MIRA
INFORM REPORT
|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
GLOCHEM INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
G.V. Chambers, 7-2-C8 and C8/2, IDA Santnagar,
Hyderabad-500018, Andhra Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.11.1995 |
|
|
|
|
Com. Reg. No.: |
01-022303 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.36.291
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110AP1995PLC022303 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDG00852F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG9134E |
|
|
|
|
Legal Form : |
A Closely Held
Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturing and marketing of
Active Pharma Ingredients (APIs), drug intermediates, finished dosage forms
(FDF). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having moderate track record.
The company has achieved a better growth in its sales turnover and net profitability
during current year. However, the profit margin appears to be low. Ratings also take into consideration the small scale of operations
carried out by the company. Trade relations are fair. Business is active. Payment terms are slow
but correct. In view of experienced management and long track record of operations,
the subject can be considered for business dealings with some caution. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BB+ [Long Term Bank] |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
04.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A4 [Short Term Bank] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
04.01.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered
Office/ Corporate Office : |
G.V. Chambers, 7-2-C8 and C8/2, IDA Santnagar,
Hyderabad-500018, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23713041 / 42 / 43 / 23816951/39219900 |
|
Fax No.: |
91-40-23711483/23813850 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Factory 1 : |
174/176, I.D.A.,
Bollaram, Medak-502325 District, Andhra Pradesh, India |
|
Tel No.: |
91-8458-279003/
280021 91-8452-302944 |
|
Fax No.: |
91-8458-279058 |
|
E Mail: |
|
|
|
|
|
Factory 2 : |
Survey No. 36, 37 and 46, Plot No. 77, |
|
Tel No.: |
91-892-4247132 91-891-3016504 |
|
Fax No.: |
91-892-4247269 |
|
E Mail: |
|
|
|
|
|
Factory 3 : |
Plot No.S16 and S17,
Green Industrial Park, Polapally, Jedcheria, Mahaboob Nagar District –
509302, Andhra Pradesh, India |
|
Tel No.: |
91-8542-304654 |
DIRECTORS
AS ON 28.09.2012
|
Name : |
Mr. Kattamuri Subbarao |
|
Designation : |
Chief
Promoter and Managing Director |
|
Address : |
Plot
No. 48, Navanirman Nagar, Road No. 71, Jubilee Hills, |
|
Date of Birth/Age : |
10.03.1953 |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
00107121 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24110AP1995PLC022303 |
GLOCHEM
INDUSTRIES LIMITED |
Managing
director |
01/07/2011 |
20/11/1995 |
- |
Active |
NO |
|
2 |
U01119AP2010PTC069551 |
GIL
AGROTECH ( INDIA ) PRIVATE LIMITED |
Director |
20/07/2010 |
20/07/2010 |
- |
Active |
NO |
|
3 |
U24232AP2013PLC085349 |
OPTIMUS
GENERICS LIMITED |
Managing
director |
09/02/2013 |
11/01/2013 |
- |
Active |
NO |
|
Name : |
Mr. Hazarath Basha Shaik |
|
Designation : |
Whole-time director |
|
Address : |
Hausen
Im Wiesental, Am Sport Platz 6, Deutschland – 79688, Germany |
|
Date of Birth/Age : |
26.03.1956 |
|
Date of Appointment : |
01.07.2011 |
|
DIN No.: |
01321868 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24110AP1995PLC022303 |
GLOCHEM
INDUSTRIES LIMITED |
Whole-time
director |
01/07/2011 |
24/05/1996 |
- |
Active |
NO |
|
Name : |
Mr. Vikram Ravindra Mamidipudi |
|
Designation : |
Director
|
|
Address : |
68,
Gun Rock Encalve, Secunderabad –
500009, Andhra Pradesh, India |
|
Date of Birth/Age : |
18.05.1956 |
|
Date of Appointment : |
24.03.1999 |
|
DIN No.: |
00008241 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U51398AP1987PTC007885 |
NORMAK
FASHIONS PRIVATE LIMITED |
Director |
18/11/1988 |
18/11/1988 |
- |
Active |
NO |
|
2 |
U74140AP1992PTC014155 |
M.ANANDAM
CONSULTANCY SERVICES PRIVATE LIMITED |
Director |
30/04/1992 |
30/04/1992 |
- |
Active |
NO |
|
3 |
L85110KA1992PLC013421 |
ASM
TECHNOLOGIES LIMITED |
Director |
25/01/2010 |
30/06/1998 |
- |
Active |
NO |
|
4 |
U24110AP1995PLC022303 |
GLOCHEM
INDUSTRIES LIMITED |
Director |
24/03/1999 |
24/03/1999 |
- |
Active |
NO |
|
5 |
U01119AP1992PLC014048 |
WINGS
INFONET LIMITED |
Director |
11/05/2000 |
11/05/2000 |
- |
Active |
NO |
|
6 |
U74140AP2000PTC034461 |
ASSOCIATED
BUSINESS COUNSELLILNG SERVICES PRIVATE LIMITED |
Director |
10/05/2001 |
10/05/2001 |
- |
Active |
NO |
|
7 |
U25209TN1978PTC007619 |
A-BOND
STRANDS PRIVATE LIMITED |
Director |
31/07/2002 |
31/07/2002 |
- |
Active |
NO |
|
8 |
U36911AP2003PTC040714 |
NORMAK
INDIA PRIVATE LIMITED |
Director |
25/03/2003 |
25/03/2003 |
- |
Active |
NO |
|
9 |
U72200AP2004PTC042465 |
PYTHIAN
INDIA PRIVATE LIMITED |
Alternate
director |
30/04/2004 |
30/04/2004 |
14/04/2007 |
Active |
NO |
|
10 |
U15549AP2004PTC043249 |
TAZA
RICA BEVERAGES PRIVATE LIMITED |
Director |
14/09/2004 |
14/09/2004 |
08/09/2008 |
Active |
NO |
|
11 |
L27100AP1989PLC010122 |
ZENOTECH
LABORATORIES LIMITED |
Additional
director |
01/10/2009 |
29/11/2005 |
26/02/2010 |
Active |
NO |
|
12 |
L18101AP1962PLC054323 |
GTN
INDUSTRIES LIMITED |
Director |
17/12/2005 |
17/12/2005 |
- |
Active |
NO |
|
13 |
U65990MH1993PLC071003 |
CANARA
ROBECO ASSET MANAGEMENT COMPANY LIMITED |
Director |
26/06/2007 |
18/04/2007 |
16/08/2007 |
Active |
NO |
|
14 |
U93000AP2008PTC057571 |
PACIFIC
RIM ALLIANCE INDIA PRIVATE LIMITED |
Director |
12/02/2008 |
12/02/2008 |
09/05/2008 |
Active |
NO |
|
15 |
U74900AP2008PTC061647 |
ESTELLE
INDIA PRIVATE LIMITED |
Director |
31/10/2008 |
31/10/2008 |
- |
Active |
NO |
|
16 |
U80302AP2002NPL039397 |
INSTITUTE
OF INSURANCE AND RISK MANAGEMENT |
Director |
17/07/2009 |
25/03/2009 |
- |
Active |
NO |
|
17 |
U80101AP1995PTC022594 |
TRIUMPHANT
INSTITUTE OF MANAGEMENT EDUCATION PRIVATE LIMITED |
Director |
22/07/2009 |
22/07/2009 |
- |
Active |
NO |
|
18 |
L65191RJ1943PLC000135 |
THE
BANK OF RAJASTHAN LIMITED |
Director |
14/12/2009 |
14/12/2009 |
- |
Amalgamated |
NO |
|
19 |
U40109AP2008PLC061202 |
AMRELI
POWER PROJECTS LIMITED |
Director |
29/09/2011 |
03/12/2010 |
- |
Active |
NO |
|
20 |
U65922DL1996PLC249927 |
VENTURE
FINANCE AND DEVELOPMENT CORPORATION LIMITED. |
Director |
28/09/2012 |
23/08/2012 |
- |
Active |
NO |
|
21 |
U80901AP2012NPL083292 |
LIFE
SKILLS AND LIVELIHOOD SKILLS - INTERNATIONAL |
Additional
director |
13/10/2012 |
13/10/2012 |
- |
Active |
NO |
|
22 |
U24239AP2005PTC047102 |
AHLADA
ENGINEERS PRIVATE LIMITED |
Director |
27/09/2013 |
23/08/2013 |
- |
Active |
NO |
|
23 |
U40101AP2002PTC038640 |
SPECTRUM
RENEWABLE ENERGY PRIVATE LIMITED |
Additional
director |
03/10/2013 |
03/10/2013 |
- |
Active |
NO |
|
Name : |
Mr. Gopakumar Gopalan Nair |
|
Designation : |
Additional Director |
|
Address : |
C-002/3, Gokul Plaza, Thakur Complex, Kandivli (East), Mumbai-400101,
Maharashtra, India |
|
Date of Birth/Age : |
11.06.1941 |
|
Date of Appointment : |
30.06.2010 |
|
DIN No.: |
00092637 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
L24224MH1960PLC011856 |
ULTRAMARINE
AND PIGMENTS LIMITED |
Director |
25/05/1990 |
25/05/1990 |
- |
Active |
NO |
|
2 |
U74999MH1991PTC063993 |
BDH
BIOTECH P LIMITED |
Director |
14/11/1991 |
14/11/1991 |
- |
Strike
off |
NO |
|
3 |
U01110AP1999PLC033147 |
NANDAN
CLEANTEC LIMITED |
Director |
20/10/2004 |
20/10/2004 |
03/09/2012 |
Active |
NO |
|
4 |
L99999MH1985PLC036685 |
SEQUENT
SCIENTIFIC LIMITED |
Director |
17/09/2007 |
20/06/2006 |
- |
Active |
NO |
|
5 |
U24110AP1995PLC022303 |
GLOCHEM
INDUSTRIES LIMITED |
Additional
director |
30/06/2010 |
27/06/2007 |
- |
Active |
NO |
|
6 |
U74999MH2007PTC175266 |
GNANLEX
HERMENEUTICS PRIVATE LIMITED |
Director |
22/10/2007 |
22/10/2007 |
- |
Active |
NO |
|
7 |
U24110MH1997PTC112731 |
ELIXIR
CHEMICALS PRIVATE LIMITED |
Director |
15/09/2008 |
19/11/2007 |
- |
Amalgamated |
NO |
|
8 |
U85190TN2008PTC065996 |
SANVED
RESEARCH LABS PRIVATE LIMITED |
Director |
09/01/2008 |
09/01/2008 |
- |
Strike
off |
NO |
|
9 |
U74120MH2013PLC248708 |
ALIVIRA
ANIMAL HEALTH LIMITED |
Director |
30/09/2013 |
30/09/2013 |
- |
Active |
NO |
|
Name : |
Mr. Mohan Krishna Reddy |
|
Designation : |
Director
|
|
Address : |
8-2-293/82/w/78,
New No. 123, Road No. 5, Women Co-operative Society, Jubilee Hills, Hyderabad – 500034, Andhra Pradesh, India |
|
Date of Birth/Age : |
03.05.1956 |
|
Date of Appointment : |
24.12.2003 |
|
DIN No.: |
00093185 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U24110AP1995PLC022303 |
GLOCHEM
INDUSTRIES LIMITED |
Director |
24/12/2003 |
24/12/2003 |
- |
Active |
NO |
|
2 |
U74140AP1992PTC014155 |
M.ANANDAM
CONSULTANCY SERVICES PRIVATE LIMITED |
Director |
01/01/2005 |
01/01/2005 |
- |
Active |
NO |
|
3 |
U67120AP2005PTC047688 |
BANYAN
SECURITIES AND FINANCIAL SERVICES PRIVATE LIMITED |
Director |
01/07/2011 |
02/11/2005 |
- |
Active |
NO |
|
4 |
U74999AP2007PTC053533 |
ORAFIN
FINANCIAL SERVICES PRIVATE LIMITED |
Director |
11/04/2007 |
11/04/2007 |
- |
Active |
NO |
|
5 |
U72200AP2007PTC052954 |
THRIVE
SOLAR ENERGY PRIVATE LIMITED |
Director |
10/11/2007 |
10/11/2007 |
11/01/2013 |
Active |
NO |
|
6 |
U74900TN2008PTC065902 |
XYLEM
SUPPLY CHANGE MANAGEMENT PRIVATE LIMITED |
Director |
01/01/2008 |
01/01/2008 |
21/07/2009 |
Active |
YES |
|
7 |
U45209AP2008PTC057522 |
3KOLL
CONCRETE SOLUTIONS PRIVATE LIMITED |
Director |
08/02/2008 |
08/02/2008 |
29/04/2013 |
Active |
NO |
|
8 |
L72200AP1999PLC033131 |
FOUR
SOFT LIMITED |
Director |
25/09/2009 |
19/06/2009 |
- |
Active |
NO |
|
9 |
U41000TN2010PTC075859 |
GREENTECH
AQUA PRIVATE LIMITED |
Director |
19/01/2011 |
19/01/2011 |
01/03/2011 |
Active |
NO |
|
10 |
U74120AP2012NPL081700 |
HYDERABAD
ANGELS FORUM FOR ENTREPRENEURSHIP DEVELOPMENT |
Director |
28/06/2012 |
28/06/2012 |
- |
Active |
NO |
|
11 |
U01122AP2004PTC042837 |
SRESTA
NATURAL BIOPRODUCTS PRIVATE LIMITED |
Nominee
director |
30/09/2013 |
30/08/2013 |
- |
Active |
NO |
|
Name : |
Mr. Peter Arend William Burema |
|
Designation : |
Nominee Director |
|
Address : |
Delsbergstrasse 58, 4253, Liesberg, Netherlands-4253 |
|
Date of Appointment : |
30.06.2010 |
|
DIN No.: |
03054636 |
|
|
|
|
Name : |
Mr. Sundeep Kattamuri |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No.48, Navanirman Nagar, Jubilee Hills, Road No.71,
Hyderabad-50003, Andhra Pradesh, India |
|
Date of Birth/Age : |
17.11.1983 |
|
Date of Appointment : |
05.09.2011 |
|
PAN No.: |
BRMPK2131G |
|
DIN No.: |
03128742 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 28.09.2012
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
AS ON 28.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
24.50 |
|
Bodies
corporate |
|
0.55 |
|
Directors
or relatives of directors |
|
66.07 |
|
Other
top fifty shareholders |
|
8.88 |
|
TOTAL |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and marketing of Active
Pharma Ingredients (APIs), drug intermediates, finished dosage forms (FDF). |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
||||||||||||||||
|
|
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
Bulk Drugs, Intermediates and Spent Solvents |
MT |
478 |
726.155 |
NOTES:
1.
(Industrial Licensing has been abolished in respect
of Bulk Drugs and formulations in terms of Press Note No.4 (1994 series) dated
October 25th 1994 issued by the Department of the Industrial
Development, Ministry of Industry, Government of India and Notification No.
S.O.137 (E) dated 1st March 1999 issued by the Department of
Industrial Policy and Promotion, Ministry of Industry, Government of India).
Licensed Capacities for bulk drugs and formulations are not applicable.
2.
Installed Capacities varies based on product mix
and utilization of manufacturing facilities given the nature of the production.
3.
Installed capacities are certified by the management
and have not been verified by the Auditors due to technical in nature.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
Punjab
National Bank, Hi-tech City Branch, Madhapur, Hyderabad-500033, Andhra
Pradesh, India ·
Axis
Bank Limited, 5-2-183/184, 3rd Floor, Credit Management Centre, R
P Road, Secunderabad-500003, Andhra Pradesh, India ·
Axis
Bank Limited, 6-3-879/B, Greenland’s Road, Begumpet, Hyderabad-500016, Andhra
Pradesh, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address : |
1-8-384 and 385,
Gowra Grand, 3rd Floor, SP Road, Secunderabad-500003, Andhra
Pradesh, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AACFD3771D |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3629080 |
Equity Shares |
Rs.10/- each
|
Rs.36.291
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
36.291 |
36.291 |
34.261 |
|
(b) Reserves & Surplus |
476.871 |
460.899 |
403.117 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
513.162 |
497.190 |
437.378 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
52.277 |
38.098 |
24.975 |
|
(b) Deferred tax liabilities (Net) |
3.661 |
21.017 |
20.194 |
|
(c) Other long term liabilities |
141.878 |
169.425 |
221.970 |
|
(d) long-term provisions |
3.457 |
6.444 |
3.414 |
|
Total Non-current Liabilities (3) |
201.273 |
234.984 |
270.553 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
221.154 |
142.116 |
45.131 |
|
(b) Trade payables |
215.406 |
200.602 |
86.847 |
|
(c) Other current
liabilities |
244.107 |
120.927 |
71.054 |
|
(d) Short-term provisions |
10.353 |
8.018 |
3.916 |
|
Total Current Liabilities (4) |
691.020 |
471.663 |
206.948 |
|
|
|
|
|
|
TOTAL |
1405.455 |
1203.837 |
914.879 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
679.243 |
664.259 |
299.504 |
|
(ii) Intangible Assets |
1.177 |
1.993 |
2.649 |
|
(iii) Capital
work-in-progress |
1.641 |
0.031 |
318.316 |
|
(iv) Intangible assets under development |
63.554 |
23.789 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.499 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
22.683 |
16.398 |
67.276 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
768.797 |
706.470 |
687.745 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.001 |
|
(b) Inventories |
370.792 |
275.224 |
147.556 |
|
(c) Trade receivables |
158.584 |
146.592 |
61.255 |
|
(d) Cash and cash
equivalents |
3.049 |
1.139 |
1.770 |
|
(e) Short-term loans and
advances |
68.695 |
39.853 |
16.389 |
|
(f) Other current assets |
35.538 |
34.559 |
0.163 |
|
Total Current Assets |
636.658 |
497.367 |
227.134 |
|
|
|
|
|
|
TOTAL |
1405.455 |
1203.837 |
914.879 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1014.437 |
540.307 |
358.617 |
|
|
|
Other Income |
NA |
13.767 |
4.156 |
|
|
|
TOTAL (A) |
NA |
554.074 |
362.773 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
323.685 |
177.177 |
|
|
|
Purchases of stock in trade |
|
1.697 |
10.883 |
|
|
|
Employee benefits expense |
|
74.141 |
64.640 |
|
|
|
Manufacturing, administrative and other expense |
|
173.402 |
137.970 |
|
|
|
Changes in inventories of finished goods and work in progress |
|
(74.415) |
(23.837) |
|
|
|
TOTAL (B) |
NA |
498.510 |
366.833 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
. |
55.564 |
(4.060) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
14.272 |
5.666 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.630 |
41.292 |
(9.726) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.090 |
34.651 |
28.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1.540 |
6.641 |
(38.527) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(17.130) |
0.987 |
1.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
18.670 |
5.654 |
(39.943) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.160 |
4.508 |
44.451 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
28.830 |
10.162 |
4.508 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
175.776 |
181.018 |
|
|
TOTAL EARNINGS |
NA |
175.776 |
181.018 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
68.027 |
49.548 |
|
|
|
Capital Goods |
NA |
15.173 |
4.506 |
|
|
TOTAL IMPORTS |
NA |
83.200 |
54.054 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.14 |
1.63 |
(11.66) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA
|
1.20 |
10.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
10.62 |
10.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.11
|
0.56 |
6.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.01 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.53
|
0.36 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
1.05 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE: Registered office of the company has been shifted from 120 Bhanu Enclave, Sundar Nagar, Esi, Hyderabad – 500038, Andhra Pradesh, India to the present address w.e.f 03.06.2006
CORPORATE INFORMATION:
Subject was incorporated
on November 20, 1995 and is engaged in the business of manufacturing and
marketing of Active Pharma Ingredients (APIs), drug intermediates, finished
dosage forms (FDF), and contract manufacturing of FDF.
The Company has three manufacturing facilities at Bollaram near
Hyderabad, at Vishakhapatnam and at Jadcherla.
BUSINESS REVIEW:
T Company has
achieved a turnover of Rs.1014.437 Millions for the year ended 31st
March 2013 compared to the previous year’s turnover of Rs. 587.404 Millions
representing a growth of 76%.
The Company has
made an EBITDA of Rs. 89 Millions (9 % of Turnover) for the year.
Besides the
manufacturing and marketing of Products developed in the own R N D, the company
has also taken up a new business model of contract manufacturing of APIs and
intermediates for the regulatory (US and Europe) markets for some of the
reputed Indian Companies.
The steps taken by
the management in expanding the product and customer base; and exploring new
business tie ups with new companies have started yielding results in the form
of business and revenues only in the last quarters of the year. The full impact
of these steps and the resultant revenues can be seen in the financial year
2013 - 14.
OUTLOOK:
APIs:
Two of the APIs,
for which the Company has received the EU approval, are going off patented in
Feb/March 2014. Considering the Company’s strength in these two APIs, the
Company expects substantial revenues from these two APIs in 2014-15. Company
continues to increase its market share in its two old APIs namely Amlodipine
and Cetrizine and the Company expects to increase the revenues from these two
products further in the coming years.
Company has
developed a new process for the manufacture of Clopidrel in the in house RND
and will be filing the DMF for Clopidogrel with the new process developed, in
the current year, and with this the Company expects to regain the market share
for this product in the Regulatory Markets.
FINISHED DOSAGE FORMS:
Company has received
the market authorization for its first product Levo-Cetrizine during the year.
Market Authorization/Approvals are expected to be received for some more
products in 2013-14 and 2014-15. Revenues from these products will be
significant in 2014-15.
The site variation
applications filed by few of its customers in UK have been approved during the
year. The Company’s major customer from Ukraine has also received approval for
the site variation application filed by them for several of its products. The contracts
signed with all these customers are expected to generate significant revenues
to the Company from Sept/Oct 2013 and are expected to grow by more than 20%
every year for the next 2/3 years.
Sale of
Formulations Plant at Jadcherla
The Company has
entered into a Business Transfer Agreement (BTA) with Mylan Laboratories
Limited (Mylan) on February 1, 2013 to transfer its formulation plant situated
at Plot no. S 16, S 17A, Green Industrial Park - APIIC, SEZ Jedcherla,
Mahaboobnagar District, AndhraPradesh herein after referred as Jadcherla unit
subject to various approvals. Foreign Investment Promotion Board (India) has
approved the transaction in its meeting held on May 10, 2013, and approvals
from other authorities have also been obtained. As a part of the agreement, the
Company shall transfer the leasehold land, the manufacturing facility, fixed
assets and all the employees of the formulations plant except R and D
employees, Intangible assets i.e., dossiers namely exclusive license for
Raloxifene (US) and non-exclusive license for Raloxifene (Europe) and
Levocetirizine (Europe) to Mylan The total consideration for the transfer is
Rs. 850.000 Millions. The Company has received an amount of Rs 85.000 Millions
as an advance from Mylan before March 31, 2013 and is disclosed as an advance
for sale of unit.
Subsequent to the
end of the financial year, on August 13, 2013, the Company has signed
conveyance deed and the transfer of the plant has been completed. Upon
execution of conveyance deed, Gross book value of fixed assets amounting to Rs
405.900 Millions and all employees except Research and development employees
were transferred to Mylan and the Company received the balance consideration
amount.
Investment in
Optimus Generics Limited A Joint Venture
(JV) formed for the Formulations manufacturing
The Company has
set up a 51% subsidiary, Optimus Generics Limited (the Company), to carry on
the business of manufacturing oral dosageforms (tablets/capsules/sachets) for
generic products and also engage in research and development activities. The
total project cost of setting up a new facility is estimated to be about Rs
800.000 Millions. The project implementation has started in July, 2013 and may
end by December, 2014.
Commercial
production is expected to commence by 2 nd half of 2015 after receiving all
regulatory approvals.
Continuity of
Formulations business and the liquidity to the Company For the short to medium
term, till the new facility under the JV is ready, Glochem Industries Limited.
has an arrangement with Mylan Laboratories Limited. to manufacture at the sold
FDF The sold FDF division contributed to the revenues from the last financial
year only, and the economics of the Formulations Business will be continued at
Glochem till the new plant at the JV is operational as per the terms of the JV.
After the new plant is operational, the expected revenues from the JV will see
a significant jump, and the share in the JV economics will more than offset the
loss from discontinuing FDF business at Glochem.
Hence, the sale of
the FDF plant plus the manufacturing arrangement with Mylan, and the new JV for
a new FDF facility, will together ensure that the company has immediate
liquidity to pursue its R and D plans, plus secure continuity of the FDF
business.
Fire accident at
API Plant located at Vishakhapatnam
A fire accident
occurred at the Company’s API facility situated at Vishakhapatnam on May 30,
2013. The fire accident at Vizag unit has resulted in substantial loss of stock
and damaged 2 out of the 5 production blocks.
The estimated loss
from the accident is about Rs. 340.000 Millions of which loss on account of
inventories is estimated to be Rs. 270.000 Millions and loss of plant and
machinery and buildings is estimated to be Rs. 70.000 Millions. There is no
major loss of customers / orders for the Company because of fire.
Loss on fixed
assets and inventories are adequately covered and do not expect any material
deductibles. The Company has lodged a claim with the insurance company and
requested for an on account payment. The Claim has been admitted by the Insurer
(Oriental Insurance Company). The estimates of loss will be revised for changes
in valuation of stocks and once the actual purchase orders for various
equipments (being replaced) are finalised, a final claim will be lodged along
with other documents required by the insurer.
Resumption of
Operations at the Company’s Vizag Facility
The construction
work has begun at the Vizag plant and the Company expects to begin
manufacturing in two of the blocks by the end of September, 2013 and gradually
the entire plant will become operational by November. As such, it is a
short-term break in operating capacity and therefore the financial statement of
the company has been prepared under going concern basis.
Capital work in
Progress and Intangible assets (Dossier Development Expenses) Capital
Work-in-Progress and Intangible assets under development amount to Rs. 63.600
Millions The Company has commercialized one dossier (Nortrypoyline HCL EU) and
the product sales were made to NRIM Limited amounting to Rs. 0.470 Millions. As
per the accounting policy of the company, the dossier on commercialization is
being amortized over the period of 5 years. The total cost incurred on this
dossier development is Rs.0.100 Million.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10396629 |
13/12/2012 |
13,000,000.00 |
PUNJAB NATIONAL BANK |
HI-TECH.CITY
BRANCH, 1Q4-A3,1ST FLOOR,CYBER TOWERS, MADHAPUR, HYDERABAD, ANDHRA PRADESH -
500081, I |
B65771081 |
|
2 |
10357060 |
04/10/2013 * |
243,800,000.00 |
PUNJAB NATIONAL BANK (ON BEHALF OF PNB
CONSORTIUM |
HI-TEC.CITY
BRANCH, 1Q4-A3,1ST FLOOR,CYBER TOWERS, |
B89481824 |
|
3 |
90116056 |
04/10/2013 * |
388,000,000.00 |
PUNJAB NATIONAL BANK (ON BEHALF OF PNB
CONSORTIUM |
HI-TEC.CITY
BRANCH, 1Q4-A3,1ST FLOOR,CYBER TOWERS, |
B89484067 |
|
4 |
90119034 |
15/12/2002 * |
7,600,000.00 |
PUNJAB NATIONAL BANK |
1Q4 A3; CYBER
TOWERS, HITECH CITY; MADHAPUR, HAYD |
- |
|
5 |
90259724 |
27/07/2013 * |
253,000,000.00 |
AXIS BANK LIMITED |
GROUND AND IST FLOOR,6-3-879/B,G.PULLAREDDY
BUILDING, GREENLANDS,BEGUMPET ROAD,, HYDERABAD, ANDHRA PRADESH - 500016,
INDIA |
B80562804 |
|
6 |
90115356 |
29/12/2003 * |
6,000,000.00 |
UTI BANK LIMITED |
BEGUMPET,
HAYDERABAD, ANDHRA PRADESH, INDIA |
- |
Note: * Date of charge modification
FIXED ASSETS
Tangible assets
·
Land
·
Buildings
·
Office building
·
Plant and equipment
·
Factory equipment’s
·
Furniture and fixtures
·
Vehicles
·
Motor vehicles
·
Office equipment
·
Computer equipment’s
Intangible assets
·
Computer software
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 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 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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.