MIRA
INFORM REPORT
|
Report Date : |
27.01.2012 |
IDENTIFICATION DETAILS
|
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) : |
31.03.2010 |
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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.14.200 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
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 450000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. 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 – 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 |
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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 : |
MSN House, Plot No.C24, Sanath Nagar Industrial Estate, Sanath Nagar, |
|
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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|
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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 |
|
Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Chakilam Naga Raju |
|
Designation : |
Managing Director |
|
Address : |
Plot 16, Icrisat Colony, Phase – II, Bowenpally, |
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Date of Birth/Age : |
01.09.1960 |
|
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 |
KEY EXECUTIVES
|
Name : |
Mr. Shrinivasan |
|
Designation : |
Financial Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Battu Saida Reddy |
|
4000 |
|
Manne Venkat Pratap Reddy |
|
10000 |
|
Chakilam Naga Raju |
|
269500 |
|
Manne Satyanarayana Reddy |
|
608000 |
|
Manne Laxmi Prasuna |
|
498000 |
|
Chakilam Sujatha |
|
30500 |
|
TOTAL |
|
1420000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pharmaceutical Bulk Drugs and Organic Intermediates. |
PRODUCTION STATUS
|
Particulars |
Unit |
31.03.20100 |
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Licensed Capacity |
Kgs |
NA |
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Installed Capacity |
Kgs |
35000 |
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Actual Production |
Kgs |
29830 |
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GENERAL INFORMATION
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No. of Employees : |
100 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
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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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PAN.: |
AADFB7698A |
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Associates : |
v MSN Laboratories Limited v MSN Pharmachem Private Limited v
MSN Organic Private
Limited v
MSN Research and
Development 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 |
|
|
|
|
|
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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|
|
|
|
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 |
|
|
|
|
|
1] Share Capital |
14.200 |
14.200 |
14.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
98.331 |
77.529 |
61.984 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
112.531 |
91.729 |
76.184 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
68.457 |
67.957 |
74.579 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
68.457 |
67.957 |
74.579 |
|
|
DEFERRED TAX LIABILITIES |
6.595 |
5.072 |
4.262 |
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|
|
|
|
|
|
|
TOTAL |
187.583 |
164.758 |
155.025 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
61.323 |
55.325 |
51.983 |
|
|
Capital work-in-progress |
16.480 |
5.953 |
0.000 |
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|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
80.058
|
72.607 |
88.705 |
|
|
Sundry Debtors |
138.308
|
149.026 |
128.432 |
|
|
Cash & Bank Balances |
2.950
|
2.553 |
5.084 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
21.347
|
7.495 |
24.487 |
|
Total
Current Assets |
242.663
|
231.681 |
246.708 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
131.427
|
120.442 |
136.823 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
1.456
|
7.759 |
6.870 |
|
Total
Current Liabilities |
132.883
|
128.201 |
143.693 |
|
|
Net Current Assets |
109.780
|
103.480 |
103.015 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.027 |
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|
|
|
|
|
|
|
TOTAL |
187.583 |
164.758 |
155.025 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
353.956 |
284.666 |
255.597 |
|
|
|
Other Income |
2.782 |
27.874 |
0.237 |
|
|
|
TOTAL (A) |
356.738
(Including Increase in Stock) |
312.540 |
255.834 |
|
|
|
|
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||
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
311.869 |
232.351 |
177.498 |
|
|
|
Other Manufacturing Expenses |
|
17.641 |
15.143 |
|
|
|
Personnel Cost |
|
23.477 |
16.621 |
|
|
|
Administrative and Selling Expenses |
|
6.543 |
5.405 |
|
|
|
Increase in tock |
|
(1.781) |
1.781 |
|
|
|
TOTAL (B) |
311.869 |
271.835 |
212.886 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44.869 |
40.706 |
42.948 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
8.561 |
10.939 |
9.162 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
36.308 |
29.767 |
33.786 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.518 |
3.149 |
2.148 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
32.790 |
26.618 |
31.640 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11.987 |
9.411 |
5.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
20.803 |
17.206 |
26.310 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.529 |
61.984 |
40.916 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Proposed Dividend |
NA |
1.420 |
4.480 |
|
|
|
Tax on Dividend |
NA |
0.241 |
0.762 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
77.529 |
61.984 |
|
|
|
|
|
|
|
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|
|
EARNINGS IN
FOREIGN CURRENCY |
125.311 |
44.240 |
51.924 |
|
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|
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|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
125.014 |
71.182 |
69.546 |
|
|
|
Stores & Spares |
0.172 |
0.074 |
1.594 |
|
|
|
Traded Goods |
18.500 |
24.563 |
0.000 |
|
|
TOTAL IMPORTS |
143.686 |
95.819 |
71.140 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.65 |
12.12 |
22.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.83
|
5.51 |
10.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.88
|
9.35 |
12.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.79
|
9.27 |
10.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.29 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.79
|
2.19 |
2.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.82 |
1.72 |
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
The company can be recorded gross sales of Rs.373.600 millions in FY
2010 as against Rs.311.500 millions in 2009, an increase of 19.94% operating
margins were 12.58% in FY 2010 as against 14.14% in FY 2009. Similarly net
margins were marginally at 5.83% as against 5.97% in FY 2009
Material costs, adjusted for stocks, was more or less constant at 70% to
net Sales
Operating and other expenses as a percentage of sales marginally decreased from 20.70% in FY 09 to 19.90% in FY 10. The company’s expenditure in
research and development activities was Rs.2.300 millions as against Rs.2.500
millions.
CONTINGENT LIABILITIES ON ACCOUNT OF:
Rs. In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
|
|
|
|
Letter of Credit |
0.089 |
2.854 |
|
Bank Guarantee |
11.003 |
12.043 |
|
Corporate Guarantee |
250.000 |
192.500 |
|
|
261.092 |
207.397 |
FORM 8:
|
This form is for |
Modification of
charge |
|
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 |
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.50.02 |
|
|
1 |
Rs.78.05 |
|
Euro |
1 |
Rs.65.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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.