MIRA INFORM REPORT
|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
APEX LABORATORIES PRIVATE LIMITED (w.e.f. 08.04.2008) |
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Formerly Known
As : |
APEX LABORATORIES LIMITED |
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Registered
Office : |
3rd Floor, SIDCO
Garment Complex, Guindy, Chennai – 600 032, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
15.07.1978 |
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Com. Reg. No.: |
18-007554 |
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Capital Investment
/ Paid-up Capital : |
Rs.13.719
millions |
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CIN No.: [Company Identification
No.] |
U85195TN1978PTC007554 |
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PAN No.: [Permanent Account No.] |
AAACA5174G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in
manufacturing and marketing of Pharmaceutical Formulations. |
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No. of Employees
: |
Not Available [We tried to confirm the number of
employees but no one is ready to part any information from the company management] |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2753000 |
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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 record. The rating takes into consideration company’s moderate financial risk
profile and increased in external borrowing of the company over previous
year. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and January
of 2013/14 which has seen some signs of recovery according to a Care Ratings
report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BB+ |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
August 16, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
August 16, 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.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-44-42225000)
LOCATIONS
|
Registered Office : |
3rd Floor, SIDCO
Garment Complex, Guindy, Chennai – 600 032, Tamilnadu, India |
|
Tel. No.: |
91-44-42225000 |
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Fax No.: |
91-44-42225005 |
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E-Mail : |
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Website : |
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Factory : |
Shed
No.C-7, S.F.No:237/3A, Industrial Estate, Alathur, Kancheepuram District,
Tamilnadu, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Vanangamudi Sulur Subramaniam |
|
Designation : |
Managing Director |
|
Address : |
No.29, 4th Road, VGP Layout, Injambakkam, Chennai – 600
041, Tamilnadu, India |
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Date of Birth/Age : |
03.04.1956 |
|
Date of Appointment : |
03.02.1982 |
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DIN No.: |
00056717 |
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PAN No.: |
ABPPV7230H |
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Name : |
Mr. Balakrishnan Ramalingam |
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Designation : |
Director |
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Address : |
‘VISVAAS’, Old No.9, New No.19, Singari Street, Mylapore, Chennai –
600 004, Tamilnadu, India |
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Date of Birth/Age : |
20.09.1950 |
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Date of Appointment : |
29.07.1978 |
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DIN No.: |
00056550 |
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PAN No.: |
AAMBP0581B |
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Name : |
Mr. Karthik Veerabadran |
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Designation : |
Director |
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Address : |
New No.10, Old No.27, Parameshwari Nagar, 2nd Streeet,
Adyar, Chennai – 600 020, Tamilnadu, India |
|
Date of Birth/Age : |
27.12.1949 |
|
Date of Appointment : |
29.07.1978 |
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DIN No.: |
00799996 |
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PAN No.: |
AHRPK9318F |
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|
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Name : |
Srinivasan Murali |
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Designation : |
Director |
|
Address : |
New
No.69, AG Block, Third Street, Anna Nagar, Chennai – 600 040, Tamilnadu,
India |
|
Date of Birth/Age : |
28.03.1961 |
|
Date of Appointment : |
23.02.2013 |
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DIN No.: |
01812061 |
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PAN No.: |
AAKPM0048E |
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|
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Name : |
Sulur Ponmudi Vigneswaran |
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Designation : |
Whole-time Director |
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Address : |
10/1A,
S.S.V. Nagar, Kalangal Road, Sulur, Coimbatore – 641 402, Tamilnadu, India |
|
Date of Birth/Age : |
11/09/1983 |
|
Date of Appointment : |
01.10.2012 |
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DIN No.: |
02404873 |
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PAN No.: |
AFNPV1956J |
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|
|
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Name : |
Mr. Sulur Rangasamy Thangavelu |
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Designation : |
Director |
|
Address : |
No.10, Panchayat Office Road, Sulur, Coimbatore – 641 402, Tamilnadu,
India |
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Date of Birth/Age : |
18.11.1937 |
|
Date of Appointment : |
03.09.1982 |
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DIN No.: |
02576585 |
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Name : |
Mr. Maletur Ramachandraiyer Swaminathan |
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Designation : |
Director |
|
Address : |
Old No.25, New No.66, Southdher Street, Sulur Palladam, Coimbatore –
641 402, Tamilnadu, India |
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Date of Birth/Age : |
12.08.1952 |
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Date of Appointment : |
03.09.1982 |
|
DIN No.: |
02582810 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Veerabadran Karthik |
|
6059 |
|
Ramalingam Balakrishnan |
|
6059 |
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S.S. Vanagamudi |
|
102920 |
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S. Thangavelu |
|
134 |
|
M.R. Swaminathan |
|
134 |
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S.S. Bhanumathy |
|
473 |
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S.S. Kalaimani |
|
473 |
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S. Murali |
|
66 |
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S.P.
Kayalvizhi |
|
2000 |
|
S.P.
Devi |
|
2000 |
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S.P.
Vijayalakshmi |
|
2000 |
|
S.P.
Vigneshwaran |
|
14875 |
|
Total |
|
137193 |
AS ON 30.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in
manufacturing and marketing of Pharmaceutical Formulations. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tablets |
Nos. |
Not Applicable |
975000000 |
476856046 |
|
Capsules |
Nos. |
Not Applicable |
94800000 |
22288718 |
|
Oral Liquids |
Nos. |
Not Applicable |
10500000 |
22941663 |
|
Topicals |
Nos. |
Not Applicable |
7500000 |
6116215 |
Notes: Installed capacities are as certified by
Management and have not been verified by the auditors as this a technical
matter.
GENERAL INFORMATION
|
No. of Employees : |
Not Available [We tried to confirm the number of
employees but no one is ready to part any information from the company
management] |
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Bankers : |
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Facilities : |
Notes: LONG TERM BORROWINGS a. Term loan 1 from State
bank of India for MHRA plant project was taken during the year 2006-07 and
carries interest rate 12.95% p.a. The loan is repayable in 78 monthly equal
instalments of 2.900 millions each along with interest for the period and 25 instalments
were due as at 31st March, 2013. The said loan is secured
by way of first charge on the assets created out -of the term loan including
Equitable mortgage over factory land (50529.60 sq. ft.) and building (2,790
sq. ft.) at shed no. C-7, S.F.No:237/3A,at Industrial Estate, Alathur,
Kancheepuram District (UK-MHRA Plant) b. Term loan II from
State bank of India for Research and development was taken during the year
2009-10 and carries interest rate 13.05%. The loan is repayable in 70 monthly
equal instalments of Rs.1.000 million each along with interest for the period
and 51 instalments were due as at 31st March, 2013. The said loan is secured
by way of First charge on the assets created out of the term loan including
Equitable mortgage over ail that piece and parcel of land and Building
bearing shed no. A-8, SIDCO Pharmaceutical Complex, Industrial Estate,
Alathur- 603110, Chengalpattu Taluk, Kanchcepuram District Land measuring
about 1.002 Acres with built up area comprised 11,000 sq. ft. in Survey no.
237/1, now falling under Survey No. 237/3A1A of Alathur village. (R and D
Plant) c. Term loan 111 from
State bank of India for expansion and modernisation of existing factory unit
was granted during the year 2011-12 and carries interest rate 13.15%. The
loan is repayable in 78 monthly instalments along with interest for the
period and all instalments were due as at 31st March, 2013. The said loan is secured
by way of first charge on the assets created out of the term loan including
Equitable mortgage over:- i) land and building
(plinth area 6,900 sq. ft), at shed no: C-26, in the Industrial Estate,
Alathur comprised in S.F.No.237/1, 2 and 3 part of the SIDCO Pharmaceutical
Complex of Alathur Village, land measuring 1 acre (part-I of IV parts of Plant-I) ii) land and building
{4,500 sq. ft). ft shed no. B-23, In the Industrial Estate, Aluthur comprised
in S.F.No.237 part of Alathur Village, Kancheepuram district, land measuring
1 acre (part-Il of IV parts of Plant-I) iii) all that piece land
parcel of land and Building bearing shed no. A-8, SIDCO Pharmaceutical
Complex, Industrial Estate, Alathur-603110, Chengalpattu Taluk,
Kancheepuram District, Land measuring about 1.002 Acres with built up area
comprised 11,000 sq ft in Survey No.237/1, now falling under Survey no.
237/3A1A of Alathur village. (RandD Plant) iv) all that piece and
parcel of the modules no. 10 and 11, totally measuring 2,045 sq ft with 2 car
parking, with rectangular flat (2 nos.) in the ground floor of the building
in Block no. 1, comprising 64 units with UDS of 1 /64 of 95,309 sq ft for
each, ie.2,978.40 sq ft for 2 nos. at SIDCO Garments Complex, at Thiru Vi Ka
Industrial Estate in Survey no. 83/Part-86 part and 88 part. Alandur block no
6, Mambalam-Guindy taluk and 5/2-part, 5/3-part, 5/4-part, 5/5-part,
5/7-part, 5/8-part, 6-part, 7/9-part and 7/ 1C part of Aland"' belt area
situated at Alandur village, Alandur taluk, Kancheepuram Dist. v) factory land
(48,351.60 sq.ft.) with building (10645 sq.ft.) situated at C-27 S No 237/1,2
and 3 SIDCO Industrial Estate, Alathtir. Thiniporur Taluk. Kancheepuram
Dist.** (part-Ill of IV parts of Plant-I) vi). all that piece and
parcel of land and building bearing shed no. B22. SIDCO Industrial Estate,
Alathur, Tiruporur Taluk Chngleput MGR district land measuring about 4,500 sq
mt with built up area comprised of 5,940 sq ft in survey no 237 of Alathur
village. (part-IV of IV parts of Plant-I) Further all the term
loans from State Bank of India are secured by way of second charge as equitable
mortgage over residential flats at A5 and A6 (measuring 1280 sq. ft. each in
the second and third floors- totally 2560 sq. ft) Block No. A Su-vey No 237/3
(part) SIDCO Pharmaceutical complex, Alathur - 603110. Term loan is further
secured by corporate guarantee of Vanan Pharma Private Limited and ARLAB
(India) Private Limited, collateral securities and personal guarantees of
Directors including managing director d.
The vehicle loans are secured by hypothecation of vehicle taken on loan. SHORT TERM BORROWINGS A) Cash credit from banks
are secured by hypothecation of current assets in the form of raw materials,
semi-finished goods, finished goods, stores/spares, receivables and other
current assets and carries interest rate @ 12% to 14* p.a. Cash credits from
banks are further secured by corporate guarantees of Vanan Pharma Private
Limited and Arlab (India) Private Limited contra, securities and personal
guarantees of Directors including managing director. B) Short term demand loan
and packing credit faculties carries interest at the rate of 12% and LIBOR+3%
respectively. These loans are secured by way of mortgage of: i) All that piece and
parcel of land and building and electrical installations with power
connections from TNEB bearing shed No: C 6, in the SIDCO Pharmaceuticals
Industries Complex, Alathur; Land measuring an extent of 0.995 acres,
together with building measuring an extent of 11,213.06 sq ft together with
existing all electrical fittings and fixation thereon. ii) All that piece and
parcel of land and building bearing Plot NO 49 in the layout known as VGP
GOLDEN BEACH PART III, situated at Old no.146, new no 49, Injambakkarn
village, bearing Patta no.374. As per patta Survey No.15/179, land measuring
an extent of 7500 square feet or thereabouts. |
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Banking
Relations : |
-- |
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Financial Institution : |
Electronica Finance
Limited, 128/A, Plot No.3, Kailashchandra Apartments, Paud Road, Kothrud,
Pune – 411 038, Maharashtra, India |
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Auditors : |
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Name : |
T.D. Jain and D.I. Sakaria Chartered Accountants |
|
Address : |
No.34, Keshaw Nivas, 3rd
Floor, 1st Main Road, Gandhi Nagar, Bangalore – 560 009,
Karnataka, India |
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PAN No.: |
AAAFO2177L |
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Parties where control / significant influence
exists (Significant interest entities): |
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CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
137193 |
Equity Shares |
Rs.100/- each |
Rs.13.719
millions |
|
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|
|
|
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 |
13.719 |
13.719 |
13.719 |
|
(b) Reserves and Surplus |
674.535 |
505.579 |
370.569 |
|
(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) |
688.254 |
519.298 |
384.288 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
260.699 |
186.068 |
146.314 |
|
(b) Deferred tax liabilities (Net) |
105.180 |
67.863 |
66.946 |
|
(c)
Other long term liabilities |
0.300 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
15.381 |
10.970 |
6.408 |
|
Total
Non-current Liabilities (3) |
381.560 |
264.901 |
219.668 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
582.856 |
387.219 |
354.762 |
|
(b)
Trade payables |
284.264 |
107.458 |
93.718
|
|
(c)
Other current liabilities |
370.944 |
347.721 |
442.158
|
|
(d)
Short-term provisions |
38.093 |
22.605 |
28.958
|
|
Total
Current Liabilities (4) |
1276.157 |
865.003 |
919.596 |
|
|
|
|
|
|
TOTAL |
2345.971 |
1649.202 |
1523.552 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
686.667 |
564.677 |
546.224 |
|
(ii)
Intangible Assets |
5.965 |
3.879 |
5.405 |
|
(iii)
Capital work-in-progress |
240.694 |
74.538 |
2.155 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
250.187 |
250.187 |
92.787 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
513.787 |
302.512 |
329.626 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1697.300 |
1195.793 |
976.197 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
366.997 |
216.017 |
149.033
|
|
(c)
Trade receivables |
130.930 |
111.676 |
134.953
|
|
(d)
Cash and cash equivalents |
31.422 |
34.704 |
174.186
|
|
(e)
Short-term loans and advances |
100.063 |
71.730 |
49.627 |
|
(f)
Other current assets |
19.259 |
19.282 |
39.556 |
|
Total
Current Assets |
648.671 |
453.409 |
547.355 |
|
|
|
|
|
|
TOTAL |
2345.971 |
1649.202 |
1523.552 |
PROFIT and LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Turnover |
2915.163 |
2471.156 |
2034.023 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
293.701 |
250.593 |
NA |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
50.739 |
50.389 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
242.962 |
200.204 |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
74.006 |
65.194 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
168.956 |
135.010 |
119.983 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
127.657 |
122.591 |
51.097 |
|
|
TOTAL EARNINGS |
127.657 |
122.591 |
51.097 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
38.949 |
31.894 |
8.069 |
|
|
|
Capital Goods |
26.448 |
22.549 |
33.221 |
|
|
|
Traded goods, spares and others |
15.273 |
7.966 |
0.487 |
|
|
TOTAL IMPORTS |
80.670 |
62.409 |
41.777 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1231.52 |
984.09 |
874.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.10
|
15.12 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.39 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.23
|
1.10 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.51
|
0.52 |
0.60 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
13.719 |
13.719 |
13.719 |
|
Reserves & Surplus |
370.569 |
505.579 |
674.535 |
|
Net worth |
384.288 |
519.298 |
688.254 |
|
|
|
|
|
|
Long-term borrowings |
146.314 |
186.068 |
260.699 |
|
Short term borrowings |
354.762 |
387.219 |
582.856 |
|
Total borrowings |
501.076 |
573.287 |
843.555 |
|
Debt/Equity ratio |
1.304 |
1.104 |
1.226 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Turnover
|
2034.023 |
2471.156 |
2915.163 |
|
|
|
21.491 |
17.968 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Turnover
|
2034.023 |
2471.156 |
2915.163 |
|
Profit |
119.983 |
135.010 |
168.956 |
|
|
5.90% |
5.46% |
5.80% |
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 |
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
ADDRESS |
Service Request Number
(SRN) |
|
1 |
10483340 |
28/02/2014 |
50,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,
GROUND FLOOR, KARUMUTHU |
B98803703 |
|
2 |
10475144 |
27/01/2014 |
11,900,000.00 |
ELECTRONICA FINANCE
LIMITED |
128/A, PLOT
NO.3,KAILASHCHANDRA APPARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA -
411038, INDIA |
B95324455 |
|
3 |
10428970 |
29/05/2013 |
197,735,300.00 |
STANDARD CHARTERED BANK |
19, RAJAJI SALAI,
CHENNAI, TAMILNADU - 600001, INDIA |
B76226588 |
|
4 |
10279094 |
26/03/2013 * |
150,000,000.00 |
STANDARD CHARTERED BANK |
19, RAJAJI SALAI,
CHENNAI, TAMIL NADU - 600001, INDIA |
B72032329 |
|
5 |
90289238 |
06/03/2014 * |
815,100,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, NO.86,
RAJAJI SALAI, CHENNAI, TAMILNADU - 600001, INDIA |
B98733892 |
|
6 |
90298331 |
14/03/2013 * |
203,500,000.00 |
BANK OF INDIA |
CHENNAI MID CORPORATE
BRANCH, 4TH FLOOR, "TARAPORE TOWERS" 826, ANNA SALAI,, CHENNAI,
TAMILNADU - 600002, INDIA |
B73211237 |
*
Date of charge modification
Note:
The registered office of the company has been shifted from 38/76, C.P.
Ramasamy Road, Alwarpet, Chennai – 600 018, Tamilnadu to the present
address w.e.f. 01.12.2012.
CORPORATE INFORMATION
The company) is a Private
Limited company domiciled in India and Incorporated under provisions of the
Companies Act, 1956. The company is engaged in the manufacturing and selling of
pharmaceutical products. The company caters to both domestic and international
markets.
PRODUCTION AND SALES
The turnover for the year
has registered an increase from Rs.2471.156 millions for the year ended
31.03.2012 to Rs.2915.163 millions during the year ended 31.03.2013. There has
been an increase of 17.96% in sales during the year. The Board is confident of
achieving better performance in the years to come.
PERFORMANCE
The profit and Loss Account
for the year ended 31.03.2013 shows a net profit (before tax) of Rs.242.962
millions after providing depreciation of Rs.50.739 millions. The company’s
efforts to control costs have started paying off as can be seen in the increase
in PAT margins.
CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2013):
• Guarantees given to bank
for loan facilities sanctioned to Vanan Pharma Private Limited Rs.283.000
millions
• Letter of credit
Rs.30.511 millions
• Estimated value of
contracts remaining to be executed on capital account and not provided for
Rs.477.735 millions
• Disputed statutory claims
/ levies including those pending with Commissioner (Appeals)/Court (Excluding
interest leviable, if any): -
In respect of Excise Duty
of Rs.0.547 million appealed before the High court by the Central Excise Department
against the order passed by the CESTAT with regard to Duty on Physician Samples
cleared during 1998-99, which is still pending.
In respect of Income Tax
demands raised on regular assessment for the financial years 2006-07, 2007-08,
2008-09 and 2009-10 amounting to Rs.29.249 millions appealed before the
Commissioner of Income Tax (Appeals) LTU, Chennai, which are yet to be decided.
However the management is confident of favorable appeal orders.
In respect of Income Tax
demand amounting Rs.3.180 millions pertaining to financial year 2004-05
appealed before High Court, Chennai, by the Income Tax department against order
passed by ITAT, Chennai.
The Company is also
involved in other lawsuits, claims, investigations and proceedings including patent
and commercial matters, which arise in the ordinary course of business,
however, there are no such matters pending that the company expects to be
material in relation to its business.
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Computer
Intangible Assets
·
Computer Software
·
Copyrights, Patents and Other Operating Rights
CMT REPORT (Corruption, Money Laundering and 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.60.27 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE and 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 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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 and 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.