MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SYMED LABS LIMITED |
|
|
|
|
Formerly Known
As : |
SYMED LABS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
8-3-166/6 and 7, 2nd
Floor, Sree Arcade, Erragadda, Hyderabad – 500 018, Andhra Pradesh |
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
17.08.1998 |
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|
|
|
Com. Reg. No.: |
01-029961 |
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|
|
Capital Investment
/ Paid-up Capital : |
Rs.9.301
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24231AP1998PLC029961 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS03532E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCS5186M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Bulk Drugs and
Intermediates, Active Pharmaceutical Ingredient and also engaged into
windmill-based power generation. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4474000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having satisfactory track record. The rating reflect Symed’s established position in the active
pharmaceutical ingredients (API) manufacturing segment, supported by healthy
operating efficiencies, and adequate financial position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
September 11, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 11, 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.: 91-40-23708103)
LOCATIONS
|
Registered Office : |
8-3-166/6 and 7, 2nd
Floor, Sree Arcade, Erragadda, Hyderabad – 500 018, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23708103/ 23812650/ 23704923/ 24 |
|
Fax No.: |
91-40-23708103 |
|
E-Mail : |
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|
Website : |
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|
Factory 1 : |
Domadugu Village, Jinnaram
Mandal, Medak District – 502 313, Andhra Pradesh, India |
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|
|
Factory 2 : |
Plot No.25/B, Phase –
III, IDA, Jeedimetla, Hyderabad – 500 055, Andhra Pradesh, India |
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|
|
|
Factory 3 : |
Plot No.19 and 20, Phase –
I, IDA, Jeedimetla, Hyderabad - 500 055, Andhra Pradesh, India |
|
|
|
|
Wind Power Plant : |
SF Nos.65, 91, 1102/2,
Taluka: Bhachu, Kutch District, Gujarat, India |
|
|
|
|
Branch Office 1 : |
214, Somdutt Chamber - 2, Bhikaji Cama Place, New Delhi – 110 066,
India |
|
|
|
|
Branch Office 2 : |
No.30/6, Cathedral Garden Lane, Kodambakkam High Road, Nungambakkam,
Chennai – 600 034, Tamilnadu, India |
DIRECTORS
AS ON 26.09.2013
|
Name : |
Dr. Mohana Rao Dodda |
|
Designation : |
Managing Director |
|
Address : |
H. No.21, Madhuranagar Colony, S.R. Nagar, Hyderabad – 500 038, Andhra
Pradesh, India |
|
Date of Birth/Age : |
11.04.1958 |
|
Qualification : |
M Sc., Ph. D. |
|
Experience : |
30 Years |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
00126836 |
|
PAN No.: |
ADSPD2583L |
|
|
|
|
Name : |
Dr. Bandi Partha Saradhi Reddy |
|
Designation : |
Director |
|
Address : |
Plot No.389, Road No.22/B, Jubilee Hills, Check Post, Madhapur Road,
Hyderabad – 500 033, Andhra Pradesh, India |
|
Date of Birth/Age : |
06.03.1954 |
|
Date of Appointment : |
31.03.2009 |
|
DIN No.: |
00015899 |
|
PAN No.: |
AABPD7067K |
|
|
|
|
Name : |
Mr. Srinivasa Reddy Male |
|
Designation : |
Director |
|
Address : |
Plot No.933, Vivekananda Nagar, Kukatpally, Hyderabad – 500 072,
Andhra Pradesh, India |
|
Date of Birth/Age : |
02.02.1973 |
|
Qualification : |
MBA |
|
Date of Appointment : |
06.09.2007 |
|
PAN No.: |
AARPM1219Q |
|
DIN No.: |
00016085 |
|
|
|
|
Name : |
Mr. Vamsikrishna Bandi |
|
Designation : |
Director |
|
Address : |
Plot No.389, Road No.22/B, Jubilee Hills, Check Post, Madhapur Road,
Hyderabad – 500 033, Andhra Pradesh, India |
|
Date of Birth/Age : |
31.07.1983 |
|
Qualification : |
M.S. Chemical |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
01014619 |
|
PAN No.: |
AIPPB1881R |
|
|
|
|
Name : |
Mr. Nandachary Mudumbi |
|
Designation : |
Whole-time Director |
|
Address : |
8-5-222/ B/26(401), E 10,11 Vengal Rao Nagar, Erragadda, Hyderabad –
500 038, Andhra Pradesh, India |
|
Date of Birth/Age : |
23.02.1956 |
|
Qualification : |
EE Chemical |
|
Date of Appointment : |
24.09.2012 |
|
DIN No.: |
02714333 |
KEY EXECUTIVES
|
Name : |
K.V.V. Rao |
|
Designation : |
Marketing Manager |
|
Email ID: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mohan Rao Dodda |
|
245000 |
|
A.V. Narasa Reddy |
|
100 |
|
D. Vandana |
|
110000 |
|
D. Spandana |
|
110000 |
|
Bandis Investments Private Limited, India |
|
180000 |
|
Bandi Partha Saradhi Reddy |
|
120000 |
|
M. Krishna Sindhuri |
|
92500 |
|
B. Kalavathi |
|
40000 |
|
Vamsikrishna Bandi |
|
32500 |
|
Total |
|
930100 |
AS ON 26.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
19.35 |
|
Directors
or relatives of directors |
|
80.64 |
|
Other
top fifty shareholders |
|
0.01 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bulk Drugs and
Intermediates, Active Pharmaceutical Ingredient and also engaged into
windmill-based power generation. |
||||
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|
||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011):
|
Class of Goods
Manufacture |
Bulk Drugs |
|
Installed Capacity |
2000 MT’S |
|
Actual Production |
1699 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
M.V. Narayana Reddy and Company Chartered Accountants |
|
Address : |
504, Vijayasree Apartments, Behind Chermas, Ameerpet, Hyderabad – 500 073 Andhra Pradesh, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFM4830F |
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Associates : |
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Subsidiary Companies : |
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CAPITAL STRUCTURE
AS ON 26.09.2013
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
930100 |
Equity Shares |
Rs.10/- each |
Rs.9.301
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 |
9.301 |
9.301 |
9.301 |
|
(b) Reserves & Surplus |
1109.299 |
979.582 |
859.672 |
|
(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) |
1118.600 |
988.883 |
868.973 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
162.916 |
237.917 |
0.110 |
|
(b) Deferred tax liabilities (Net) |
185.647 |
121.347 |
61.610 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term provisions |
3.570 |
2.767 |
0.000 |
|
Total
Non-current Liabilities (3) |
352.133 |
362.031 |
61.720 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
368.013 |
451.188 |
187.654 |
|
(b)
Trade payables |
227.875 |
214.330 |
119.944
|
|
(c)
Other current liabilities |
198.075 |
282.517 |
71.776
|
|
(d)
Short-term provisions |
66.144 |
65.543 |
87.241
|
|
Total
Current Liabilities (4) |
860.107 |
1013.578 |
466.615 |
|
|
|
|
|
|
TOTAL |
2330.840 |
2364.492 |
1397.308 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1000.201 |
1080.182 |
602.528 |
|
(ii)
Intangible Assets |
0.305 |
0.029 |
0.000 |
|
(iii)
Capital work-in-progress |
2.287 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
29.123 |
28.675 |
32.643 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
183.932 |
145.088 |
82.497 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1215.848 |
1253.974 |
717.668 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
357.108 |
331.816 |
269.936
|
|
(c)
Trade receivables |
624.645 |
507.695 |
352.470
|
|
(d)
Cash and cash equivalents |
58.101 |
193.487 |
7.390
|
|
(e)
Short-term loans and advances |
11.039 |
10.810 |
6.694 |
|
(f)
Other current assets |
64.099 |
66.710 |
43.150 |
|
Total
Current Assets |
1114.992 |
1110.518 |
679.640 |
|
|
|
|
|
|
TOTAL |
2330.840 |
2364.492 |
1397.308 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
1708.211 |
1310.946 |
1118.628 |
|
|
|
Other Income |
19.884 |
13.121 |
4.077 |
|
|
|
TOTAL (A) |
1728.095 |
1324.067 |
1122.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
892.265 |
721.594 |
598.936 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(30.296) |
(13.173) |
(18.923) |
|
|
|
Employee
benefit expense |
105.919 |
87.524 |
73.340 |
|
|
|
Other
expenses |
360.797 |
229.142 |
192.513 |
|
|
|
TOTAL (B) |
1328.685 |
1025.087 |
845.866 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
399.410 |
298.980 |
276.839 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
91.816 |
33.191 |
21.703 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
307.594 |
265.789 |
255.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
57.189 |
32.642 |
24.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
250.405 |
233.147 |
231.054 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
115.284 |
107.832 |
59.066 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
135.121 |
125.315 |
171.988 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
532.605 |
417.620 |
250.333 |
|
|
TOTAL EARNINGS |
532.605 |
417.620 |
250.333 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
294.775 |
226.467 |
368.759 |
|
|
|
Capital Goods |
12.715 |
4.937 |
8.415 |
|
|
TOTAL IMPORTS |
307.490 |
231.404 |
377.174 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
145.00 |
135.00 |
184.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.82 |
9.46 |
15.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.66 |
17.78 |
20.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.89 |
9.98 |
16.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.24 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.47 |
0.70 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.10 |
1.46 |
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 |
9.301 |
9.301 |
9.301 |
|
Reserves & Surplus |
859.672 |
979.582 |
1109.299 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
868.973 |
988.883 |
1118.600 |
|
|
|
|
|
|
Long-term borrowings |
0.110 |
237.917 |
162.916 |
|
Short term borrowings |
187.654 |
451.188 |
368.013 |
|
Total borrowings |
187.764 |
689.105 |
530.929 |
|
Debt/Equity ratio |
0.216 |
0.697 |
0.475 |
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) |
|
Revenue from operations |
1,118.628 |
1,310.946 |
1,708.211 |
|
|
|
17.192 |
30.304 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1,118.628 |
1,310.946 |
1,708.211 |
|
Profit |
171.988 |
125.315 |
135.121 |
|
|
15.37% |
9.56% |
7.91% |
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] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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 |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
0.000 |
80.000 |
|
Total
|
0.000 |
80.000 |
Bankers Charges
Report as per Registry
|
Corporate identity number (CIN) or foreign company registration number of the company |
U24231AP1998PLC029961 |
|
Name of the
company |
SYMED LABS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
8-3-166/6 and 7, 2nd
Floor, Sree Arcade, Erragadda, Hyderabad – 500 018, Andhra Pradesh, India E-Mail : sambhram.p@heterodrugs.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others (Corporate
Guarantee) |
|
Particular of
charge holder |
State Bank of Mysore,
RASMECCCC, 2-1-340/16, First Floor, Sai Tara Towers, Nallakunta Chowrasta,
Hyderabad – 500 044, Andhra Pradesh, India E-Mail: rasmeccchyd@sbm.co.in |
|
Nature of
instrument creating charge |
1. Letter of
Arrangement 2. Guarantee
Agreement |
|
Date of
instrument Creating the charge |
13.06.2013 |
|
Amount secured by
the charge |
Rs.79.000
millions |
|
Brief of the principal
terms and conditions and extent and operation of the charge |
Rate of Interest: 15.90% p.a. on
Working Capital Terms of
Repayment: Working Capital:
Repayable on demand. Margin: For Cash Credit:
25% on stock and 40% on receivables/Book Debts For ILCS &
FLCS: 15% by way of deposit with Branch. For Bank
Guarantee Limit: 15% by way of deposit with Branch. Extent and
Operation of the charge: Corporate
Guarantee given for and on behalf of Chemi Pack (India) Private Limited in respect
of renewal and enhancement of credit facilities of Rs.79.000 millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Corporate
Guarantee given for and on behalf of
Chemi Pack (India) Private Limited in respect of renewal and enhancement of
credit facilities of Rs.79.000 millions. |
REVIEW OF THE BUSINESS OPERATIONS AND FUTURE PROSPECTS
Profitability of the
company adversely affected by steep increase in cost of power and finance
charges. During the year cost of power increased from 24.457 millions to 34.526
millions, cost of generator maintenance increased to 34.245 millions from
12.768 millions in the previous year and finance charges have also increased
from 33.200 millions to 918 Lakhs.
During the year, the
company achieved net revenues of Rs.1708.211 millions (including Rs.50.939
millions from Wind Power Division) as against Rs.1310.946 millions (Including
Rs.0.492 million from Wind Power Division) in the previous year, thereby
registering a growth of 30% over previous year. Similarly the profit before tax
during the year is Rs.250.405 millions as against Rs.233.147 millions in the
Previous year. Profitability of the company adversely affected by steep
increase in cost of power and finance charges. During the year cost of power
increased from 24.457 millions to 34.526 millions, cost of generator
maintenance increased to 34.245 millions from 12.768 millions in the previous
year and finance charges have also increased from 33.200 millions to 91.800
millions.
The directors are confident
of achieving better results in the years to come.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Computers
·
Vehicles
·
Office Equipment
Intangible Assets
·
Computer Software
·
Copyrights, patents and other operating rights
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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
48 |
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.