MIRA
INFORM REPORT
|
Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
OPTIMUS DRUGS PRIVATE LIMITED (w.e.f. 10.01.2009) |
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Formerly Known
As : |
SURYA KIRAN LABS PRIVATE LIMITED |
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Registered
Office : |
3rd Floor, Narmada |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
02.12.2003 |
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Com. Reg. No.: |
01-042155 |
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CIN No.: [Company Identification
No.] |
U24239AP2003PTC042155 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDO01519A |
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PAN No.: [Permanent Account No.] |
AAHCS8074N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Drugs and Steel. |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
|
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 80000 |
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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. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered 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/ Factory : |
3rd Floor, Narmada Arcade, Snehapuri Colony, Above HDFC
Bank, Nacharam, Hyderabad-500076, |
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Tel. No.: |
91-40-27174651 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. D. Srinivasa Reddy |
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Designation : |
Director |
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Address : |
H No. 9-119, Flat no. 6, Hymayat Nagar, Nacharam, Hyderabad-500076, |
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Date of Birth/Age : |
19.01.1973 |
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Date of Appointment : |
30.03.2006 |
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Name : |
Mr. V. Srinivasarao Velivela |
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Designation : |
Director |
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Address : |
H No. 5-80, C2 Road, No. 46, Vivekananda Nagar, Kukatpally,
Hyderabad-500072, Andhra Pradesh, India |
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Date of Birth/Age : |
07.05.1970 |
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Date of Appointment : |
01.01.2010 |
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Name : |
Mr. Prabhat K Kulshrestha |
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Designation : |
Director |
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Address : |
Flat no. 303, |
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Date of Birth/Age : |
08.11.1945 |
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Date of Appointment : |
30.03.2006 |
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Name : |
Mr. Ravinder Reddy Vennapu Reddy |
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Designation : |
Director |
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Address : |
H No. 1949, MIG Bhel, Nallagandla, Rangareddy-502032, |
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Date of Birth/Age : |
04.03.1967 |
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Date of Appointment : |
01.01.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
D. Srinivasa Reddy |
|
877470 |
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D. Shava Reddy |
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162540 |
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P.K. Kulshrestha |
|
94890 |
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D. Triveni |
|
124000 |
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Total |
|
1258900 |
As on 30.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Drugs and Steel. |
GENERAL INFORMATION
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Bankers : |
Small Industries Development Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. Kasthuri Rangan and Company Chartered Accountant |
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Address : |
1-1/15/20, Plot No. 203, Jawhar Nagar, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1258900 |
Equity Shares |
Rs.10/- each |
Rs.12.589
Millions |
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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|
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1] Share Capital |
12.589 |
9.489 |
7.224 |
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2] Share Application Money |
0.000 |
0.000 |
1.105 |
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3] Reserves & Surplus |
7.624 |
5.111 |
2.332 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.213 |
14.600 |
10.661 |
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|
LOAN FUNDS |
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1] Secured Loans |
21.076 |
12.332 |
7.758 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
21.076 |
12.332 |
7.758 |
|
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DEFERRED TAX LIABILITIES |
1.787 |
0.958 |
0.776 |
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TOTAL |
43.076 |
27.890 |
19.195 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.847 |
28.488 |
20.284 |
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Capital work-in-progress |
0.000 |
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 |
6.207
|
0.000 |
0.140 |
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Sundry Debtors |
45.980
|
1.287 |
3.630 |
|
|
Cash & Bank Balances |
7.767
|
0.311 |
0.531 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
15.780
|
6.698 |
4.388 |
|
Total
Current Assets |
75.734
|
8.296 |
8.689 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
Sundry Creditors |
80.109
|
4.512 |
9.324 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.930
|
4.499 |
0.634 |
|
Total
Current Liabilities |
83.039
|
9.011 |
9.958 |
|
|
Net Current Assets |
(7.305)
|
(0.715) |
(1.269) |
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MISCELLANEOUS EXPENSES |
1.534 |
0.117 |
0.180 |
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TOTAL |
43.076 |
27.890 |
19.195 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
118.593 |
21.007 |
19.990 |
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Other Income |
0.201 |
0.217 |
0.000 |
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TOTAL (A) |
118.794 |
21.224 |
19.990 |
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Less |
EXPENSES |
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Manufacturing Expenses |
113.647 |
12.661 |
12.928 |
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Administrative Expenses |
3.036 |
2.323 |
2.085 |
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Preliminary Expenses Written Off
|
0.062 |
0.062 |
0.062 |
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Accretion to Stocks |
(5.459) |
0.140 |
0.490 |
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TOTAL (B) |
111.286 |
15.186 |
15.565 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7.508 |
6.038 |
4.425 |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
NA |
NA |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.566 |
2.427 |
1.932 |
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PROFIT BEFORE
TAX (E-F) (G) |
3.942 |
3.611 |
2.493 |
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Less |
TAX (H) |
0.600 |
0.650 |
0.257 |
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PROFIT AFTER TAX
(G-H) (I) |
3.342 |
2.961 |
2.236 |
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Less |
DEFERRED TAX
LIABILITY FOR THE YEAR |
0.829 |
0.182 |
0.662 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.111 |
2.332 |
0.758 |
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BALANCE CARRIED
TO THE B/S |
7.624 |
5.111 |
2.332 |
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Earnings Per
Share (Rs.) |
2.65 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.81
|
13.95 |
11.19 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
3.32
|
17.19 |
12.47 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.16
|
9.82 |
8.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.25 |
0.23 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.15
|
1.46 |
1.66 |
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|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.92 |
0.87 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 12-13-1085/21, Street
No. 1, Tarnaka,
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10027065 |
|
Corporate
identity number of the company |
U24239AP2003PTC042155 |
|
Name of the
company |
OPTIMUS DRUGS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
3rd Floor, Narmada Arcade, Snehapuri Colony, Above HDFC Bank,
Nacharam, Hyderabad-500076, |
|
Type of charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particular of
charge holder |
Small Industries Development Bank of |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement for
term loan limit - cum - hypothecation Declaration and
undertaking |
|
Date of
instrument Creating the charge |
02.08.2010 |
|
Amount secured by
the charge |
Rs.37.005
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 11.50% Per Annum Terms of
Repayment The loan shall be
repaid by the borrower to SIDBI in the manner stipulated in the term loan
agreement. Extent and
Operation of the charge the charge
operates security for the due repayment of term loan of Rs.37.005 millions including a fresh term loan of Rs.5.000
millions sanctioned to the company
by small industries development bank
of India (SIDBI) together with interest, additional interest, costs, expenses
etc. |
|
Short particulars
of the property charged |
I)
1. 1st
charge by way of hyp. of all the
movable assets/properties acquired /to be acquired situated at its factory
under the new term loan of Rs.50.00 II)
2.
Ext. of 1st charge by way of hypothecation created over the assets acquired
under the earlier term loans. III)
3.ext.
of 1st charge by way of mortgage over the assets at sy.no239 and
240,jiblakpally (v), Dothigudem (g.p), Pochampally (m), Nalogonda (d), a.p
created for earlier term loans |
|
Particulars of
the present modification |
The charge
operates security for the due repayment of term loan of Rs.37.005
millions including a fresh term loan
of Rs.5.000 millions sanctioned to the
company by small industries
development bank of India (SIDBI) together with interest, additional
interest, costs, expenses etc., |
Fixed Assets:
- Pollution Control Plant
- Lab Equipment
- Plant and Machinery
- Furniture and Fixtures
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.44.97 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
32 |
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.