MIRA INFORM REPORT

 

IDENTIFICATION DETAILS

 

Name :

MAITHRI LABORATORIES PRIVATE LIMITED

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

HYDM01771A

 

 

PAN No.:

[Permanent Account No.]

AACCM8213E

 

 

Legal Form :

Private Limited Liability Company

 

 

No. of Employees :

150 (Approximately)

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Pharmaceutical Bulk Drugs and Organic Intermediates.

 

 

Exports :

 

Products :

Pharmaceutical Bulk Drugs and Organic Intermediates

 

 

Imports :

 

Products :

Raw Material

Countries :

·         China

 

 

Terms :

 

Selling :

Cash, L/C and Credit

 

 

Purchasing :

Cash, L/C and Credit

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, Retailers and End Users 

 

 

No. of Employees :

150 (Approximately)

 

 

Bankers :

·         State Bank of Hyderabad

Shapur Nagar Branch, Jeedimelta, Hyderabad – 500055, Andhra Pradesh, India

 

 

Facilities :

SECURED LOANS

31.03.2013

(Rs. In Millions)

31.03.2012

(Rs. In Millions)

LONG-TERM BORROWINGS

 

 

Vehicle Loan

0.000

1.938

SHORT TERM BORROWINGS

 

 

Working capital demand loan

90.660

54.950

 

 

 

Total

 

90.660

56.888

 

LONG-TERM BORROWINGS

 

Vehicle Loans with various banks carried interest rates ranging from rates 8.37% - 13.25% p.a. and secured by hypothecation of vehicles. Amounts are repayable in monthly installments and the repayment term of these loans vary from 1 to 13 months from the balance sheet date with the last installment falling due in April 2014.

 

SHORT TERM BORROWINGS

 

Working capital loan from State Bank of Hyderabad is secured by first charge on all the current assets and fixed assets and further secured by personal guarantee of Dr. Ch. Nagaraju, Dr. MSN Reddy and Mrs. M. Laxmi Prasuna, Directors of the Company.

 

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

B.R.M. Reddy and Company

Chartered Accountants

Address :

II Floor, Chinna Bal Reddy Building, Lane Adj. to Hotel ITC Kakatiya, Greenlands, Hyderabad – 500016, Andhra Pradesh, India

PAN No.:

AADFB7698A

 

 

Group Companies :

·         MSN Laboratories Limited

·         MSN Pharmachem Private Limited

·         MSN Organic Private Limited

·         MSN Research and Development Private Limited

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2013

 

Names of Shareholders

No. of Shares

Percentage of Holding

Manne Venkat Pratap Reddy

10000

0.70

Chakilam Nagaraju

269500

18.98

Manne Satyanarayana Reddy

612000

43.10

Manne Laxmi Prasuna

498000

35.07

Chakilam Sujatha

30500

2.15

 

 

 

Total

 

1420000

100.00

 

 


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

14.200

14.200

14.200

(b) Reserves & Surplus

260.362

204.272

141.809

(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)

274.562

218.472

156.009

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.000

1.938

3.088

(b) Deferred tax liabilities (Net)

16.788

13.647

8.156

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

16.788

15.585

11.244

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

90.660

54.950

41.458

(b) Trade payables

165.232

146.398

152.949

(c) Other current liabilities

23.109

22.628

40.216

(d) Short-term provisions

0.037

7.508

7.612

Total Current Liabilities (4)

279.038

231.484

242.235

 

 

 

 

TOTAL

570.388

465.541

409.488

 

 

 

 

II.    ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

165.157

145.960

88.210

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.570

7.597

39.436

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

42.546

0.188

1.196

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

208.273

153.745

128.842

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

160.822

113.351

86.150

(c) Trade receivables

174.333

174.572

162.952

(d) Cash and cash equivalents

11.595

16.088

19.429

(e) Short-term loans and advances

15.365

7.785

12.115

(f) Other current assets

0.000

0.000

0.000

Total Current Assets

362.115

311.796

280.646

 

 

 

 

TOTAL

570.388

465.541

409.488

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Income

745.784

612.156

508.099

 

 

Other Income

1.114

1.514

1.312

 

 

TOTAL                                     (A)

746.898

613.670

509.411

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

562.927

414.163

 

 

 

Purchases of Stock-in-Trade

10.779

13.303

 

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(69.763)

(22.347)

 

 

 

Employees benefits expense

67.036

54.620

 

 

 

Other expenses

65.480

39.077

 

 

 

TOTAL                                     (B)

636.459

498.816

428.773

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

110.439

114.854

80.638

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

6.972

7.553

2.748

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

103.467

107.301

77.890

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

9.278

7.234

4.679

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              (G)

94.189

100.067

73.211

 

 

 

 

 

Less

TAX                                                                  (H)

29.847

32.652

24.768

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

64.342

67.415

48.443

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports

103.841

97.297

89.364

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

334.256

196.870

112.959

 

 

Stores & Spares

0.952

0.162

0.521

 

 

Capital Goods

1.227

0.000

3.914

 

TOTAL IMPORTS

336.435

197.032

117.394

 

 

 

 

 

 

Earnings Per Share (Rs.)

45.31

47.47

34.11

 

 

Particulars

 

 

 

31.03.2014

Sales (Approximately)

 

 

570.000

 

 

 

 

 

Expected Sales (2014-2015) : Rs. 600.000 Millions

 

The above information has been parted by Mr. Shrinivasan (Finance Manager)

 

 

FINANCIAL PERFORMANCE

 

The Company recorded gross sales of Rs. 789.300 Millions in FY12-13 as against Rs. 651.500 Millions in FY 11-12, an increased by 21.15%. operating margins (EBIDT) at Rs. 110.400 Millions in FY 12-13 as against Rs. 114.854 Millions in FY 11-12, a decreased to 3.84%.

 

The Company has retained its CRISIL rating of SME1A indicating “Highest Performance Capability and High Financial Strength” adjusted in relation to other SME’s.

 

 

OPERATIONS

 

The Company presently has one world class manufacturing facility situated at Gaddapotharam Village, Jinnaram Mandal, Medak District, Near Hyderabad. The Company produces around 12 final products – APIs in this facility in addition to other chemicals and intermediates. Of this the major products are atorvastatin, Gemiflaxocin, Telmisartan, Moxiflaxocin, Voricanozole and Olemsartan which together contribute around 43% of revenues.

 

The major part of the current year’s revenues was earned from sales of chemical intermediates, which accounted for nearly 52% of revenues. During FY13 the Company has incurred over Rs. 28.500 Millions towards various capital expansion programs of which more than Rs. 0.600 Millions of projects are under progress.  

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (51)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

RBI DEFAILTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

LOCATIONS

 

Registered Office :

MSN House, Plot No.C24, Sanath Nagar Industrial Estate, Sanath Nagar, Hyderabad – 500018, Telangana, India

Tel. No.:

91-40-23816703/ 30438600

Mobile No.:

91-9848556957 (Mr. Shrinivasan)

Fax No.:

91-40-23815713/ 30438638

E-Mail :

chakilamnagaraju@sify.com

maithrilabs@gmail.com

shrinivasan@msnlabs.com

Website :

http://www.msnlabs.com

 

 

Factory :

Survey No.14, Gaddapotharam Village, Jinnaram Mandal, Medak District - 502319, Andhra Pradesh, India

Tel. No.:

91-8458-277090

Fax No.:

91-8458-277085

 

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from Flat No.302, Swaroop Apartments, Leela Nagar, Ameerpet, Hyderabad - 500016, Andhra Pradesh, India to the present address w.e.f.28.09.2009.

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.