MIRA
INFORM REPORT
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Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
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Name : |
APEX LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
38/76, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
15.07.1978 |
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Com. Reg. No.: |
007554 |
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CIN No.: [Company Identification
No.] |
U85195TN1978PTC007554 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Trader, Exporter and Importer of Pharmaceutical
Formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 1100000 |
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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. |
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 |
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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 |
LOCATIONS
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Registered Office : |
38/76, C. P. Ramasamy Road, Alwarpet, Chennai -600018, Tamil Nadu,
India |
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E-Mail : |
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Website : |
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Corporate Office : |
SIDCO, Garment Complex, Guindy, Chennai-600032, Tamil Nadu, India |
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Tel. No.: |
91-44-42225000 |
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E-Mail : |
DIRECTORS
As On : 30.09.2010
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Name : |
Mr. S. S. Vanangamudi |
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Designation : |
Managing Director |
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Address : |
#10, Kalagal Road, Sulur, Coimbatore-641402, India |
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Date of Birth/Age : |
03.04.1956 |
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Date of Appointment : |
03.02.1982 |
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DIN No : |
00056717 |
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Name : |
Mr. S S Ponmudi |
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Designation : |
Whole Time Director |
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Address : |
#10, Kalagal Road, Sulur, Coimbatore-641402, India |
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Date of Birth/Age : |
21.07.1955 |
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Date of Appointment : |
03.02.1982 |
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DIN No : |
00800246 |
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Name : |
Mr. Veerabadran Karthik |
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Designation : |
Whole Time Director |
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Address : |
Rangaiah Gowder St. Coimbatore-641001, India |
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Date of Birth/Age : |
27.12.1949 |
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Date of Appointment : |
29.07.1978 |
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DIN No : |
00799996 |
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Name : |
Mr. Ramalingam Balakrishnan |
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Designation : |
Whole Time Director |
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Address : |
D-4, Jawahar Flats, Karneeswarar Koil St, Mylapore, Chennai-600004,
Tamil Nadu, India |
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Date of Birth/Age : |
20.09.1950 |
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Date of Appointment : |
29.07.1978 |
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DIN No : |
00056550 |
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Name : |
Mr. Sulur Rangasamy Thever Thangavelu |
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Designation : |
Director |
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Address : |
#10, Panchayat Office St., Sulur, Coimbatore-641402, India |
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Date of Birth/Age : |
18.11.1937 |
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Date of Appointment : |
03.09.1982 |
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DIN No : |
02576585 |
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Name : |
Mr. Maletur Ramachandraiyer Swaminathan |
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Designation : |
Director |
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Address : |
#25, South Car Street, Sulur, Coimbatore-641402, India |
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Date of Birth/Age : |
12.08.1952 |
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Date of Appointment : |
03.09.1982 |
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DIN No : |
02582810 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Veerabadran Karthik |
|
6059 |
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Ramalingam Balakrishnan |
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6059 |
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C. S. Sainathan |
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66 |
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S. S. Ponmudi |
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20875 |
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S. S. Vanagamudi |
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102920 |
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S. Thangavelu |
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134 |
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M. R. Swaminathan |
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134 |
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S. S. Bhanumathy |
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473 |
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S. S. Kalaimani |
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473 |
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Total |
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137193 |
AS ON 30.09.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Pharmaceutical
Formulations. |
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Products : |
Ř Multivitamins Ř Zincovit Tablets Ř Zincovit Syrup Ř Zincovit Drops Ř Haematinics Ř Zincofer Nuture Ř Zincofer Tablets Ř Zincofer Syrups Ř Trifer Tablets Ř Trifer Syrup Ř Trifer Drops Ř Cartivit Tables Ř Lozee Ř Betzeee Ř Ascazin Ř Herbal |
PRODUCTION STATUS (As On : 31.03.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tablets |
Nos. |
975000000 |
459100238 |
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Capsules |
Nos. |
94800000 |
5975748 |
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Oral Liquids |
Nos. |
10500000 |
22941193 |
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Topical |
Nos. |
7500000 |
4982705 |
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Injection / Others |
Nos. |
-- |
264011 |
GENERAL INFORMATION
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Bankers : |
·
State Bank of India, Overseas Branch, No.86,
Rajaji Salai, Chennai-600001, Tamil Nadu, India ·
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CA. Dhanpal I Sakaria Chartered Accountant |
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Address : |
#34, Keshava Nivas, 3rd Floor, 1st Main Gandhi
Nagar, Banglore-560009, Karnataka, India |
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Associates/Subsidiaries : |
Ř Apex Agro Products
Private Limited Ř Vanan
Technologies Limited Ř AV Tech Exports
Private Limited Ř Apex Exports
Private Limited |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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137193 |
Equity Shares |
Rs. 100/- each |
Rs. 13.719
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
13.719 |
13.719 |
13.719 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
274.583 |
242.460 |
194.297 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
288.302 |
256.179 |
208.016 |
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LOAN FUNDS |
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1] Secured Loans |
445.410 |
401.889 |
450.061 |
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2] Unsecured Loans |
0.000 |
0.000 |
16.550 |
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TOTAL BORROWING |
445.410 |
401.889 |
466.611 |
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DEFERRED TAX LIABILITIES |
47.248 |
42.826 |
20.947 |
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TOTAL |
780.960 |
700.894 |
695.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
464.399 |
429.452 |
402.227 |
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Capital work-in-progress |
2.487 |
35.073 |
0.000 |
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INVESTMENT |
0.187 |
0.176 |
0.179 |
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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 |
160.286
|
222.841 |
232.954 |
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Sundry Debtors |
41.714
|
33.562 |
14.643 |
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Cash & Bank Balances |
138.675
|
86.622 |
110.751 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
201.881
|
134.414 |
127.337 |
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Total
Current Assets |
542.556
|
477.439 |
485.685 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
173.375
|
203.790 |
135.878 |
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Other Current Liabilities |
22.875
|
20.290 |
26.575 |
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Provisions |
32.419
|
17.166 |
30.064 |
|
Total
Current Liabilities |
228.669
|
241.246 |
192.517 |
|
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Net Current Assets |
313.887
|
236.193 |
293.168 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
780.960 |
700.894 |
695.574 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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TRUNOVER |
1685.566 |
1540.144 |
1219.403 |
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TOTAL
EXPENDITURE |
1594.604 |
1292.432 |
1123.101 |
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PROFIT BEFORE
TAX |
105.918 |
111.208 |
67.548 |
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Less |
TAX |
41.694 |
45.663 |
30.192 |
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PROFIT AFTER TAX
|
64.224 |
65.545 |
37.356 |
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EXPORT VALUE |
37.411 |
22.178 |
17.025 |
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IMPORTS |
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Raw Materials |
3.042 |
7.640 |
0.463 |
|
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Capital Goods |
11.099 |
16.296 |
28.605 |
|
|
|
Others |
0.770 |
1.232 |
0.658 |
|
|
TOTAL IMPORTS |
14.911 |
25.168 |
29.726 |
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|
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|
Earnings Per
Share (Rs.) |
468.13 |
477.75 |
272.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.81
|
4.26 |
3.06 |
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.52
|
12.26 |
7.61 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.43 |
0.32 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.50
|
2.68 |
3.27 |
|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
1.98 |
2.52 |
LOCAL AGENCY FURTHER INFORMATION
PRODUCTION and SALES
The turnover for the
year has registered an increase from Rs.
1538.448 millions for the year ended 31.03.2009 to Rs. 1776.062 millions during the year
ended 31.03.2010. There has been an increase of 15.44% in sales during the
year. The Directors have planned to cross the Rs. 20.000 millions mark during
the year 2010-1 I. Keeping in tune with the present business trends, the
company has started outsourcing a select range of products. This has helped in
launching new products at a greater speed and to enter new therapeutic segments.
The Directors also
place on record that the company's production facilities are WHO GMP and
Schedule M compliant and confirms to IS0
9001:2000 quality standards.
FORM 8
|
Corporate
identity number of the company |
U85195TN1978PTC007554 |
|
Name of the
company |
APEX
LABORATORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
38/76, C. P. Ramasamy Road, Alwarpet, Madras-600018, Tamil Nadu, India |
|
This form is for |
Modification of charge |
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Type of charge |
Immovable property Book debts Movable property (not being pledge) |
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Particular of
charge holder |
State Bank of India, Overseas Branch, No.86, Rajaji Salai,
Chennai-600001, Tamil Nadu, India |
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Nature of instrument
creating charge |
1.
Supplemental Agreement of Loan for increase in the overall limit. 2.
Supplemental Agreement of Hypothecation of Goods and Assets for increase in
the overall limit. 3. Letter
regarding the grant of individual limits within the overall limit. 4.
EM Confirmation Letters |
|
Date of
instrument Creating the charge |
22.11.2010 |
|
Amount secured by
the charge |
Rs. 431.600 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Terms of
repayment Working
Capital: Repayable on Demand Term
Loan (Existing): As per the existing Terms and Conditions. Term
Loan (New): Repayable in 70 monthly installments with moratorium period of 12
months. First
43 monthly installments of Rs.1.000 millions each, Next 24 monthly
installments of Rs.2.000 millions each and the Last
3 installments of Rs.3.000 millions each and to commence from Sept 2011 and
ending in June 2017. Margin CC/EPC/-Stock
of RM, SIP, FG,
Stores and Spares : 25% Book
Debts : 40% LC
(BOI Margin 25%) : 25% BG
(BOI Margin 10%) : 10% Term
Loan and LC (CG) : 25.60% Other Nature
of Facilities Rs.
in. millions Cash
Credit
160.000 Export
Packing Credit (7.500) FBD
(Non-LC)
(10.000) Term
Loan (Existing)
161.100 Term
Loan (New)
100.000 One
Time LC (CG)
(80.000) LC 5.000 BG
3.500 PFCE
2.000 Total
Rs.431.600 millions |
|
Short particulars
of the property charged (Including location of the property) |
CC/EPC:
Hypothecation of Current Assets such as Raw Materials, Semi-Finished and
Finished Goods, Stores/ Spares, Receivables and other Current Assets on pari
passu basis with BOI. FBD
(Non-LC): Hypothecation of Receivables and charge over the Current Assets as
applicable to CC. LC
(WC): Accepted Bills of Exchanges and charge over the Current Assets as
applicable to CC. BG
(WC): Counter Guarantee by the Company and charge over the Current Assets as
applicable to CC. T L
(Existing): First charge on the assets created out of the Term Loan and
Extension of Equitable Mortgage over the Factory Land and Building belonging
to the Company T L
(New): 1st charge on the assets created out of the TL and charge over the
Lease Hold Rights of the property situated at SIDCO Pharmaceutical Industrial
Estate, Alathur, Backed
up by the Corporate Guarantee of M/s Vanan Pharma Private Limited |
|
Charge
identification number of the charge to be modified |
90289238 |
|
Date of
instrument modifying the charge |
29.03.2010 |
|
Particulars of
the present modification |
By
the present modification, the overall limit has been enhanced from Rs.316.600
millions to Rs.431.600 millions and secured by the existing charge on the
Current Assets, Immovable Properties and other Fixed Assets belonging to the
Company Backed
up by the Corporate Guarantee of M/s Vanan Pharma Private Limited |
FIXED ASSETS
ü
Land
ü
Building
ü
Building – Guest House
ü
Building – Office –
Guindy
ü
Building – Stores
ü
Plant and Machinery
ü
Lab Equipments
ü
Furniture and Fixtures
ü
Vehicles
ü
Computer
ü
Computer Software
ü
Trade Mark
ü
Patents
ü
Office Equipments
ü
Temporary Partition
ü
Utilities
ü
Electrical Fittings and
Generator
WEB SIDE DETAILS
HISTORY
Subject pioneered the introduction of Zinc
products in the Indian pharmaceutical industry. The modern manufacturing unit
is located in Alathur, Chennai and has a 60,000sq.ft. built-up area on 5.5
acres land. The well-designed integrated complex is built as per the latest
CGMP and GLP specifications.
The product range manufactured in the plant includes Neutraceuticals,
Haematinics, Dermatologicals and other formulations. These products are delivered
as oral liquids, tablets, capsules and topical formulations.
The state-of-art infrastructure includes - Fluid Bed Processor, Auto-coating
machine, Alu blister packing machine, high capacity Automatic monoblock
Rotofill liquid filling, Sealing, Labelling and Packing machines etc.
The company has just commissioned a new exclusive facility conforming to
UK-MHRA quality standards, beside the parent plant in Alathur near Chennai.
With state-of-the-art technology, uncompromising quality standards and an able
team of people, this a benchmark manufacturing facility in the region. This
will fuel the company’s growth through contract manufacturing / formulation
development and manufacturing of the company’s branded formulations for the
global market.
PROFILE
Subject was originally started by a group of pharmaceutical executives
in Chennai in 1978 and thereafter since 1982 has been under the leadership of
Mr. S. S. Vanangamudi who is heading the company as the Managing Director.
The company is a pioneer in the introduction of Zinc based formulations
in India and continues to be the brand leader in its segment. The company’s
growth is powered by its focus on quality products, marketing strength, with
100% ethical marketing and a strong prescription base. The company’s products
enjoy wide acceptance and continued patronage by the medical fraternity.
With a range of products in various segments, apex is a niche player
focusing on Multivitamins and Neutraceuticals. The company has had a steady
growth and has recorded phenomenal growth in the last 10 years. Currently with
a turnover of USD 50 million, the company has ambitious plans to achieve USD
125 million (INR 5000.000 millions) by 2012. This includes leveraging its
manufacturing strength for supplying products to the regulated markets
overseas, contract manufacturing arrangements with global players, focus on
higher share of
exports, new product launches, entry into herbal market and
entering into joint research programs with leading international pharmaceutical
companies and research institutes.
What started as a cottage industry, the company today boasts of over
1000 strong dedicated manpower, an all-India presence with excellent
distribution network, growing acceptance of its products overseas and being
ranked among the top 50 fastest growing pharmaceutical companies in India.
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.44.67 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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.