, Annai Indira Nagar, Okkiyam,
Thoraipakkam, Chennai – 600 096, Tamil Nadu, India |
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This form is for |
Modification of
charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property · Others |
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Particular of charge
holder |
State Bank of E-Mail: sbicomguindy@vsnl.net |
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Nature of
instrument creating charge |
· Agreement of hypothecation of goods and assets · Letter regarding the grant of individual limits within the overall limit · Extension of equitable mortgage |
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Date of
instrument Creating the charge |
13.08.2008 |
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Amount secured by
the charge |
Rs.781.900
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : As per Agreement
C.5 Terms of Repayment : The term Loan is
to repaid in 78 monthly installments Margin : Raw Material :
25% Stock in process
: 25% Finished goods :
25% EC and BG : 15% Book Debts /
Receivables : 25% Cover period : 60
days Term Loan :
27.40% Extent and Operation of the charge : As per Agreement |
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Short Particulars
of the property charged |
Hypothecation of
goods and extension of equitable mortgage |
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Particulars of
the present modification |
The various
credit facilities enjoyed by the company now has been enhanced to Rs. 781.900
millions Hypothecation of
goods and extension of equitable mortgage. |
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Name of the company
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FOURRTS INDIA
LABORATORIES PRIVATE LIMITED |
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Presented By |
State bank of |
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1) Date and description of instrument creating the change |
Dated 19.02.1982 General agreement
for the grant of small Industrial
Advances and hypothecation of movables, book debts and other assets present
and future for Rs.0.650 million |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.650 million |
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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 |
Whole of the
borrower stock of raw materials, semi – finished and finished goods and
products manufactured and stores in borrowers Godown present and future,
borrowers book debts of the company. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Repayable on
Demand Interest @ 0.50%
below SBAR subject to minimum of 16% p.a |
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5) Name and Address and description of the person entitled to the charge. |
State bank of |
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6) Date and brief description of instrument modifying the charge |
Dated 10.01.2005 Supplemental
general agreement for the grant of small Industrial Advances and
hypothecation of goods, book Debts and other assets (working Capital finance)
Re: Hypothecation of goods book debts, Movables and other assets in Ancillary Agreement Agreement for the
grant of small Industrial Advances (Working Capital Finance) Re:
hypothecation of goods, Book Debts, Movables and Others Assets in Ancilliary
Agreement No. 1 (2 Nos.) Agreement for the
grant of small industrial Advance (Working Capital Finance) Pledge of goods
Movables and Other assets in Ancillary Agreement No. 2. Agreement for the
grant of small Industrial Advances (Working Capital Finance) Advances against
receivables and bills in the course of collection in Ancillary
Agreement No. 3 (2 Nos.) Agreement for the
grant of small Industrial Advances (Working Capital Finance) Advances Against
General Hypothecation in Ancillary Agreement No. 4 Agreement for the
Grant of small Industrial Advances (Working Capital ) Ref : Letter of Credit,
Guarantees and indemnities in Ancillary
Agreement No. 6 General Agreement
for the grant of medium Term Advances to small Scale Industries and
Hypothecation of movables, Book Debts, and other assets. Ancillary Agreement for Medium Term Loan
against pledge Movable Machineries in
Ancillary Agreement “A” Ancillary
Agreement for medium Term Loan agreeing to Mortgage Immovable in Ancillary
Agreement “B” Extension of
equitable mortgage by way of deposit of title Deeds (2 Nos.) All dated
10.01.2005 and relates to one and the same charge. |
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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. |
The Credit
facility extended to the company has now been enhanced from 111.500
millions to Rs.214.800 millions comprising of:-
Term Loan was
already created as Separate Charge Securities ·
First
charge on the Entire Current assets, viz; Raw Material, book debts,
Stock in process, Semi – finished goods, finished goods, Receivables, other
current assets, bills in the course
of collection, Merchandise under letter of credit and counter guarantee of the company · Hypothecation of Plant and machinery · First charge on fixed assets of the company and assets acquired out of Term Loan. · Extension of Equitable mortgage of company immovable properties · Land and Factory Building at Padur Village, Chingleput District, 2 Acres 46 Cents Comprised in S. no. 595/1A, at No. 46, padur Village, Cheingleput District (More Fully Described in the letter Evidencing Title Deed) · All that piece and parcel of vacant land at Vandaloor Road, S. No. 595/2A and 2AI at Padur Village, Kelambakkam, Measuring 1.27 Acres Area, (Old S .no. 595/2A, New S. No. 595/2AI) More Fully described in the letter Evidencing Title deed) · Earlier securities given by the company shall continue to cover the enhanced limit of Rs. 214.800 millions Rate of interest, Margin and other term and conditions as per the agreement All other terms and conditions remain the same. |
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FIXED ASSETS:-
· Land
·
·
· Storage Tank
· Plant and Machinery
· Generator
· Lab Equipment
· Pollution Control Equipment
· Electrical Installation
· Air Conditioners
· Furnitures and Fitting
· Office Equipments
· Car and Vehicles
· Building
· Machinery
OTHER DETAILS
Milestones
1986 - Launched Sucrafil (Sucralfate) a safe and effective antiulcer drug.
1991 - Introduced Fourts B, the first Selenium containing nutritional Product.
1994 - Launched Selltoc AC the first Antioxidant formula based on the latest findings worldwide.
Awards and Recognition
Tireless, efficient and dedicated quality conscious work put forth by all Fourrts Indians, the company was accorded the GMP Certificate, certifying that all its activities are in accordance with WHO standards. Besides, the company has bagged the following awards.
WEBSITE DETAILS
COMPANY PROFILE:
The company is dedicated to achieve this goal by making
available to the medical profession a range of innovative, value added,
evidence backed products. The company’s products have found immediate
acceptance by practising Doctors both in
The company has also established its presence in the international markets with a wide array of capsules, tablets, oral liquids, ointments and creams.
Subject is one among the leading pharmaceutical companies in Chennai, will soon launch about six new drugs in the market.
Over the past two decades, Subject has been able to nurture its
growth in Pharmaceutical Industry on a sound footing by developing an excellent
product range supported by an efficient Marketing Team and backed up by
reliable and well structured distribution infrastructure. Subject is now poised
to achieve its Corporate goal of putting the unmistakable "Fourrts"
stamp in each and every state of
Subject can be rightly called "the pioneers of selenium
and antioxidant Therapy in
Apart from Indian market, Subject is also exporting its
products to
Subject started in 1977, has been growing at a rate of 40% to 50% in the last two years, and in order to cater to the demand, the company was planning to set up more plants within a few years. One plant would be in advanced facility conforming to USFDA standards, said, Veeramani.
CORPORATE PROFILE:
Good health is the primary goal of any individual, society
or the nation as a whole. Company was founded in 1977 with a strong commitment
to the society to deliver quality health care. Company with its impressive
standing in the Pharma Industry for the last 30 years is committed to
excellence in health care. Company is an Ethical, Transparent, Spirited, and
Vibrant organization with progressive out look.
The dedicated approach of Company has made available a range
of innovative, value added, evidence based products for the ailing patients.
Company’s products have found immediate acceptance by
practicing doctors both in
Company is backed by a dedicated team of over 1200
professionals, who are well trained in every aspect of pharmaceutical
manufacturing and marketing.
FINANCE
The company has been
generating profits since inception and a major portion of its profits are being
ploughed back every year apart from infusion of fresh capital every year by way
of promoters’ equity.
The company has grown
from Rs.1.900 millions (1979-80) to Rs.1006.400 millions in the year 2005-06
and its experience in expanding its activities in both domestic and export
market has met with great success.
Their bankers are
State Bank of
The company enjoys
good reputation in the market and buys most of the materials direct from manufacturers
who are well established in the field so as to take care of factors like
quality, price and availability.
SYSTEMS
The company has the
best of infrastructure in IT. With the wireless leaseline from Sify, the speed
is well directed. The plant and the corporate office is also connected through
wireless lease line.
The company is poised
for implementing ERP across different functions within the organization and all
their consignee agents who are situated all over
NEWS:
·
Fourrts is setting up a solid oral
dosage formulation facility in Chennai in accordance with cGMP requirements of
USFDA. The Project is to commence in April 2007. Discussions are under-way for
MOU arrangements.
·
Launch of Cerefin GM by Premeire
Div.and will be promoted to Orthos.
·
Launch of 'Efastenol ' by specialist
Div.and will be promoted in Cardiologists and Physicians.
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.44.37 |
|
|
1 |
Rs.70.84 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--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 |
NO |
|
--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.