MIRA
INFORM REPORT
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Report Date : |
02.05.2011 |
IDENTIFICATION DETAILS
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Name : |
PORUS LABORATORIES PRIVATE LIMITED |
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Formerly Known
As : |
PORUS DRUGS AND INTERMEDIATES PRIVATE LIMITED |
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Registered Office
: |
Plot No. 21, Balajiswanuri Colony, Erragadda, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.12.1996 |
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Com. Reg. No.: |
01-025914 |
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CIN No.: [Company Identification
No.] |
U24230AP1996PTC025914 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Drugs |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 490000 |
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Status : |
Satisfactory |
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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 satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. 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 : |
Plot No. 21, Balajiswanuri Colony, Erragadda, |
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Tel. No.: |
91-40-23412716 |
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E-Mail : |
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Website : |
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Corporate Office : |
S.V's Classic Residency,401, Fourth Floor, 6-3-853/B,Ameerpet, |
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Tel. No.: |
91-40-23412716/23412717 |
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Fax No.: |
91-40-23412715 |
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E-Mail : |
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Factory 1 : |
Survey No.339, |
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Tel. No.: |
91-8683-284260 |
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Telefax No.: |
91-8683-284430 |
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Factory 2 : |
Survey No.452/A, Bibinagar, Nalgonda-508126, |
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Tel. No.: |
91-8685-279374 |
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Telefax No.: |
91-8685-278140 |
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Factory 3 : |
Shed No.2, |
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Tel. No.: |
91-40-23096766 |
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Telefax No.: |
91-40-23092685 |
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Factory 4 : |
Akkireddigudem, Musunuru Mandal, |
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Tel. No.: |
91-8656-225225/26 |
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Telefax No.: |
91-8656-225282 |
DIRECTORS
As On 18.09.2010
|
Name : |
Mr. Purushothama Rao Namala |
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Designation : |
Managing Director |
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Address : |
P N O 21, Balaji
Swarnapuri Colony, Erragadda, Hyderabad – 500018, Andhra Pradesh, India |
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Date of Birth/Age : |
26.05.1955 |
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Qualification : |
B.Sc |
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Experience : |
32 Years |
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Date of Appointment : |
05.08.2004 |
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DIN No.: |
00616975 |
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Name : |
Ms. Ananthalakshmi Kumari Namala |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 21, Balaji
Swarnapuri Colony, Erragadda, |
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Date of Birth/Age : |
05.04.1961 |
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Date of Appointment : |
05.08.2004 |
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DIN No.: |
00691330 |
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Name : |
Ms. Swetha Hasini Namala |
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Designation : |
Director |
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Address : |
Plot No. 21, Balaji
Swarnapuri Colony, Erragadda, |
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Date of Birth/Age : |
26.02.1984 |
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Date of Appointment : |
04.03.2002 |
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DIN No.: |
00747416 |
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Name : |
Mr. Srinivasan Namala |
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Designation : |
Whole Time Director |
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Address : |
Plot No. 21, Balaji
Swarnapuri Colony, Erragadda, |
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Date of Birth/Age : |
01.05.1980 |
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Qualification : |
M.S |
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Experience : |
8 Years |
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Date of Appointment : |
05.08.2004 |
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DIN No.: |
00747454 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 18.09.2010
|
Names of Shareholders |
|
No. of Shares |
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N. Purushothama Rao |
|
664065 |
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N.A.L. Kumari |
|
663699 |
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N. Srinivasan |
|
2655000 |
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N. Swetha Hasini |
|
1327700 |
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V. Durga Deepti |
|
9667 |
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P. Neelima |
|
9666 |
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N. Ravindranath |
|
22000 |
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M.S.N. Murthy |
|
4900 |
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G. Harish Kumar |
|
22000 |
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K. Srinivas |
|
13333 |
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Total |
|
5392030 |
As On 18.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drugs |
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PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
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Unit |
Actual
Production |
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Bulk drugs and drug intermediates |
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PPP-BP |
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M.T |
272.000 |
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LDIL-42 / Stage – III/IV |
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M.T |
47.84 |
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F Q Acid |
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M.T |
132.19 |
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Others |
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M.T |
475.00 |
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Total |
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|
927.53 |
GENERAL INFORMATION
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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 : |
A M Reddy and Company Chartered Accountant |
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Address : |
10-56/B, My |
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Tel. No.: |
91-40-23316426/23316912 |
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Pan No.: |
AADFA6113F |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5392030 |
Equity Shares |
Rs. 10/- each |
Rs. 53.920
Millions |
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|
|
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Note:
Of the above,
4.66.330 Equity Shares were allotted as fully paid up pursuant lo amalgamation
without payment being received in cash
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
|
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1] Share Capital |
53.920 |
53.920 |
40.620 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.829 |
68.312 |
67.710 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
124.749 |
122.232 |
108.330 |
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LOAN FUNDS |
|
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1] Secured Loans |
309.146 |
260.133 |
240.309 |
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2] Unsecured Loans |
0.000 |
0.000 |
5.062 |
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TOTAL BORROWING |
309.146 |
260.133 |
245.371 |
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DEFERRED TAX LIABILITIES |
11.334 |
11.834 |
11.594 |
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TOTAL |
445.229 |
394.199 |
365.295 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
246.068 |
255.881 |
207.161 |
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Capital work-in-progress |
29.799 |
0.000 |
13.375 |
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INVESTMENT |
1.423 |
1.423 |
1.423 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
131.902
|
106.285 |
114.426 |
|
|
Sundry Debtors |
135.719
|
147.324 |
103.096 |
|
|
Cash & Bank Balances |
0.827
|
1.983 |
11.411 |
|
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Other Current Assets |
0.000
|
0.000 |
14.978 |
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Loans & Advances |
79.097
|
67.786 |
35.352 |
|
Total
Current Assets |
347.545
|
323.378 |
279.263 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
171.872
|
175.248 |
135.338 |
|
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
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Provisions |
7.734
|
11.235 |
0.611 |
|
Total
Current Liabilities |
179.606
|
186.483 |
135.949 |
|
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Net Current Assets |
167.939
|
136.895 |
143.314 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.022 |
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|
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|
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|
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TOTAL |
445.229 |
394.199 |
365.295 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
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SALES |
|
|
|
|
|
|
|
Income |
609.589 |
769.611 |
614.634 |
|
|
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Other Income |
2.099 |
3.317 |
12.337 |
|
|
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TOTAL (A) |
611.688 |
772.928 |
626.971 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed |
398.623 |
515.304 |
|
|
|
|
Manufacturing expenses |
76.228 |
73.079 |
|
|
|
|
Salaries and other benefits to employees |
59.206 |
44.699 |
|
|
|
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Administrative and selling expenses |
39.520 |
45.643 |
|
|
|
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Preliminary expenditure |
0.000 |
0.023 |
|
|
|
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Increase in stocks |
(39.631) |
13.435 |
|
|
|
|
TOTAL (B) |
533.946 |
692.183 |
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|
|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
77.742 |
80.745 |
NA |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
36.221 |
39.543 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41.521 |
41.202 |
|
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
31.347 |
29.124 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.174 |
12.078 |
2.966 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
4.503 |
5.168 |
(2.415) |
|
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|
|
|
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|
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|
PROFIT AFTER TAX
(G-I) (J) |
5.671 |
6.910 |
5.381 |
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.369 |
15.267 |
9.886 |
|
|
|
|
|
|
|
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|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
2.696 |
5.392 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.458 |
0.916 |
0.000 |
|
|
|
Transfer to General Reserve |
0.500 |
2.500 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
15.386 |
13.369 |
15.267 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
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Export Earnings |
162.903 |
180.717 |
NA |
|
|
TOTAL EARNINGS |
162.903 |
180.717 |
NA |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.05 |
1.28 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.93
|
0.89 |
0.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.67
|
1.57 |
0.48 |
|
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|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.20
|
2.09 |
0.61 |
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.03 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.92
|
3.65 |
3.52 |
|
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|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.73 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS
During the year
under report, the Company has achieved a turnover of Rs.647.347 millions as
against Rs. 840.538 millions in the previous year due to worldwide recession.
The Directors are wish to report that there Company has achieved an export
turnover of Rs.162.903 Millions as against Rs.180.717 Millions in the previous
year.
FUTURE OUTLOOK:
The pharmaceutical
industry in
There monomer
business is also improving due to increased demand in the automobile industry
and is having continuous orders from there customer. They are working on a
number of projects and hope to commercialize at least two of them this year to
increase the portfolio in the specialty chemicals segment.
In view of the above
to hope to see a 40% increase in revenues this year and provide a strong
foundation for the company in years to come.
CONTINGENT
LIABILITY NOT PROVIDED FOR: (As On
31.03.2010)
Bank Guarantees 4.297 millions
Form 8:
|
Corporate
identity number of the company |
U24230AP1996PTC025914 |
||||||
|
Name of the
company |
PORUS
LABORATORIES PRIVATE LIMITED |
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|
Address of the
registered office or of the principal place of business in |
Plot No. 21,
Balajiswanuri Colony, Erragadda, |
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This form is for |
Modification of
charge |
||||||
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Type of charge |
Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
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||||||
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Nature of
instrument creating charge |
Sanction Letter
dated 22.01.2011 Deed of
Hypothecation dated 08.02.2011 Supplementary
Deed of Extension of Security Confirming Deposit of Title Deeds dated
08.02.2011 Agreement for
conversion of Facility dated 08.02.2011 |
||||||
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Date of
instrument Creating the charge |
08.02.2011 |
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Amount secured by
the charge |
Rs. 290.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per Credit Rating,Presently 11.50 % per anum for Cash Credit LIBOR+200 basis
points BPLR-2.5% for FBD Facility Terms of
Repayment - Cash Credit and PCFC/FBD: Repayable on Demand/Review before
31.07.2011 Margin - Cash
Credit : 25% in banks favour PCFC/FBD: 25% for
pre shipment and 10% for post shipment Extent and
Operation of the charge - The charge operates as security for the Cash Credit
and PCFC/FBD Facilities sanctioned by the Bank. |
||||||
|
Particulars of
the property charged |
Primary
Security:1) Stock, debtors below 90 days & Gurantors. 2) Stock meant for
Export, Export Receivables and Guarantors Collateral Security: Machinery at 4
units i.e Kodada, Jeedimetla, Bibinagar and Akkireddygudem. (Excluding O/s
Bal of Existing TL). Land and Building at four units owned by the company.
Charge of new limits will be registered by way of " Unregistered
Equitable Mortgage" and Personal Gurantee of all the directors of the
company. And also the immovable property as stated in the Security Schedule,
Deed of Hypothecation executed on 08.02.2011. |
||||||
|
Date of
instrument modifying the charge |
07.08.2010 |
||||||
|
Particulars of
the present modification |
There is no
change in the total amount secured. Out of the existing Cash Credit Limit of
Rs 160.000 Millions, Rs 40.000 millions was converted to PCFC Limit.
Therefore the total PCFC limit comes to Rs 100.000 Millions (Rs 60.000
Millions existing + Rs 40.000 Millions Conversion =Rs 100.000 Millions) |
FIXED ASSETS:
- Land
- Buildings
- Plant and
machinery
- Electrical
installation
- Furniture and
fixtures
- Lab equipment
- Office
equipment
- Computers
- Vehicles
AS PER WEBSITE DETAILS
PROFILE
Subject is an
Indian producer of intermediates and API's for the bulk drug industry
established in 1994 with corporate headquarters in
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.44.38 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.83 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.