|
Report Date : |
08.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
HETERO LABS LIMITED (W.e.f. 30.05.1997) |
|
|
|
|
Formerly Known
As : |
PHARMASIA LABORATORIES PRIVATE LIMITED (w.e.f. 30.12.1992) PERMILA DRUGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.03.1989 |
|
|
|
|
Com. Reg. No.: |
01-009723 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 13.320
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24110AP1989PLC009723 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDP00777A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH5506R |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients (APIs) and Finished
Dosages Formulations (FDF). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 45000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of Hetero Group, it is a well-established company
having fine track record. Financial position of the company appears sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facility = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
20.06.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facility = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
20.06.2013 |
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 /
Corporate Office : |
7-2-A2, Hetero Corporate Industrial Estate, Sanathnagar, Hyderabad –
500018, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23704923/ 24/ 25/ 26 / 23707171 / 7272 / 7744 |
|
Fax No.: |
91-40-23704926/ 23714250 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Regional Office: |
‘Hetero Drugs
Limited’ 607/608, 6th Floor, Matharu Arcade, |
|
Tel. No.: |
91-22-56910809 |
|
Fax No.: |
91-22-26845709 |
|
|
|
|
Marketing Office: |
Located at: ·
USA ·
Russia ·
Europe ·
China ·
Thailand
·
UAE ·
Egypt ·
South
Africa |
DIRECTORS
As on 05.09.2013
|
Name : |
Dr. Bandi Partha Saradhi Reddy |
|
Designation : |
Managing Director |
|
Address : |
Plot No. 389, Road No. 22/B, Jublihills Chequepost, Madhapoor Road, Hyderabad – 500038, Andhra Pradesh, India |
|
Date of Birth/Age : |
06.03.1954 |
|
Qualification : |
Ph.d in organic chemistry |
|
Date of Appointment : |
05.12.1996 |
|
DIN No.: |
00015899 |
|
PAN No. : |
AAJPB7067K |
|
|
|
|
Name : |
Mr. Srinivas Reddy Male |
|
Designation : |
Director |
|
Address : |
Plot No.933, Vivrkanandnagar, Kukatpally, Hyderabad- 500 072, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.02.1973 |
|
Qualification : |
MBA. Marketing |
|
Date of Appointment : |
01.08.2013 |
|
DIN No.: |
00016085 |
|
|
|
|
Name : |
Mr. Krishna Bandi Vamsi |
|
Designation : |
Whole-time director |
|
Address : |
Plot No.389, Road No.22/B, Jubilee Hills, Check-Post, Hyderabad-500 033, Andhra Pradesh, India |
|
Date of Birth/Age : |
31.07.1983 |
|
Qualification : |
MS in Chemical Engineering |
|
Date of Appointment : |
10.04.2008 |
|
DIN No.: |
01014619 |
|
PAN No. : |
AIPPB1881R |
|
|
|
|
Name : |
Mr. Attunri Venkata Narasa Reddy |
|
Designation : |
Whole Time Director |
|
Address : |
H. No. 8-3-678/61, Pragathi Nagar Colony, Yosufguda, Hyderabad – 500018, Andhra Pradesh, India |
|
Date of Birth/Age : |
21.12.1963 |
|
Qualification : |
MSc |
|
Date of Appointment : |
11.03.1999 |
|
DIN No.: |
00023432 |
|
|
|
|
Name : |
Mr. Chilukuri Mohan Reddy |
|
Designation : |
Whole Time Director |
|
Address : |
Plot No.54, Green Avenue, Nizampet Road, Nizampet, Hyderabad – 500000, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.01.1969 |
|
Qualification : |
M. Pharm c |
|
Date of Appointment : |
18.11.1999 |
|
DIN No.: |
00208921 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 05.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
B. Partha Saradhi Reddy |
|
282860 |
|
B. Kalavathi |
|
160740 |
|
M. Krishna Sinduri |
|
150000 |
|
B. Vamsi Krishna |
|
398000 |
|
M. Srinivas Reddy |
|
200 |
|
B. Srinivas Reddy |
|
200 |
|
B. Soma Kantham |
|
200 |
|
M. Krishna Karthikeya Reddy |
|
146900 |
|
B. Anvida |
|
46000 |
|
M. Krishna Sahithi |
|
146900 |
|
Total |
|
1332000 |
As on 05.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients (APIs) and Finished
Dosages Formulations (FDF). |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· DBS Bank Limited, Salarpuria Windsor, No.3, Ulsoor Road, Bengaluru - 560042, Karnataka, India · State Bank of Hyderabad, Sanathnagar Branch, Industrial Estate, Sanathnagar, Hyderabad -500018, Andhra Pradesh, India · Andhra Bank, Specialised Corporate Finance Branch, 3rd Floor, Padmaja Land Mark, Somajiguda, Hyderabad - 500082, Andhra Pradesh, India ·
Export-Import Bank OF India, Centre One
Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai -
400005, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
M. V. Narayana Reddy and Company Chartered Accountants |
|
Address : |
D. No. 8-3-941, Flat No. 504, Vijayasree Apartments, Opposite Kamma
Sangham, Ameerpet, Hyderabad – 500073 Andhra Pradesh, India |
|
Tel. No.: |
91-40-23743975 /
23744448 |
|
PAN No.: |
AADFM4830F |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives |
· Cirex Pharmaceuticals Limited · Clinse Labs Private Limited · Genx Pharma Limited · Hetero Drugs Limited · Hetero Healthcare Limited · Symed Labs Limited · Chemi Pack (India) Private Limited · Hetero Med Solutions Limited · Camber Pharmaceuticals Inc · Invagen Pharmaceuticals Inc · Hetmak Fzco · Akar International Fzc · Mint Pharmaceuticals Inc. · Honour Lab Limited |
|
|
|
|
Associate |
· Hetero Infrastructure Sez Limited · Hetero (Thailand) Limited · Hetero Singapore Pte Limited · Hetero Usa Inc · Hetero Europe SL · Arapharma Group S A |
|
|
|
|
Subsidiary company |
· Hetero Fzco ·
Hetero Wind Power Limited |
|
|
|
|
Joint venture |
Pharmed Healthcare |
|
|
|
|
Fellow Subsidiary
company |
HETLABS MEXICO |
CAPITAL STRUCTURE
As on 05.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1332000 |
Equity Shares |
Rs.10/- each |
Rs.13.320
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 |
13.320 |
13.320 |
13.320 |
|
(b) Reserves & Surplus |
11449.970 |
9651.664 |
8079.638 |
|
(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) |
11463.290 |
9664.984 |
8092.958 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3559.593 |
2768.186 |
1871.312 |
|
(b) Deferred tax liabilities (Net) |
1071.107 |
735.668 |
465.685 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
74.408 |
49.947 |
27.385 |
|
Total Non-current Liabilities (3) |
4705.108 |
3553.801 |
2364.382 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
9435.509 |
7778.435 |
5491.996 |
|
(b) Trade payables |
4808.864 |
3973.460 |
2814.553 |
|
(c) Other current
liabilities |
2563.013 |
1740.904 |
1266.428 |
|
(d) Short-term provisions |
110.382 |
78.292 |
112.525 |
|
Total Current Liabilities (4) |
16917.768 |
13571.091 |
9685.502 |
|
|
|
|
|
|
TOTAL |
33086.166 |
26789.876 |
20142.842 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9919.286 |
7789.060 |
5015.159 |
|
(ii) Intangible Assets |
17.902 |
21.693 |
7.013 |
|
(iii) Capital
work-in-progress |
1477.436 |
2373.585 |
3333.011 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
888.107 |
391.607 |
372.062 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1100.254 |
1019.898 |
820.495 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
13402.985 |
11595.843 |
9547.740 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
9310.699 |
7382.000 |
6346.062 |
|
(c) Trade receivables |
9287.243 |
6686.970 |
2989.745 |
|
(d) Cash and cash
equivalents |
189.817 |
230.974 |
206.154 |
|
(e) Short-term loans and advances |
57.224 |
68.187 |
68.761 |
|
(f) Other current assets |
838.198 |
825.902 |
984.380 |
|
Total Current Assets |
19683.181 |
15194.033 |
10595.102 |
|
|
|
|
|
|
TOTAL |
33086.166 |
26789.876 |
20142.842 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27605.375 |
20381.480 |
15253.977 |
|
|
|
Other Income |
291.542 |
47.902 |
127.295 |
|
|
|
TOTAL (A) |
27896.917 |
20429.382 |
15381.272 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
14987.593 |
13605.379 |
11348.537 |
|
|
|
Purchase of stock in trade |
457.716 |
344.046 |
8.521 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
746.357 |
(1905.332) |
(827.398) |
|
|
|
Employee benefit expenses |
1466.736 |
980.549 |
504.695 |
|
|
|
Other expenses |
5541.959 |
3786.144 |
1384.635 |
|
|
|
TOTAL (B) |
23200.361 |
16810.786 |
12418.990 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4696.556 |
3618.596 |
2962.282 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1465.230 |
870.777 |
321.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3231.326 |
2747.819 |
2640.596 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
524.330 |
398.001 |
193.656 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2706.996 |
2349.818 |
2446.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
878.712 |
749.832 |
581.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1828.284 |
1599.986 |
1865.708 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
105.661 |
66.635 |
31.891 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1710.000 |
1530.000 |
1800.000 |
|
|
|
Dividend |
29.980 |
30.960 |
30.962 |
|
|
BALANCE CARRIED
TO THE B/S |
193.965 |
105.661 |
66.635 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
16929.380 |
7951.180 |
2510.578 |
|
|
TOTAL EARNINGS |
16929.380 |
7950.180 |
2510.578 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7644.620 |
4842.990 |
4619.259 |
|
|
|
Capital Goods |
139.600 |
519.760 |
0.000 |
|
|
|
Others |
83.830 |
4.840 |
0.000 |
|
|
TOTAL IMPORTS |
7868.050 |
5367.590 |
4619.259 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1372.59 |
1201.19 |
1400.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.55
|
7.83 |
12.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.81
|
11.53 |
16.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.81
|
9.78 |
14.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.24 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13
|
1.09 |
0.91 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16
|
1.12 |
1.09 |
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 |
Yes |
|
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 |
Yes |
|
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 |
LITIGATIONS DETAILS
|
CEA 40 / 2006 |
CEASR 3632 / 2005 |
CASE IS:PENDING |
|
PETITIONER |
|
RESPONDENT |
|
COMMISSIONER OF CENTRAL EXCISE, HYD-I COMMISSIONERATE |
VS |
HETERO DRUGS LTD, MEDAK DISTRICT, A.P. |
|
PET.ADV. : SARADA |
|
RESP.ADV. : VIJAY |
|
SUBJECT: CENTRAL EXCISE APPEAL |
|
DISTRICT: HYDERABAD |
|
FILING DATE: 22-11-2005 |
POSTING STAGE : FOR HEARING |
|
|
REG. DATE : 09-03-2006 |
LISTING DATE : 18-02-2014 |
STATUS : --------- |
|
HON'BLE JUDGE(S): |
G.CHANDRAIAH |
CHALLA KODANDA RAM |
|
|
|
NOTE:
The Registered
office of the company has been shifted from H. No.8-3-166/1 and 2, Challa Estates,
First Floor, Erragadda Hyderabad – 500018, Andhra Pradesh, India to the present address w.e.f. 31.07.2009.
REVIEW OF
PERFORMANCE:
The Company has recorded its highest ever revenue of Rs.27896.917 Millions Earnings Before Interest, Tax, Depreciation and Amortisation (EBIDTA) recorded a growth of 29.79 % to reach Rs.4696.556 Millions. and Profit After Tax (PAT) grew to Rs.1828.284 Millions. recording a growth of 14.27 % over Rs.1599.986 Millions. achieved in the previous year despite the challenges in some of the major markets, increased power costs and foreign exchange impact due to depreciation of the rupee against major currencies.
The Company's formulation business increased to Rs.18641.250 Millions. during the fiscal, compared to Rs.14535.140 Millions during 2011-12. Formulation revenues were higher by 28.25% over the previous year on account of increase in formulation operations. Exports increased to Rs.17738.270 Millions. As compared to Rs.8138.250 Millions. in the previous year registering an export growth of 117.96%.
The Company incurred finance cost of Rs.1465.230 Millions during the year which is 68% higher than the previous year on account of increase in volume of operations and costs as well as higher cost of borrowings together with depreciation of rupee against major currencies.
Due to non availibility of adequate power from the government grid despite increase in tariff, the Company purchased power through open access. Accordingly the power and fuel costs stand increased to Rs1247.600 Millions. for the year as against Rs.707.530 Millions for the previous year.
In respect of investments made in M/s. Janani Infrastructure Limited and M/s. Jagati Publications Private Limited, the Central Bureau of Investigation and Directorate of Enforcement has filed case against the Company together with other investors. The Company in consultation with legal experts opines that the case is unsustainable. Further, it will not have any financial impact on current or future operations of the Company.
OUTLOOK
People, Products, Infrastructure and improved relationship with some of the big pharma companies across the globe are the key drivers for the growth of the Company. Further there is a continuous emphasis on marketing niche products keeping cost under control with high end customer satisfaction .The order book for API and finished dosages is robust with visibility of healthy earnings for several months ahead.
The consistant efforts of higher margins, lower costs, improved cycle time on the production floor are estimated to enhance the bottom line in the years to come.
The Power Purchase Agreement (PPA) entered into with Hetero Wind Power Limited for supply of electricity on long term basis will enable the Company to overcome substantially the power deficit scenario being experienced in the State of Andhra Pradesh.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from banks |
1369.591 |
2174.864 |
|
Total |
1369.591 |
2174.864 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10421516 |
27/03/2013 |
750,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
B73690208 |
|
2 |
10308989 |
14/09/2011 |
250,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, MY HOME JUPALLY, AMEERPET, HYDERABAD, Andhra Pradesh - 500038, INDIA |
B22035851 |
|
3 |
10283954 |
20/07/2012 * |
8,580,000,000.00 |
ANDHRA BANK |
Specialized Corporate Finance, 6-3-648,3rd Floor, Padmaja Land Mark, Somajiguda, Hyderabad, Andhra Pradesh - 500082, INDIA |
B45697646 |
|
4 |
10283970 |
26/03/2011 |
500,000,000.00 |
ANDHRA BANK |
Specialised Corporate Finance Branch, 3rd Floor, |
B12030003 |
|
5 |
10273568 |
29/12/2011 * |
1,000,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B28834844 |
|
6 |
10257057 |
07/12/2010 |
500,000,000.00 |
ANDHRA BANK |
SPECIALISED CORPORATE FINANCE BRANCH, 3rd FLOOR, PADMAJA LAND MARK, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
B01508654 |
|
7 |
10257800 |
16/11/2010 |
500,000,000.00 |
STATE BANK OF HYDERBAD |
SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, Andhra Pradesh - 500018, INDIA |
B00572214 |
|
8 |
10249418 |
28/09/2010 |
500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
A98495476 |
|
9 |
10242113 |
20/08/2010 |
864,000,000.00 |
ANDHRA BANK |
Specialised Corporate Finance Branch, 3rd Floor, |
A95186813 |
|
10 |
10151351 |
29/09/2011 * |
3,017,500,000.00 |
STATE BANK OF HYDERABAD |
SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, Andhra Pradesh - 500018, INDIA |
B24688715 |
|
11 |
10112415 |
24/06/2008 |
300,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, 2nd FLOOR MYHOMEJUPALLY, OPP:GREEN PARK, AMEERPET, HYDERABAD, Andhra Pradesh - 500038, INDIA |
A41873324 |
|
12 |
10089092 |
27/02/2013 * |
15,475,000,000.00 |
ANDHRA BANK |
SPECIALISED CORPORATE FINANCE BRANCH, PADMAJA LAND MARK, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
B71300685 |
|
13 |
10024362 |
29/09/2006 |
27,500,000.00 |
BANK OF INDIA |
KHAIRATABAD BRANCH, PTI BUILDING, MASAB TANK, HYDERABAD, Andhra Pradesh - 500082, INDIA |
A06209761 |
|
14 |
90134916 |
18/07/2005 |
20,000,000.00 |
ANDHRA BANK |
SCF BRANCH, SOMAJIGUDA, HYDERABAD, Andhra Pradesh |
- |
|
15 |
90136359 |
19/04/2012 * |
3,650,000,000.00 |
STATE BANK OF HYDERABAD |
SANATHNAGAR BRANCH, INDUSTRIAL ESTATE, SANATHNAGAR, HYDERABAD, Andhra Pradesh - 500018, INDIA |
B38544425 |
|
16 |
90134803 |
25/08/2004 |
150,000,000.00 |
ANDHRA BANK |
SCF BRANCH, SOMAJIGUDA, HYDERABAD, Andhra Pradesh |
- |
|
17 |
90134769 |
15/04/2004 |
30,000,000.00 |
ANDHRA BANK |
SCF BRANCH, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
18 |
90133173 |
10/03/2004 |
15,000,000.00 |
BANK OF INDIA |
PTI BUILDING ; KHAIRTABAD BRANCH, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
19 |
90136267 |
11/02/2009 * |
970,000,000.00 |
STATE BANK OF HYDERABAD |
SANATHNAGAR BRANCH, INDUSTRIAL ESTATES, SANATHNAGAR, HYDERABAD, Andhra Pradesh - 500018, INDIA |
A57977472 |
|
20 |
90133138 |
06/10/2003 |
12,500,000.00 |
BANK OF INDIA |
PTI BUILDING ; KHAIRTABAD BRANCH, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
21 |
90133086 |
13/03/2003 |
10,000,000.00 |
BANK OF INDIA |
PTI BUILDING ; KHAIRTABAD BRANCH, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
22 |
90136146 |
15/11/2002 * |
75,000,000.00 |
BANK OF BAHRAIN AND KUWAIT BSC |
6-3-550; SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
- |
|
23 |
90132759 |
27/03/2000 * |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
24 |
90135924 |
13/12/1999 |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER ; CUFFE PARADE ; COLABAS, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
25 |
90135802 |
18/02/2010 * |
3,150,000,000.00 |
ANDHRA BANK |
SPECIALISED CORPORATE FINANCE BRANCH, 3rd FLLOR, PADMAJA LAND MARK, SOMAJIGUDA, HYDERABAD, Andhra Pradesh - 500082, INDIA |
A81579674 |
|
26 |
90135776 |
17/04/2001 * |
24,500,000.00 |
ANDHRA BANK |
INDUSTRIAL FINANCE BRANCH; "X" ROADS; AMEERPET, PANCOM BUSINESS CENTRE, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
27 |
90131719 |
21/03/1990 |
200,000.00 |
A.P. STATE FINANCIAL CORPORATION |
CHIRAG ALI LANE, HYDERABAD, Andhra Pradesh, INDIA |
- |
|
28 |
90131075 |
21/03/1990 |
3,870,000.00 |
A.P. STATE FINANCIAL CORPORATION |
CHIRAG ALI LANE, HYDERABAD, Andhra Pradesh, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Land and Site Development
· Factory Building
· Electrical Equipment
· R and D Equipment
· ETP Machinery
· Furniture and Fixture
· Office Equipments
· Vehicles
· Computers
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.62.32 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
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.