MIRA
INFORM REPORT
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Report Date : |
02.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MSN PHARMACHEM PRIVATE LIMITED |
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Registered Office : |
MSN House, Plot No. C 24, Sanath Nagar Industrial Estate, Sanath Nagar,
Hyderabad-500018, Andhra Pradesh |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.11.2004 |
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Com. Reg. No.: |
01-44631 |
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CIN No.: [Company
Identification No.] |
U24239AP2004PTC044631 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM03240G |
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PAN No.: [Permanent
Account No.] |
AAECM0740L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of a Bulk Drugs and Chemical Intermediator |
RATING & COMMENTS
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MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 420000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Latest
financial of the company are missing form the Government Departments. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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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. Srinivasan |
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Designation : |
General Manager |
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Contact No.: |
91-40-30438600 |
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Date : |
04.10.2010 |
LOCATIONS
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Registered Office : |
MSN House, Plot No. C 24, Sanath Nagar Industrial Estate, Sanath
Nagar, Hyderabad-500018, |
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Tel. No.: |
91-40-30438600 |
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Fax No.: |
91-40-30438638 |
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E-Mail : |
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Website : |
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Area : |
5 Sq.ft. Acres |
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Location : |
Owned |
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Factory : |
Plot No. 212/A,B,C,D, APIICL, Phase- II, Pashamylaram, Medak
District-502307, |
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Tel. No.: |
91- 40 - 55887315 |
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Fax No.: |
91- 8455 - 225415 |
DIRECTORS
AS ON 30.09.2010
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Name : |
Mr. Manne Satyanarayana Reddy |
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Designation : |
Managing Director |
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Address : |
H.No.8-3-167/ D/ 16, Kalyan Nagar, Phase – 1, Near A.G. Colony, R.R.
District-500038, |
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Qualification : |
PHD |
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Date of Birth/Age : |
18.04.1957 |
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Date of Appointment : |
17.11.2004 |
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DIN No.: |
01657567 |
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Name : |
Mrs. Manne Laxmi Prasuna |
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Designation : |
Director |
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Address : |
H.No.8-3-167/ D/ 16, Kalyan Nagar, Phase – 1, Near A.G. Colony, R.R.
District-500038, |
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Qualification : |
MA |
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Date of Birth/Age : |
06.09.1968 |
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Date of Appointment : |
17.11.2004 |
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DIN No.: |
00954334 |
KEY EXECUTIVES
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Name : |
Mr. Srinivasan |
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Designation : |
General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
No. of Shares |
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Manne Satyanarayana Reddy |
2547309 |
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Manne Laxmi Prasuna |
351556 |
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Manne Venkata Pratap Reddy |
110000 |
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Manne Venkat Ram Reddy |
110000 |
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Manne Srinivada Reddy |
110000 |
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Chintapally Bharat Reddy |
604000 |
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Chalkkilam Nagaraju |
137500 |
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N V |
44000 |
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Thirumalal Rajan |
44000 |
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Muppa Kishore |
44000 |
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Sajja Eswaraiah |
44000 |
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Chintapally Janardhan Reddy |
246835 |
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Manne Jeevan Reddy |
106800 |
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Total |
4500000 |
Equity Share Breakup (Percentage of Total Equity)
(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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90.66 |
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Others |
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9.34 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of a Bulk Drugs and Chemical Intermediator |
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Products : |
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Exports : |
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Products : |
Bulk Drugs |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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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 31.03.2008
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Particulars |
Unit |
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Installed
Capacity |
Actual
Production |
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Bulk Drugs and Chemical Intermediates |
Kgs. |
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48000 |
21984 |
GENERAL INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
250 (In Office-50, In Factory-200) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B.R.M. Reddy and Company Chartered Accountants |
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Address : |
6-3-1186/A/ 6, II Floor, Behind Bluemoon Hotel, Begumpet,
Hyderabad-500016, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- Each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4500000 |
Equity Shares |
Rs.10/- Each |
Rs.45.000
millions |
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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2000000 |
Equity Shares |
Rs.10/- each
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Rs.20.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
15.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.051 |
14.475 |
3.730 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.051 |
34.475 |
23.730 |
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LOAN FUNDS |
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1] Secured Loans |
76.878 |
51.957 |
63.453 |
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2] Unsecured Loans |
90.000 |
90.000 |
27.717 |
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TOTAL BORROWING |
166.878 |
141.957 |
91.170 |
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DEFERRED TAX LIABILITIES |
12.915 |
10.165 |
6.045 |
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TOTAL |
284.844 |
186.597 |
120.945 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
178.387 |
118.788 |
97.546 |
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Capital work-in-progress |
5.598 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
94.104
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61.223 |
23.369 |
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Sundry Debtors |
131.543
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95.478 |
55.775 |
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Cash & Bank Balances |
6.122
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6.362 |
1.673 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
89.072
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44.613 |
9.610 |
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Total
Current Assets |
320.841
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207.676 |
90.427 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
193.010
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137.819 |
65.432 |
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Other Current Liabilities |
0.546
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0.514 |
0.008 |
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Provisions |
26.482
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1.648 |
1.725 |
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Total
Current Liabilities |
220.038
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139.981 |
67.165 |
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Net Current Assets |
100.803
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67.695 |
23.262 |
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MISCELLANEOUS EXPENSES |
0.056 |
0.114 |
0.137 |
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TOTAL |
284.844 |
186.597 |
120.945 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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SALES |
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Income |
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546.262 |
376.230 |
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Other Income |
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18.843 |
30.180 |
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TOTAL (A) |
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565.105 |
406.410 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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460.507 |
391.250 |
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Advertising Expenses |
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TOTAL (B) |
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460.507 |
391.250 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
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104.598 |
31.719 |
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Less |
FINANCIAL
EXPENSES (D) |
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13.620 |
9.889 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
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90.978 |
21.830 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
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6.364 |
5.271 |
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PROFIT BEFORE
TAX (E-F) (G) |
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84.614 |
16.559 |
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Less |
TAX (H) |
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29.038 |
5.813 |
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PROFIT AFTER TAX
(G-H) (I) |
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55.576 |
10.746 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
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295.517 |
194.707 |
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TOTAL EARNINGS |
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295.517 |
194.707 |
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IMPORTS |
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Raw Materials |
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53.630 |
61.092 |
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Capital Goods |
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3.270 |
0.523 |
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TOTAL IMPORTS |
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56.900 |
61.615 |
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Earnings Per
Share (Rs.) |
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- Basic |
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27.79 |
5.37 |
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- Diluted |
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15.88 |
5.37 |
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Particulars |
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31.03.2010 |
31.03.2009 |
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Sales Turnover |
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1000.000 |
600.000 |
Expected Sales (2010-11): Rs.1000.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
9.85
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2.64 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
15.49
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4.40 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.95
|
5.07 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.81
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0.48 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.68
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8.18 |
6.67 |
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Current Ratio (Current Asset/Current Liability) |
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1.46
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1.48 |
1.35 |
LOCAL AGENCY FURTHER INFORMATION
Registered Office of the
company has been shifted from II Floor, 115/3 RT, Sanjeeva Reddy Nagar,
TRADE REFERENCES
- Glen Mark
FINANCIAL PERFORMANCE
For the year, the Company recorded gross sales
of Rs.587.800 millions in FY 08 as against Rs.412.200 millions in FY 07, a
growth of over 43%. Operating margins were higher by 230% than the previous
year and net profits recorded a growth of 417%.
Material costs decreased to 71% of net sales
as against 86% during the previous year. This was due to improvements made to
the production processes through continuous process research and development
activities undertaken by the Company, introduction of new products as also
increased revenues from the products launched during the previous year.
Inspite of absolute increases in operating and
other expenses however in terms of percentage to net sales there was a decrease
in this head from 15.84% during the previous year to 15.59% in the current
year. All costs associated with research and development activities have been
absorbed into respective heads such as material consumption, personnel cost and
other heads.
Earnings before interest, depreciation and
taxes (EBIDTA) as a percentage to net sales increased to 19% in the current
fiscal as against 8% in the previous year. This was mainly due to process
improvements through research and development, product mix and better supply
chain management. Profit after tax (PAT) also increased to 10% of net sales as
against 3% during the previous year.
OPERATIONS
The Company presently has one world class
manufacturing facility situated at Pashmyalaram, Medak District near
During the current year the Company has added
a new production block at a cost of Rs.45.000 millions. The new production
block was commercialized in the month of March 2008. This new block along would
add enhanced production ability to the facilities and bring in higher revenues
in the years to come.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24239AP2004PTC044631 |
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Name of the
company |
MSN PHARMACHEM PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
MSN House, Plot No. C 24, Sanath Nagar Industrial Estate, Sanath
Nagar, Hyderabad-500018, |
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This form is for |
Creation of
charge |
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Type of charge |
Book Debts Others - Stocks, Plant
and Machinery |
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Particular of
charge holder |
CITI Bank N.A., 1st Floor, Queens Plaza, Sardar Patel Road,
Hyderabad-500002, Maharashtra, India Email ID: pintu.das@citi.com |
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Nature of
instrument creating charge |
Deed of
hypothecation |
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Date of
instrument Creating the charge |
29.03.2010 |
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Amount secured by
the charge |
Rs.35.000
millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest As agreed time to
time Terms of
Repayment Repayable on
Demand Margin As mentioned in
the agreement Extent and
Operation of the charge Fist charge on stock
and book debts and second charge on movable and immovable (including Plant
and Machinery) forming part of the fixed assets of the company. The charge
shall rank paripassu with the charges created / to be created in favour of
Axis Bank |
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Short particular
of the property or asset(s) charged |
i)
2nd
paripassu charge on the whole of the borrowers movable and immovable assets
(including Plant and Machinery forming part of the fixed assets of the
company) ii)
1st
charge pari passu charge on all the borrowers present and future stock and
book debts, outstanding monies, receivables, claims, bills, investments,
rights to or on movable properties. |
FIXED ASSETS
- Land
- Buildings
- Furniture and Fixtures
- Plant and Machinery
- EDP Equipment
- Electrical Installation
- Office Equipment
- Generator
- Laboratory Equipment
- Motor Vehicles
AS PER WEB DETAILS
PROFILE
MSN Group is one of the fastest growing manufacturers of
Active Pharmaceutical Ingredients (APIs) and Finished dosages in
MSN Group management team comprises of top notch professionals, with extensive
experience in synthetic chemistry, process engineering, quality, IT, SCM,
marketing, regulatory requirements and environmental safety and a proven track
record in pharmaceutical industry. Their outstanding teams of well-educated,
motivated and result-oriented employees have contributed actively to their
spectacular growth.
Thriving on the platform of innovation and excellence, they have grown into a
successful and profitable enterprise with a portfolio covering all the major
therapeutic range. Their outstanding teams of well-educated, motivated and
result-oriented employees are the main contributor of their spectacular growth.
MSN Group’s efficient and well-knit global sales and marketing team of
professionals assimilate market trends effectively and market their products
in all the major pharmaceutical markets globally. Their professional
knowledge and attitude combined with common sense and business acumen have
played a pivotal role in uplifting their sales and revenues.
They have very efficient systems driven supply chain management and a highly
responsive customer relationship management team. In fact, they are the
youngest pharmaceutical company in the world to have SAP in place for all their
commercial operations. They guarantee competitive edge to their customers
because of their absolute cost efficiency and aggressive product development
timelines. Along with this commitment comes an irrevocable promise of quality
and consistency.
MSN Group seeks to explore and develop more strategic areas to diligently
pursue new opportunities and effectively transmit ethically consistent and truthful
image of their products.
Active
Pharmaceutical Ingredients
Overview
Their API division is the major Strategic Business Unit in the group and is
involved in the manufacturing of High Quality Active Pharmaceutical Ingredients
and Key Pharmaceutical Intermediates. Their products are catered to the needs
of formulators across the world.
Their major strengths are derived from their strong and Experienced R and D
background supported by IPM Team to develop non infringing and cost effective
processes to cater to the specific requirements of the Customers Worldwide.
Their product portfolio consists of more than 60+ products currently under
production and 15 products in development pipeline which are at various phases
of development. They product portfolio covers a very wide range of Therapeutic
Segments including Anti Hypertensive's, AntiHyper lipoprotenemic, Anti
Depressants, Anti Thrombotic, Anti Fungal, Anti Bacterials, Anti Migraine, Anti
Diabetic and Anti Psychotic etc.,
Their SBU consists of 4 manufacturing facilities located in
Hyderabad
- MSN Laboratories Limited
- MSN
Pharmachem Private Limited
- Maithri
Laboratories Private Limited
- MSN
Organics Limited
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market survey
revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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.