|
Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
COREY ORGANICS PRIVATE LIMITED (w.e.f. 06.07.2009) |
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Formerly Known
As : |
COREY ORGANICS LIMITED |
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Registered
Office : |
100/2RT, Sanjeeva Reddy Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
01.03.1996 |
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Com. Reg. No.: |
01-023399 |
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Capital
Investment / Paid-up Capital : |
Rs.21.739
millions |
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|
|
CIN No.: [Company Identification
No.] |
U23231AP1996PTC023399 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDC00743B |
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PAN No.: [Permanent Account No.] |
AABCC3624L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Bulk Drug Intermediates and Fine Chemicals. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 148000 |
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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 reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
|
Registered Office/ Admin Office : |
100/2RT, Sanjeeva Reddy Nagar, |
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Tel. No.: |
91-40-23715528 |
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Fax No.: |
91-40-23701738 |
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E-Mail : |
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Website : |
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Factory 1 : |
Shed No.1 and Plot No.23, IDA Kothur, Kothur (V and M), Mahaboobnagar
(District), |
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Tel. No.: |
91-8548-256246 |
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Fax No.: |
91-8548-256246 |
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Factory 2 : |
Plot No.35, Road No.10, |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Devi Reddy Raja Kumar Reddy |
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Designation : |
Managing Director |
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Address : |
H.No.100/2RT, Sanjeeva Reddy Nagar, |
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Date of Birth/Age : |
20.08.1956 |
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Date of Appointment : |
01.03.1996 |
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DIN No.: |
00059112 |
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Other Directorship :
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Name : |
Ms. Devereddy Vidna Reddy |
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Designation : |
Director |
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Address : |
H.No.100/2RT, Sanjeeva Reddy Nagar, |
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Date of Birth/Age : |
27.04.1986 |
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Date of Appointment : |
30.09.2005 |
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DIN No.: |
00065644 |
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Other Directorship :
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Name : |
Mr. Vijayakumar Reddy Devireddi |
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Designation : |
Director |
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Address : |
4/468-2, Up Stair, Vivekananda Nagar, Kadapa, |
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Date of Birth/Age : |
01.06.1950 |
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Date of Appointment : |
30.09.1999 |
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DIN No.: |
02653753 |
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Name : |
Ms. Deepna Devireddy |
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Designation : |
Director |
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Address : |
H.No.100/2RT, Sanjeeva Reddy Nagar, |
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Date of Birth/Age : |
19.02.1989 |
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Date of Appointment : |
10.02.2011 |
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DIN No.: |
03245840 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
D. Rajakumar Reddy |
|
648838 |
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D. Sailaja |
|
278991 |
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C. Giridhar Reddy |
|
219 |
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D. Vijaya Kumar Reddy |
|
8300 |
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C. Santha |
|
15700 |
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D. Deepna |
|
172178 |
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D. Vidna |
|
597440 |
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B. Dileep Kumar Reddy |
|
592500 |
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B. Saraswathi |
|
27200 |
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D. Laxmidevamma |
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14000 |
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D. Swaroopa |
|
39900 |
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D. Jayalakshmi |
|
33300 |
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K. Maheswara Reddy |
|
26000 |
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CH. Nageswara Rao |
|
29400 |
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Total |
|
2483966 |
As on 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Bulk Drug Intermediates and Fine Chemicals. |
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Products : |
v Pyridine Derivatives v Fine Chemicals v API Intermediates v
Active Pharma
Ingredients |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
2010-11 |
|
Licensed Capacity, Installed Capacity |
150 Tones |
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Actual Production |
129.94 Tones |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
v State Bank of v
Axis
Bank v HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Sesha Prasad and Company Chartered Accountants |
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Address : |
Flat No.202, IInd Floor, #9-14-7/10, Amma Apartments, VIP Road, CBM Compound,
Visakhapatnam – 530 003, Andhra Pradesh, India |
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Tel. No.: |
91-40-23551573/ 1873, 27540181/ 82/ 83 |
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E-Mail : |
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Income-tax
PAN of auditor or auditor's firm : |
AADCM8135A |
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Associates
Company : |
Sri Chavadi Pharma Private Limited |
CAPITAL STRUCTURE
As on 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2483966 |
Equity Shares |
Rs.10/- each |
Rs.24.840
millions |
|
|
|
|
|
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2173866 |
Equity Shares |
Rs.10/- each |
Rs.21.739
millions |
|
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|
|
|
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 |
21.739 |
11.480 |
7.480 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.320 |
10.238 |
9.086 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.059 |
21.718 |
16.566 |
|
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LOAN FUNDS |
|
|
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|
1] Secured Loans |
70.455 |
48.046 |
30.850 |
|
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2] Unsecured Loans |
7.431 |
9.051 |
0.000 |
|
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TOTAL BORROWING |
77.886 |
57.097 |
30.850 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
114.945 |
78.815 |
47.416 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.967 |
55.823 |
13.591 |
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Capital work-in-progress |
19.849 |
0.000 |
0.000 |
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|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX ASSETS |
0.979 |
0.735 |
1.194 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
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|
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Inventories |
42.495
|
25.412 |
6.009 |
|
|
Sundry Debtors |
44.284
|
31.353 |
18.241 |
|
|
Cash & Bank Balances |
0.527
|
0.365 |
0.032 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
24.147
|
12.204 |
37.532 |
|
Total
Current Assets |
111.453
|
69.334 |
61.814 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
60.805
|
43.140 |
24.736 |
|
|
Other Current Liabilities |
3.166
|
1.991 |
1.810 |
|
|
Provisions |
4.332
|
2.049 |
2.637 |
|
Total
Current Liabilities |
68.303
|
47.180 |
29.183 |
|
|
Net Current Assets |
43.150
|
22.154 |
32.631 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.103 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
114.945 |
78.815 |
47.416 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
205.490 |
100.733 |
76.663 |
|
|
|
Conversion Charges |
5.869 |
17.135 |
20.177 |
|
|
|
Other Income |
0.790 |
0.558 |
0.884 |
|
|
|
TOTAL (A) |
212.149 |
118.426 |
97.724 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
128.783 |
65.139 |
53.404 |
|
|
|
Manufacturing Expenses |
54.405 |
38.377 |
28.796 |
|
|
|
Increase/ Decrease in Stock |
(7.832) |
(8.052) |
0.229 |
|
|
|
Administrative Expenses |
11.268 |
9.254 |
5.531 |
|
|
|
Preoperative expenditure written off |
0.103 |
0.026 |
0.000 |
|
|
|
TOTAL (B) |
186.727 |
104.744 |
87.960 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
25.422 |
13.682 |
9.764 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
9.137 |
4.876 |
2.786 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16.285 |
8.806 |
6.978 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.116 |
5.145 |
1.956 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.169 |
3.661 |
5.022 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.070 |
1.166 |
1.629 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.099 |
2.495 |
3.393 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.957 |
7.054 |
4.875 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.610 |
0.249 |
0.339 |
|
|
|
Proposed Dividend |
0.869 |
1.148 |
0.748 |
|
|
|
Corporate Dividend Tax |
0.148 |
0.195 |
0.127 |
|
|
BALANCE CARRIED
TO THE B/S |
12.429 |
7.957 |
7.054 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
4.086 |
14.980 |
|
|
TOTAL EARNINGS |
0.000 |
4.086 |
14.980 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.81 |
2.17 |
4.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
2.87
|
2.11 |
3.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.46
|
3.63 |
6.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.65
|
2.93 |
6.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.17 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.94
|
4.80 |
3.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.47 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of the
firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
No |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of
firm for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in the
business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations that
the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from Shed No 1, IDA,
Kottur, Andhra Pradesh to the present address w.e.f. 29.07.2010.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U23231AP1996PTC023399 |
|
Name of the
company |
COREY ORGANICS PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
100/2RT, Sanjeeva Reddy Nagar, E-Mail: coreyorganics@gmail.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90133934 |
|
Type of charge |
Immovable
Property Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
State Bank of E-Mail: sbhifb_hyd@yahoo.com |
|
Nature of description
of the instrument creating or modifying the charge |
1. Enhancement in
Credit Facilities 2. Letter of
confirmation for creation of mortgage by deposit of title deeds 3. Memorandum of
deposit of title deeds. 4. Memorandum of
deposit of title deeds. (Extension/Second Charge) |
|
Date of
instrument Creating the charge |
14.07.2011 |
|
Amount secured by
the charge |
Rs.124.500
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: a)15.50% p.a. (at
6.50% above base rate) floating for cash credit b)15.00% p.a. (at
5.50% above base rate) floating for term loan Terms of
Repayment: a)Working capital
payable on demand Margin: a) 25% on Raw
material, Stocks in process, Finished Goods b) 40% on
Receivables (90 days) c) 15% on Letter
of Credit Extent and
Operation of the charge: Extent of charge
is on movable and immovable properties as per the agreement |
|
Short particulars
of the property charged |
EM of industrial
land and building and machinery in Sy. No.103, Shed No.9, Phase-1, Industrial
Area, Kothur Village and Mandal, Mahaboobnagar standing in the name of Sri
Gandi Anjaneya Ice Plant. Hypothecation of raw materials, stock in process,
receivables/ book debts, finished goods , current assets, land and
building, plant and machinery |
|
Date of latest
modification prior to the present modification |
21.07.2010 |
|
Particulars of
the present modification |
Limit enhanced
from Rs.73.500 millions to Rs.124.500 millions. |
FIXED ASSETS:
v
Land
v
Buildings
v
Plant and Machinery
v
Furniture and Fixtures
v
Lab Equipments
v
Electrical Equipments
v
Office Equipments (Computers)
v
Pollution Maintenance Equipment
v
Vehicles
WEBSITE DETAILS:
PROFILE:
Subject, was formed in 1996 by Mr. D. Rajkumar Reddy, and is engaged in
the business of manufacturing bulk drug intermediates and fine chemicals and
has crossed a decade in its line of business with reaching targeted goals
consistently over the years.
Subject has 2 manufacturing units well accompanied with CGMP standards
and regularly manufactures Intermediates of Clopidogrel [ Form1 and From 2]
Diltiazem, Iteraconazole, Losartan Pottasium , Risperidone , Olanzipine and
more, subject is one of the manufacturer of Pyridine Derivatives and API
intermediates in India.
Its associates company Sri Chavadi Pharma Private Limited is having
plant in the same location also manufactures Fine Chemicals.
Subject has well manufacturing facilities and the affairs of the Company
are taken care by Persons with handful of experience and expertise in the line
of Bulk drugs and its intermediates manufacturing to facilitate healthy
business to the Clients sharing worldwide.
Subject has been Awarded "PEARLS OF ANDHARA PRADESH" for
"District Level Award to Small Scale Entrepreneurs in the State" for
2003-04 by Govt. of Andhra Pradesh, Industries and Commerce Department.
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.51.50 |
|
|
1 |
Rs.81.99 |
|
Euro |
1 |
Rs.67.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.