MIRA INFORM REPORT
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Report Date : |
18.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NIFTY LABS PRIVATE LIMITED |
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Registered
Office : |
Flat No.203, House No.7-1-54/1, Aran Road, Satya Sai Residency Dharam
Karan Road, Ameerpet, Hyderabad – 500016, Telangana |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
01-045637 |
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Capital
Investment / Paid-up Capital : |
Rs.41.667 Millions |
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CIN No.: [Company Identification
No.] |
U24239TG2005PTC045637 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of bulk drugs and drug intermediates. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 590000 |
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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. Management has filed “Form 66” i.e. compliance certificate for FY14,
whereas failed to file any financial statements with the statutory
authorities. As per available, the rating reflects moderate financial risk profile
marked by tight liquidity owing to high working capital intensive operation. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. The company can be considered for business dealing 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long term fund based limits: BB- |
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Rating Explanation |
Moderate risk of default and high credit risk. |
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Date |
September 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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Ram Krishna |
|
Designation : |
Finance Manager |
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Contact No.: |
91-40-66464099 |
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Date : |
17.12.2014 |
LOCATIONS
|
Registered Office : |
Flat No.203, House No.7-1-54/1, Aran Road, Satya Sai Residency Dharam
Karan Road, Ameerpet, Hyderabad – 500016, Telangana, India |
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Tel. No.: |
91-40-66464099/66464199 |
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Fax No.: |
91-40-23740734 |
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E-Mail : |
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Website : |
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Factory: |
Plot No. 64-A-, B, C and D, 65- A-, B, C and D, 66-A, B, IDA
Kondapally, Ibrahimpatnam, Krishna District – 521228, Andhra Pradesh, India |
DIRECTORS
AS ON 20.07.2013
|
Name : |
Mr. Desireddy Kesava Reddy |
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Designation : |
Managing director |
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Address : |
Flat No. 203, Satya Sai Residency, 7-1-54/1, Dharam Karan Road, Ameerpet, Hyderabad - 500 016, Andhra Pradesh, India |
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Date of Birth/Age : |
02.06.1966 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
00802977 |
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Other Directorship:
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Name : |
Mr. Bhimireddy Krishna Reddy |
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Designation : |
Whole-time director |
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Address : |
Ramachandra Puram, Vissannapeta Mandal, Krishna District – 521214, Andhra Pradesh, India |
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Date of Birth/Age : |
06.06.1972 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
00010247 |
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Other Directorship:
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Name : |
Mr. Mandapati Kishore Reddy |
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Designation : |
Whole-time director |
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Address : |
Flat No. 303, Plot No. 478 and 479,Thrumala Hills, Hyderabad - 500 072, Andhra Pradesh, India |
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Date of Birth/Age : |
05.04.1974 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
00010259 |
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Other Directorship:
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Name : |
Mr. Yerram Bharath Reddy |
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Designation : |
Whole-time director |
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Address : |
Flat No. 202, Sri Bhavani Enclave, Road No. 04, Kphb Colony, Hyderabad - 500 072, Andhra Pradesh, India |
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Date of Birth/Age : |
01.05.1974 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
00010277 |
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Other Directorship:
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Name : |
Mr. Thatiparthi Yellamanda Reddy |
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Designation : |
Director |
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Address : |
Plot No. 805, Vivekananda Nagar, Colony, Kukatpally, Hyderabad - 500 072, Andhra Pradesh, India |
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Date of Birth/Age : |
24.10.1965 |
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Date of Appointment : |
16.03.2005 |
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DIN No.: |
00010284 |
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Other Directorship:
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KEY EXECUTIVE
|
Name : |
Mr. Ram Krishna |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.07.2013
SHAREHOLDING DETAIL FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
AS ON 20.07.2013
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of bulk drugs and drug intermediates. |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Europe USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany China Japan |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
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Supplier : |
Not Divulged |
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Customer : |
Not Divulged |
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No. of Employees : |
250 b(Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M V Narayanareddy and Company Chartered Accountants |
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Address : |
Flat No. 504, Vijayasree Apartments Ameerpet, Hyderabad, Andhra Pradesh, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFM4830F |
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Associates: |
Nifty Pharma Private Limited, India [U24232AP2007PTC056705] |
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Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their relatives: |
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CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
5500000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5080953 |
Equity Shares |
Rs.10/- each |
Rs. 50.809
Millions |
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AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
4166667 |
Equity Shares |
Rs.10/- each |
Rs. 41.667
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 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
41.667 |
40.000 |
40.000 |
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(b) Reserves & Surplus |
105.960 |
73.388 |
58.013 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
147.627 |
113.388 |
98.013 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
34.269 |
7.511 |
17.023 |
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(b) Deferred tax liabilities
(Net) |
22.921 |
21.639 |
19.141 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.090 |
1.788 |
0.000 |
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Total
Non-current Liabilities (3) |
59.280 |
30.938 |
36.164 |
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(4) Current Liabilities |
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(a) Short term borrowings |
169.076 |
152.661 |
123.248 |
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(b) Trade payables |
322.356 |
226.482 |
174.518 |
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(c) Other current liabilities |
49.440 |
44.732 |
35.338 |
|
(d) Short-term provisions |
13.962 |
8.468 |
7.839 |
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Total
Current Liabilities (4) |
554.834 |
432.343 |
340.943 |
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TOTAL |
761.741 |
576.669 |
475.120 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
181.156 |
164.389 |
156.166 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
7.105 |
2.517 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
8.000 |
4.000 |
3.160 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.900 |
5.608 |
1.309 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
201.161 |
176.514 |
160.635 |
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
228.507 |
146.990 |
120.690 |
|
(c) Trade receivables |
279.351 |
225.697 |
159.173 |
|
(d) Cash and cash equivalents |
21.125 |
7.349 |
6.581 |
|
(e) Short-term loans and
advances |
25.730 |
19.316 |
27.454 |
|
(f) Other current assets |
5.867 |
0.803 |
0.587 |
|
Total
Current Assets |
560.580 |
400.155 |
314.485 |
|
|
|
|
|
|
TOTAL |
761.741 |
576.669 |
475.120 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
|
|
|
|
|
|
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Income |
1153.942 (Gross revenue from
operation) |
649.939 |
620.410 |
|
|
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Other Income |
NA |
0.682 |
0.888 |
|
|
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TOTAL (A) |
NA |
650.621 |
621.298 |
|
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|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
|
492.087 |
495.784 |
|
|
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Changes in inventories of finished goods and work in progress |
|
(18.867) |
(32.592) |
|
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Employee benefits expenses |
|
26.112 |
21.356 |
|
|
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Other Expenses |
|
90.355 |
84.036 |
|
|
|
TOTAL (B) |
NA |
589.687 |
568.584 |
|
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|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
81.536 |
60.934 |
52.714 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
28.213 |
26.820 |
18.731 |
|
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|
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|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
53.323 |
34.114 |
33.983 |
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|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.805 |
9.382 |
8.561 |
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|
|
PROFIT BEFORE
TAX (E-F) (G) |
42.518 |
24.732 |
25.422 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.28 |
9.357 |
6.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
29.238 |
15.375 |
18.845 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.02 |
3.84 |
4.71 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
970.000 |
|
|
|
|
Due to market
fluctuation |
|
Profit/Loss for the year |
|
|
|
The above information has been parted by Mr. Ram Krishna.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
NA
|
2.36 |
3.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
3.81 |
4.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.69
|
4.34 |
5.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.22 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.38
|
1.41 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01
|
0.93 |
0.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
40.000 |
40.000 |
41.667 |
|
Reserves & Surplus |
58.013 |
73.388 |
105.960 |
|
Net
worth |
98.013 |
113.388 |
147.627 |
|
|
|
|
|
|
long-term borrowings |
17.023 |
7.511 |
34.269 |
|
Short term borrowings |
123.248 |
152.661 |
169.076 |
|
Total
borrowings |
140.271 |
160.172 |
203.345 |
|
Debt/Equity
ratio |
1.431 |
1.413 |
1.377 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
four 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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
REVIEW OF THE
BUSINESS
During the year, the Company has achieved a revenue of Rs.1153.942 Millions as against previous year revenue of Rs.698.673 Millions and earned profit before tax of Rs.42.518 Millions against previous year profit of Rs.24.732 Millions.
The Company could achieve the desired results inspite of slowdown in overall economy. The efforts made by the management in the previous year resulted better growth in the current year. As the economy improving, the Directors are confident of achieving even better results in the current year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from directors |
1.609 |
1.109 |
|
Loans and advances from others |
6.573 |
6.249 |
|
Total |
8.182 |
7.358 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10467827 |
26/12/2013 |
373,300,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
COMMERCIAL BRANCH,
MID CORPORATE GROUP, BANK STREET, KOTI, HYDERABAD, ANDHRA PRADESH - 500095,
INDIA |
B92610799 |
|
2 |
10223893 |
14/06/2010 |
40,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL
BRANCH, BANK STREET, KOTI, HYDERABAD, ANDHRA PRADESH - 500095, INDIA |
A87644969 |
|
3 |
10033816 |
26/12/2013 * |
30,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL
BRANCH, MID CORPORATE GROUP, BANK STREET, KOTI, HYDERABAD, ANDHRA PRADESH -
500095, INDIA |
B92611490 |
* Date of charge modification
FIXED ASSETS
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
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 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.63.58 |
|
|
1 |
Rs.99.98 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
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 & 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.