MIRA
INFORM REPORT
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Report Date : |
14.05.2011 |
IDENTIFICATION DETAILS
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Name : |
MAITHRI LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
MSN House, Plot No.C24, Sanath Nagar Industrial Estate, Sanath Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
20.03.2002 |
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Com. Reg. No.: |
01-038674 |
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Capital
Investment / Paid-up Capital : |
Rs.9.200 millions |
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CIN No.: [Company Identification
No.] |
U24239AP2002PTC038674 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDM01771A |
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PAN No.: [Permanent Account No.] |
AACCM8213E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Pharmaceutical Bulk Drugs and Organic Intermediates. |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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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 204000 |
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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 financials
of the company are not available with government department. However, trade
relations 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
|
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
|
Name : |
Mr. Shrinivasan |
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Designation : |
Financial Head |
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Contact No.: |
91-9848556957 |
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Date : |
11.05.2011 |
LOCATIONS
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Registered Office : |
MSN House, Plot No.C24, Sanath Nagar Industrial Estate, Sanath Nagar, |
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Tel. No.: |
91-40-23816703/ 30438600 |
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Mobile No.: |
91-9848556957 (Mr. Shrinivasan) |
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Fax No.: |
91-40-23815713/ 30438638 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
115/2RT, 7-1-621/39, |
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Tel. No.: |
91-40-23816703 |
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Fax No.: |
91-40-23815713 |
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Factory 1 : |
Survey No.14, |
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Tel. No.: |
91-8458-277090 |
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Fax No.: |
91-8458-277085 |
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Area : |
84000 sq ft |
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Location : |
Owned |
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Factory 2 : |
Survey No.317 and 323, |
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Tel. No.: |
91-8455-220372 |
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Fax No.: |
91-8458-279938 |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Chakilam Naga Raju |
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Designation : |
Managing Director |
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Address : |
Plot 16, Icrisat Colony, Phase – II, Bowenpally, |
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Date of Birth/Age : |
01.09.1960 |
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Date of Appointment : |
20.03.2002 |
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DIN No.: |
01657612 |
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Name : |
Mr. Manne Satyanarayana Reddy |
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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, |
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Date of Birth/Age : |
18.04.1957 |
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Date of Appointment : |
19.12.2003 |
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DIN No.: |
01657567 |
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Name : |
Mr. Battu Saida Reddy |
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Designation : |
Director |
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Address : |
Flat No.302, Swaroop Apartments, Leela Nagar, Ameerpet, |
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Date of Birth/Age : |
01.06.1960 |
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Date of Appointment : |
20.03.2002 |
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Date of Ceasing : |
31.03.2011 |
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DIN No.: |
00277759 |
KEY EXECUTIVES
|
Name : |
Mr. Shrinivasan |
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Designation : |
Financial Head |
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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Battu Saida Reddy |
|
4000 |
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Manne Venkat Pratap Reddy |
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10000 |
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Chakilam Naga Raju |
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269500 |
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Manne Satyanarayana Reddy |
|
608000 |
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Manne Laxmi Prasuna |
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498000 |
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Chakilam Sujatha |
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30500 |
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Total |
|
1420000 |
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 |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical Bulk Drugs and Organic Intermediates. |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2007)
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Particulars |
Installed
Capacity |
Actual
Production |
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Chemical Intermediates |
9,000 MT p.a. |
6,239 KGs |
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GENERAL INFORMATION
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Customers : |
Wholesalers and End Users |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
Notes: a) Working Capital:
The Working Capital Loan from State Bank of b) Vehicle Loans: Hire Purchase loans are secured by way of hypothecation of respective assets acquired under Hire Purchase Arrangements.
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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 Blue Moon Hotel, Begumpet, |
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Group Companies : |
v MSN Laboratories Limited v MSN Pharmachem Private Limited v
MSN Pharmachem Private
Limited |
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 |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1420000 |
Equity Shares |
Rs.10/- each |
Rs.14.200
millions |
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As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
920000 |
Equity Shares |
Rs.10/- each |
Rs.9.200 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
920000 |
Equity Shares |
Rs.10/- each |
Rs.9.200 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
9.200 |
9.200 |
5.000 |
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2] Share Application Money |
1.000 |
0.000 |
1.136 |
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3] Reserves & Surplus |
40.916 |
12.974 |
5.790 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.116 |
22.174 |
11.926 |
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LOAN FUNDS |
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1] Secured Loans |
49.475 |
28.287 |
13.644 |
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2] Unsecured Loans |
0.000 |
1.031 |
2.082 |
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TOTAL BORROWING |
49.475 |
29.318 |
15.726 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.169 |
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TOTAL |
100.591 |
51.492 |
27.821 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.229 |
14.739 |
14.826 |
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Capital work-in-progress |
0.000 |
1.273 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.300 |
0.284 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.956
|
30.702 |
16.733 |
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Sundry Debtors |
129.225
|
59.877 |
32.259 |
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Cash & Bank Balances |
2.161
|
1.181 |
0.060 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
16.631
|
32.609 |
8.347 |
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Total
Current Assets |
191.973
|
124.369 |
57.399 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
95.027
|
85.286 |
41.759 |
|
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Other Current Liabilities |
1.102
|
0.000 |
0.000 |
|
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Provisions |
16.782
|
3.910 |
2.692 |
|
Total
Current Liabilities |
112.911
|
89.196 |
44.451 |
|
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Net Current Assets |
79.062
|
35.173 |
12.948 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.023 |
0.047 |
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TOTAL |
100.591 |
51.492 |
27.821 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SALES |
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|
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|
|
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Income |
344.656 |
197.282 |
110.255 |
|
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Other Income |
0.414 |
0.198 |
0.188 |
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TOTAL (A) |
345.070 |
197.480 |
110.443 |
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Less |
EXPENSES |
|
|
|
|
|
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Material Consumed |
248.867 |
155.160 |
84.242 |
|
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Personnel Costs |
11.886 |
5.892 |
4.497 |
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|
|
Other Manufacturing Expenses |
13.297 |
8.916 |
6.299 |
|
|
|
Administrative & Selling Expenses |
34.221 |
16.117 |
7.444 |
|
|
|
Increase/ Decrease in Stocks |
(17.191) |
(6.438) |
(1.698) |
|
|
|
TOTAL (B) |
291.080 |
179.647 |
100.784 |
|
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
53.990 |
17.833 |
9.659 |
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Less |
FINANCIAL
EXPENSES (D) |
5.667 |
3.036 |
1.187 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48.323 |
14.797 |
8.472 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.448 |
3.831 |
3.207 |
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PROFIT BEFORE TAX
(E-F) (G) |
44.875 |
10.966 |
5.265 |
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Less |
TAX (H) |
16.933 |
3.782 |
3.070 |
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PROFIT AFTER TAX
(G-H) (I) |
27.942 |
7.184 |
2.195 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.974 |
5.790 |
3.595 |
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BALANCE CARRIED
TO THE B/S |
40.916 |
12.974 |
5.790 |
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EARNINGS IN
FOREIGN CURRENCY |
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|
|
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Export Earnings |
94.472 |
33.245 |
10.862 |
|
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TOTAL EARNINGS |
94.472 |
33.245 |
10.862 |
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|
Earnings Per
Share (Rs.) |
30.37 |
14.33 |
NA |
|
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Particulars |
|
|
31.03.2011 (Approximately) |
|
Sales Turnover |
|
|
520.000 |
The above information has been parted by Mr. Shrinivasan (Financial
Head).
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.10
|
3.64 |
1.99 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.02
|
5.56 |
4.78 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.05
|
7.88 |
7.29 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.88
|
0.49 |
0.44 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
3.18
|
5.34 |
5.05 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.39 |
1.29 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from Flat.No.302, Swaroop Apartments, Leela Nagar, Ameerpet, Hyderabad - 500 016, Andhra Pradesh to the present address w.e.f. 28.09.2009.
FINANCIAL
PERFORMANCE:
For the year the company recorded gross sales of Rs.369.400 millions in the FY 07 as against Rs.217.800 millions in the FY 06, an increase of over 69.67%. Operating margins were 16.36% in FY 07 as against 9.04% in FY 06 Net profits as a percentage of net sales was 8.47% as against 3.64% during the previous year.
Material costs decreased to 75.41% of net sales as against 78.65% during the previous year. This was due to improvement 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 increase in operating and other expenses the operating profits (EBIDTA) of the company as percentage to net sales was 16.36 % in FY 07 as against 9.03% in FY 06. 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 8.47% of net sales as against 3.64% during the previous year.
OPERATIONS:
The company presently has one world class manufacturing
facility situated at
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
|
|
Corporate
identity number of the company |
U24239AP2002PTC038674 |
|
Name of the
company |
MAITHRI LABORATORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat.No.302, Swaroop Apartments, Leela Nagar, Ameerpet, |
|
Type of charge |
Immovable
Property Book Debts Movable Property |
|
Particular of
charge holder |
State Bank of E-Mail: hyd_sbhshapur@sanchar.net.in |
|
Nature of
description of the instrument creating or modifying the charge |
Supplemental
agreement of loan for increase in overall limits - C1-A Supplemental
agreement of hypothecation of goods and assets - C2-A Supplemental deed
of guarantee for increase in overall limits - C4-A Letter regarding
individual limits within overall limits - C5 |
|
Date of
instrument Creating the charge |
27/06/2007 |
|
Amount secured by
the charge |
Rs.104.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest at 12.50%
per annum Terms of
Repayment: Working Capital -
on demand term loans to be
repaid in 12 quarterly installments commencing from 1st April,
2008 Margin: Stocks - 25% Book debts - 50% Term loan (land
and buildings/ plant and machinery) - 33.33% Extent and
Operation of the charge: The charge
operates as security for the total repayment of all loans - working capital
and term loans - and non fund based facilities of BG and LC, along with
interest, penal interest and other charges. Others: Personal guarantees
of directors - Sri Ch. Nagaraju, Sri B. Saida Reddy, Sri MSN Reddy, Smt. B.
Chandra Kala, Sri C. Janardhan Reddy. Corporate Guarantees of MSN
Laboratories Limited, and MSN Pharmachem Private Limited. |
|
Short particulars
of the property charged |
Hypothecation of
goods/stocks/raw materials created out of bank funds counter indemnity /
guarantees for bank guarantees. E.M. of (1)
factory land and buildings in Sy. No.14, (2) Residential
Flat No. 302, Iii Floor, Ameerpet, (3)Open Plot No
10, Sy. No. 22 to 30, 47, 9, 49, 300 and 303 (4)Plot 167 and
168, Sy. No.121, 127 and 128, Vinayakanagar of Sri MSN Reddy (5)Open Plot No
113, 450 Sq yds In Sy. No.100, 101 and 105, Block 49, Padmanagar Colony. |
|
Date of latest
modification prior to the present modification |
17/03/2007 |
|
Particulars of
the present modification |
Overall Limits
Increased From Rs.100.000 millions to Rs.104.000 millions -- Cash Credit
Hypothecation Rs.60.000 millions (Sublimit for
CCPC Rs.33.000 millions, Sublimit for FUBD Rs.33.000 millions), Term Loan-I
Rs.4.000 millions, Term Loan-Ii
Rs.15.000 millions Letter Of Credit
Rs.20.000 millions Bank Guarantee
Rs.5.000 millions Aggregate –
Rs.104.000 millions |
CONTINGENT LIABILITIES ON ACCOUNT OF:
|
Particulars |
31.03.2007 (Rs. in
millions) |
|
Letter of Credit |
4.011 |
|
Bank Guarantee |
4.178 |
|
Corporate Guarantee |
75.500 |
|
|
|
FIXED ASSETS:
v Buildings
v Compound Wall
v Land and Site Development
v Office Equipment
v Plant and Machinery
v Computer
v Furniture and Fixtures
v Motor Vehicle
v Electrical Fittings
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.44.91 |
|
|
1 |
Rs.73.05 |
|
Euro |
1 |
Rs.64.03 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--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 |
|
30 |
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.