MIRA
INFORM REPORT
|
Report Date : |
21.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
VENKATARAMA CHEMICALS PRIVATE LIMITED ( w.e.f 18.10.2011) |
|
|
|
|
Formerly Known
As : |
VENKATARAMA CHEMICALS LIMITED |
|
|
|
|
Registered
Office : |
36/A, Vengal Rao Nagar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.12.1981 |
|
|
|
|
Com. Reg. No.: |
01-003322 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs. 3.258
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110AP1981PTC003322 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV01088D / HYDV01094C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV6830A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers of Chlorheniramine Maleate, Brompheniramine Maleate and Mepyramine. |
|
|
|
|
No. of
Employees: |
40 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
36/A, Vengal Rao Nagar, |
|
Tel. No.: |
91-40-23801486 / 23700915 / 23814863 |
|
Fax No.: |
91-40-23700731 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey No. 50, |
|
Area : |
4.37 Acres |
|
Location: |
Owned |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Vuppalapati Suryanarayana Murthy |
|
Designation : |
Managing Director |
|
Address : |
36/A, Vengal Rao Nagar, |
|
Date of Birth : |
23.03.1936 |
|
Date of Appointment : |
15.12.1981 |
|
DIN NO: |
00658276 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24110AP1981PTC003322 |
Venkatarama Chemicals Private Limited |
Managing director |
15-12-81 |
15-12-81 |
- |
Active |
NO |
|
2 |
U24230AP1989PTC010584 |
Harika Drugs Private Limited |
Whole-time director |
28-08-95 |
28-08-95 |
- |
Active |
NO |
|
3 |
U24232AP2008PTC059563 |
Verdant Life Sciences Private Limited |
Director |
09-06-08 |
09-06-08 |
- |
Active |
NO |
|
4 |
U40108AP2008PTC061762 |
Rustal Energy Private Limited |
Director |
10-11-08 |
10-11-08 |
- |
Active |
NO |
|
Name : |
Mr. Uppalapati Ramakrishna Rao |
|
Designation : |
Director |
|
Address : |
10-75, Yeditha, East Godavari District, |
|
Date of Birth : |
06.10.1930 |
|
Date of Appointment : |
15.12.1981 |
|
DIN NO: |
02734500 |
|
|
|
|
Name : |
Mr. Amarnath Uppalapati |
|
Designation : |
Director |
|
Address : |
36/A, Vengal Rao Nagar, |
|
Date of Birth : |
17.04.1963 |
|
Date of Appointment : |
28.08.1995 |
|
DIN NO: |
00658160 |
Other Directorship:
|
S.No. |
CIN |
Name of the Company |
Current designation
of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of cessation |
Company Status |
Defaulting status |
|
1 |
U24230AP1989PTC010584 |
Harika Drugs Private Limited |
Managing director |
24-12-92 |
24-12-92 |
- |
Active |
NO |
|
2 |
U24110AP1981PTC003322 |
Venkatarama Chemicals Private Limited |
Director |
28-08-95 |
28-08-95 |
- |
Active |
NO |
|
3 |
U24232AP2008PTC059563 |
Verdant Life Sciences Private Limited |
Managing director |
07-01-11 |
09-06-08 |
- |
Active |
NO |
|
4 |
U40108AP2008PTC061762 |
Rustal Energy Private Limited |
Director |
10-11-08 |
10-11-08 |
05-10-11 |
Active |
NO |
|
5 |
U24232AP2010PTC068111 |
Orgasynth Labs Private Limited |
Director |
26-04-10 |
26-04-10 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
Vuppalapati Surayanarayana Murthy |
|
58332 |
|
Bethina Meenakshi |
|
2000 |
|
Vuppalapati Ramakrishna Rao |
|
17000 |
|
Talluri Rama Murthy |
|
56554 |
|
Talluri Laksmi |
|
62274 |
|
Talluri Vijaya Laskmi |
|
5400 |
|
Vuppalapati Lakshmi |
|
6400 |
|
Uppalapati Amarnath |
|
34960 |
|
Vuppalapati Sitamaha Lakshmi |
|
53440 |
|
Adusumilli Madhuri |
|
23340 |
|
Bethina Gayatridevi |
|
6100 |
|
Total |
|
325800 |
Equity Share Break up (Percentage of Total Equity)
(AS ON 30.09.2011)
|
Category |
|
Percentage |
|
Directors or relatives of directors |
|
100.00 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Chlorheniramine Maleate, Brompheniramine Maleate and Mepyramine. |
|
|
|
|
Products : |
|
PRODUCTION STATUS 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
Tonnes |
78 |
78 |
6.665 |
GENERAL INFORMATION
|
No. of Employees : |
40 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B N and Company Chartered Accountants |
|
Address : |
8-2-120/112/A/14, Road No. 9. Jubilee Hills, |
|
PAN No.: |
ACEPB3084D |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Share |
Rs.10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325800 |
Equity Share |
Rs.10/- each |
Rs. 3.258
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3.258 |
3.258 |
3.258 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
62.337 |
62.337 |
62.337 |
|
|
4] (Accumulated Losses) |
(12.027) |
(11.399) |
(15.563) |
|
|
NETWORTH |
53.568 |
54.196 |
50.032 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
1.734 |
16.351 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
1.734 |
16.351 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.568 |
55.930 |
66.383 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.607 |
4.744 |
5.279 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
4.490 |
7.093 |
|
|
Sundry Debtors |
0.000
|
5.805 |
4.032 |
|
|
Cash & Bank Balances |
3.520
|
0.071 |
0.023 |
|
|
Other Current Assets |
0.000
|
0.000 |
18.022 |
|
|
Loans & Advances |
49.490
|
49.229 |
41.608 |
|
Total
Current Assets |
53.010
|
59.595 |
70.778 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
0.039
|
8.272 |
9.527 |
|
|
Other Current Liabilities |
0.000
|
0.137 |
0.137 |
|
|
Provisions |
0.010
|
0.000 |
0.010 |
|
Total
Current Liabilities |
0.049
|
8.409 |
9.674 |
|
|
Net Current Assets |
52.961
|
51.186 |
61.104 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
53.568 |
55.930 |
66.383 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5.191 |
28.478 |
41.854 |
|
|
|
Other Income |
35.404 |
23.051 |
9.663 |
|
|
|
TOTAL (A) |
40.595 |
51.529 |
51.517 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Decrease in inventory |
1.348 |
1.405 |
(0.418) |
|
|
|
Manufacturing Expenses |
7.828 |
30.474 |
0.000 |
|
|
|
Payments and Benefits to employees |
28.761 |
9.089 |
0.000 |
|
|
|
Administrative Expenses |
2.963 |
3.717 |
0.000 |
|
|
|
Repair and Selling Expenses |
|
|
50.332 |
|
|
|
TOTAL (B) |
40.900 |
44.685 |
49.914 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(0.305) |
6.844 |
1.603 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.084 |
2.146 |
3.934 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(0.389) |
4.698 |
(2.331) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
0.239 |
0.535 |
0.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(0.628) |
4.163 |
(2.907) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
(0.628) |
4.163 |
(2.907) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(11.400) |
(15.563) |
(12.656) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(12.028) |
(11.400) |
(15.563) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1.222 |
12.660 |
23.093 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.92) |
12.77 |
(8.92) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(1.54)
|
8.07 |
(5.64) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.09)
|
14.61 |
(6.94) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.17)
|
6.47 |
(3.82) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.07 |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.00
|
0.18 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1081.83
|
7.08 |
7.31 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF THE
PERFORMANCE:
The directors are to inform the members that the sales turnover for the
year ended 31.03.2011 is Rs. 5.191 Millions as against in the previous year. The
cash loss of the company before depreciation for the year is Rs. 0.389 Million
as against Rs. 3.629 Millions during the previous year. After providing the
depreciation, the net loss of the company is Rs. 0.628 Millions as against Rs.
4.163 Millions profit in the previous year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24110AP1981PTC003322 |
|
Name of the
company |
VENKATARAMA CHEMICALS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
36/A, Vengal Rao Nagar, |
|
This form is for |
Creation of Charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
|
Particular of
charge holder |
State Bank of Email: ramuare@rediffmail.com |
|
Nature of
instrument creating charge |
|
|
Date of
instrument Creating the charge |
10.08.2006 |
|
Amount secured by
the charge |
Rs. 8.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Limits – CC Rs.
3.400 Millions LC : Rs. 4.000 Millions and BG : Rs. 1.000 Millions ROI : 1.50 % above
SBAR with a minimum of 12.25 % p.a. Margin : Raw
Materials (Imported and Indigenous), Semi finished goods, finished goods and
components / consumables / spares – 25 % Domestics
Receivables – 40 % (Cover period – 90 days) Letter of credit –
25 % and Bank Guarantee : 25 % |
|
Description of
the property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
Hypothecation of
Stocks and Receivables Equitable
mortgage on Survey No. 50, Kardanoor Village, Patishanapoor, Panchayat
Sangareddy Taluq and Medak District to an Extent of AC 4.37 Guntas |
Fixed Assets
- Land and
Building
- Building
Factory
- Plant and
Machinery
- Borewells
- Matador
- Computer
- Pollution
Treatment
- Lab Equipment
- Furniture and
Fixture
- Fire Fitting
Equipment
- Motor Car
- Motor Cycle
- Fax Machine
- Xerox
Machine
- Air
Conditioner
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.51.35 |
|
|
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.69.25 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.