MIRA INFORM REPORT
|
Report No. : |
304594 |
|
Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMEYA LABORATORIES LIMITED |
|
|
|
|
Formerly Known
As : |
ANU'S LABORATORIES LIMITED |
|
|
|
|
Registered
Office : |
H. No. A-49, Madhura Nagar, Yousufguda, Hyderabad – 500038, Telangana |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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|
Date of
Incorporation : |
20.02.1996 |
|
|
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|
Com. Reg. No.: |
36-023283 |
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Capital Investment
/ Paid-up Capital : |
Rs.244.460 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230TG1996PLC023283 |
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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 : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of bulk drugs intermediates. |
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|
|
|
No. of Employees
: |
358 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4700000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. The management has failed to file its financial with government department
for the year 2013 & 2014. As per available financial of 2012, sales turnover of the company has
declined which has resulted into dip in profit of the company. As per status in the registrar of companies business appears to be
active. Payments are reported to be unknown. 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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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.
LOCATIONS
|
Registered Office : |
H. No. A-49, Madhura Nagar, Yousufguda, Hyderabad – 500038, Telangana,
India |
|
Tel. No.: |
91-40-23741677 |
|
Fax No.: |
91-40-23741678 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
H. No: 8-3-678, Plot No: 68B, Pragathi Nagar, Yousufguda, Hyderabad – 500045, Telangana, India |
|
Tel. No.: |
91-40-23741677 / 44373535 |
|
Fax No.: |
91-40-23741678 |
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|
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|
Factory 1 : |
Chilakammarri Village, Shadnagar, Mahaboob Nagar District, Telangana, India |
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|
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Factory 2 : |
Plot No. 272, 273, 280, 281, I.D.A, Pashamylaram, Isnapur, Medak District, Isnapur, Medak District, Telangana, India |
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Factory 3 : |
Plot No.12, Jawaharlal Nehru Pharma City (J.N.P.C), Paravada Mandal, Visakhapatnam – 530021, Andhra Pradesh, India |
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Factory 4 : |
IDA, Pydibhimavaram Village, Srikakulam Taluk & District, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. K. Hari Babu |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Dr. K. Rajeswara Rao |
|
Designation : |
Non-Executive Director |
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|
|
|
Name : |
Mr. A.P. Rao |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. M.S.S.V. Satyanarayana |
|
Designation : |
Wholetime Director |
KEY EXECUTIVES
|
Name : |
Mr. V.S. Soma |
|
Designation : |
Company Secretary & Compliance Officer |
SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
96079245 |
39.30 |
|
|
96079245 |
39.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
96079245 |
39.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1939170 |
0.79 |
|
|
1939170 |
0.79 |
|
|
|
|
|
|
21323048 |
8.72 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
97540211 |
39.90 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 Million |
23969941 |
9.81 |
|
|
3608368 |
1.48 |
|
|
3220424 |
1.32 |
|
|
960 |
0.00 |
|
|
386984 |
0.16 |
|
|
146441568 |
59.90 |
|
Total Public shareholding (B) |
148380738 |
60.70 |
|
Total (A)+(B) |
244459983 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
244459983 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of bulk drugs intermediates. |
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Products : |
· Basic Intermediate · Advance Intermediate · Fine Chemicals · Product in Pipeline
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
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No. of Employees : |
358 (Approximately) |
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Bankers : |
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Facilities : |
NOTES: Long Term
Borrowings Long-term loan from bank: The loan from ING Vysya Bank Limited is secured by way of exclusive first charge on fixed assets of the Company situated at Jawaharlal Nehru Pharma City, Parwada, Vizag. This facility is further secured by way of pari pasu first charge on all other fixed assets of the Company, both present & future, along with other term lenders. The loan is repayable in 12 quarterly installments and the last being October 2014 and carries rate of interest of 16%. Long-term loan from others: The loan from IFCI Venture Capital Funds Limited and is secured by way of exclusive first charge on fixed assets of the Company situated at Pydibhimavaram, Srikakulam District, Andhra Pradesh. This facility is secured by way of pledge of shares of promoters of the Company and also guaranteed by the Managing Director of the Company. The loan is repayable in 9 quarterly installments and the last installment being in January 2014 and carries rate of interest of 16%. Finance lease obligations: are secured against leased assets. Short Term
Borrowings The working capital facilities are sanctioned by IDBI, State Bank of India, ING Vysya Bank and Karur Vysya Bank. These facilities are secured by first charge on all the current assets, both present & future. There are further secured by way of second charge on the immovable properties of the Company. These are further secured by way of paripassu first charge on the properties belongs to the promoters & relatives of the promoters and also guaranteed by the Promoter Directors and Directors of the Company. These loans are payable on demand and carry average rate of interest 15% p.a. |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Karumanchi and Associates Chartered Accountants |
|
Address : |
Flat No. 301, 7-1-619/A, Swarganivas Enclave, Ameerpet, Hyderabad –
500038, Andhra Pradesh, India |
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|
|
|
Membership : |
-- |
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|
|
|
Associate concern : |
Sambasiva Transport |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Re. 1/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
244459983 |
Equity Shares |
Re. 1/- each |
Rs.244.460 Millions |
|
|
|
|
|
Ř All the equity shares issued by the Company
carry equal voting and participatory rights.
Ř Details of shareholders holding more than
5% shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Kosaraju Hari Babu |
42,760,419 |
17.49 |
|
Kosaraju Padmaja Rani |
48,815,751 |
19.97 |
Ř The reconciliation of the number of shares
outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Equity shares at the beginning of the year |
244.46 |
|
Add: Shares issued on merger to shareholders of Nitya Laboratories Limited on consideration other than cash |
-- |
|
Equity shares at the end of the year |
244.46 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
244.460 |
244.460 |
|
(b) Reserves & Surplus |
|
1409.730 |
1375.340 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1654.190 |
1619.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
376.830 |
69.230 |
|
(b) Deferred tax liabilities (Net) |
|
92.800 |
78.200 |
|
(c) Other long term
liabilities |
|
155.000 |
129.800 |
|
(d) long-term
provisions |
|
4.840 |
4.300 |
|
Total Non-current
Liabilities (3) |
|
629.470 |
281.530 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
726.870 |
546.000 |
|
(b) Trade
payables |
|
59.860 |
64.330 |
|
(c) Other
current liabilities |
|
350.510 |
478.600 |
|
(d) Short-term
provisions |
|
7.650 |
6.910 |
|
Total Current
Liabilities (4) |
|
1144.890 |
1095.840 |
|
|
|
|
|
|
TOTAL |
|
3428.550 |
2997.170 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
935.890 |
936.650 |
|
(ii)
Intangible Assets |
|
1.000 |
1.540 |
|
(iii)
Capital work-in-progress |
|
319.000 |
219.820 |
|
(iv)
Intangible assets under development |
|
32.620 |
0.000 |
|
(b) Non-current Investments |
|
0.130 |
0.130 |
|
(c) Deferred tax assets (net) |
|
88.800 |
88.800 |
|
(d) Long-term Loan and Advances |
|
338.180 |
232.010 |
|
(e) Other Non-current
assets |
|
16.570 |
35.140 |
|
Total Non-Current
Assets |
|
1732.190 |
1514.090 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
664.040 |
691.930 |
|
(c) Trade
receivables |
|
833.560 |
551.710 |
|
(d) Cash
and cash equivalents |
|
35.630 |
67.970 |
|
(e)
Short-term loans and advances |
|
163.130 |
171.470 |
|
(f) Other
current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
1696.360 |
1483.080 |
|
|
|
|
|
|
TOTAL |
|
3428.550 |
2997.170 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
241.520 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1368.770 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1610.290 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
701.340 |
|
|
2] Unsecured Loans |
|
|
110.350 |
|
|
TOTAL BORROWING |
|
|
811.690 |
|
|
DEFERRED TAX LIABILITIES |
|
|
51.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2472.990 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
812.140 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
26.920 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
744.950 |
|
|
Sundry Debtors |
|
|
670.130 |
|
|
Cash & Bank Balances |
|
|
45.260 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
453.400 |
|
Total
Current Assets |
|
|
1913.740 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
Other Current Liabilities |
|
|
345.150 |
|
|
Provisions |
|
|
|
|
Total
Current Liabilities |
|
|
345.150 |
|
|
Net Current Assets |
|
|
1568.590 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
65.340 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2472.990 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2680.420 |
2726.650 |
2038.210 |
|
|
|
Other Income |
5.760 |
0.590 |
29.040 |
|
|
|
TOTAL (A) |
2686.180 |
2727.240 |
2067.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
538.540 |
960.770 |
1364.090 |
|
|
|
Purchase of Stock-in-trade |
1228.940 |
703.460 |
164.910 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
24.200 |
136.420 |
(45.600) |
|
|
|
Employee Benefits Expenses |
119.970 |
102.980 |
52.220 |
|
|
|
Exceptional Items |
5.620 |
41.070 |
0.000 |
|
|
|
Other Expenses |
373.260 |
361.920 |
0.000 |
|
|
|
Administrative & Selling Expenses |
0.000 |
0.000 |
129.940 |
|
|
|
Preliminary Expenses written off |
0.000 |
0.000 |
16.680 |
|
|
|
TOTAL (B) |
2290.530 |
2306.620 |
1682.240 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
395.650 |
420.620 |
385.010 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
255.430 |
165.620 |
105.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
140.220 |
255.000 |
279.140 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
76.760 |
44.520 |
19.240 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
63.460 |
210.480 |
259.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
29.070 |
78.580 |
48.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
34.390 |
131.900 |
211.650 |
|
|
|
|
|
|
|
|
|
|
Earnings in
Foreign Currency – FOB Value |
127.200 |
340.180 |
298.680 |
|
|
|
|
|
|
|
|
|
|
Imports - Raw
Materials |
NA |
485.420 |
381.930 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.14 |
0.54 |
0.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Net Profit Margin PAT / Sales |
(%) |
1.28 |
4.84 |
10.38 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.76 |
15.43 |
18.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
2.12 |
7.83 |
9.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.13 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67 |
0.38 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.48 |
1.35 |
5.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2011 |
31.03.2012 |
|
|
|
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
|
244.460 |
244.460 |
|
Reserves & Surplus |
|
1375.340 |
1409.730 |
|
Net
worth |
|
1619.800 |
1654.190 |
|
|
|
|
|
|
long-term borrowings |
|
69.230 |
376.830 |
|
Short term borrowings |
|
546.000 |
726.870 |
|
Total
borrowings |
|
615.230 |
1103.700 |
|
Debt/Equity
ratio |
|
0.380 |
0.667 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2038.210 |
2726.650 |
2680.420 |
|
|
|
33.777 |
(1.695) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2010 |
31.03.2011 |
31.03.2012 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2038.210 |
2726.650 |
2680.420 |
|
Profit |
211.650 |
131.900 |
34.390 |
|
|
10.38% |
4.84% |
1.28% |
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 |
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 |
Yes |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
No |
LITIGATOPN
DETAILS:
|
CASE STATUS INFORMATION SYSTEM
|
REVIEW OF OPERATIONS
The year was critical for subject in view of the severe liquidity constraints faced resulting from aggressive expansion in the last two years; PCB cap on the production capacities; delay in stabilizing the operations at Unit 3; non-commencement of operations at Unit 4 and unrest due to agitations in the State. All these factors have contributed to mismatch of cash flows, which in turn resulted in defaults to various stakeholders.
During the year, the material consumption as a percentage of income at Rs.1767.48 million constituted 66.40% of income, while it was lower at 64.23% in 2010-11. With marginal increases in manufacturing and employee costs, the operating margin was lower at 14.40% as against 17.17% reported in the previous year. Hence, the operating profit was lower at Rs.383.30 million as against Rs.444.81 million in the previous year.
Further, the year witnessed inflationary pressures which impacted raw material prices, all of which could not be passed on to the customers. The tight money policy followed by the central bank, tended to firm up the interest rates affecting finance costs. Subject incurred finance costs of Rs.255.43 million, approximately 54% higher than the previous year. The impact of the prevailing external challenging conditions did impact subject's business, and despite being productivity oriented and raising the level of cost consciousness, the profit after tax was Rs.34.39 million for the year, lower than Rs.131.90 million reported in 2010-11.
SALE OF UNIT 2
Subject has taken systemic initiative to set right the tight cash flow situation by deciding to dispose of Unit 2 situated at Pashamylaram, Medak District, Andhra Pradesh. A postal ballot process has already been initiated in this regard for the approval of the Members and the result will be announced on August 31, 2012. With the funds realised from sale of Unit 2, subject expects to ease the tight cash flow situation and meet the various commitments to stakeholders and scale up the production in the remaining two units. Subject has drawn a multipronged action plan to tackle the PCB issue and is confident of resolving the same at the earliest.
The proceeds of sale shall be utilised to reduce debt burden; bring idle assets to operation; and improve liquidity. These measures are expected to make up for the loss of revenue by sale of Unit 2 through higher capacity utilisation.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
A highly organized sector, the Indian pharmaceutical industry is estimated to be worth US$ 4.5 billion, growing at about 8 to 9% annually. It ranks very high amongst all the third world countries, in terms of technology, quality and the vast range of medicines that are manufactured. It ranges from simple headache pills to sophisticated antibiotics and complex cardiac compounds with almost every type of medicine is now made in the country. The Indian pharmaceutical industry currently tops the chart amongst India's science-based industries with wide ranging capabilities in the complex filed of drug manufacture and technology.
The industry is highly fragmented with more than 20,000 registered units. It has expanded drastically in the last two decades, with severe price competition and government price control. The industry meets around 70% of the country's demand for bulk drugs, drug intermediates, pharmaceutical formulations, chemicals, tablets, capsules, orals and injectable. There are approximately 250 large units and about 8000 small scale units, which form the core of the pharmaceutical industry in India (including 5 Public Sector Units).
Indian pharmaceutical market is expected to grow at a CAGR of 15.3% between 2011-12 and 2013-14, according to a Barclays Capital Equity Research report on India Healthcare & Pharmaceuticals. The outlook on the Indian pharmaceutical industry remains favourable, according to a report by ICRA and Moody's. Domestic formulation market stood at `58,300 crore (US$ 10.54 billion) and has been ranked third in terms of volume and tenth in terms of value, globally. From 2011, trends are changing. MNCs are focusing on chronics, branded generics and launching patented products, besides expanding their field force and focusing on tier-II as well as tier- IV towns. Domestic market grew at 15%, while pharma multinational companies (MNCs) revenue grew at 18.7%.
Generics will continue to dominate the market while patent-protected products are likely to constitute 10% of the pie till 2015, according to McKinsey report 'India Pharma 2015 - Unlocking the potential of Indian Pharmaceuticals market'. India tops the world in exporting generic medicines worth US$ 11 billion. India's exports of drugs, pharmaceutical and fine chemicals grew by 27% to Rs.600000.000 Millions (US$ 10.85 billion) for the year ended March 2012, according to data compiled by Pharmaceutical Exports Council of India (Pharmaxcil).
India is expected to witness largest number of merger and acquisitions (M&As) in the pharmaceutical and healthcare sector, according to consulting firm Grant Thornton. A survey conducted across 100 companies has revealed that one-fourth of the respondents were optimistic about acquisitions in the pharmaceutical sector. 'Pharma Vision 2020' prepared by the Department of Pharmaceuticals, Government of India encourages making India one of the leading destinations for end-to-end drug discovery and innovation and for that purpose, the Department promises to provide requisite support by way of world class infrastructure, internationally competitive scientific manpower for pharma research and development (R&D), venture fund for research in the public and private domain and so on.
UNSECURED LOAN:
|
Particulars |
31.03.2012 Rs.
In Millions |
31.03.2011 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Long-term loans |
186.340 |
6.330 |
|
|
|
|
|
Total |
186.340 |
6.330 |
NOTES:
Unsecured loan: The long term unsecured loan of `170.00 million from Shri Ram City Union Finance Limited secured against personal property of the promoters and repayable in one year and carrying rate of interest @ 24% p.a.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10354681 |
24/04/2012 |
93,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
601
& 602, PENINSULA BUSINESS PARK, 6TH FLOOR,, TOWER A, SENAPATI BAPAT MARG,
LOWER PAREL,, MUMBAI, |
B39324934 |
|
2 |
10301262 |
03/10/2011 * |
195,000,000.00 |
IFCI VENTURE CAPITAL FUNDS LIMITED |
IFCI TOWER, 61 NEHRU PLACE, NEW DELHI- 110019, INDIA |
B22178271 |
|
3 |
10242550 |
29/09/2010 |
210,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
9-1-125/1, 5TH FLOOR, SIDDATH PLAZA, 44,, SAROJINI DEVI ROAD,, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A95626768 |
|
4 |
10251136 |
29/09/2010 |
210,000,000.00 |
DEVELOPMENT CREDIT BANK LIMITED |
9-1-125/1, 5TH FLOOR, SIDDATH PLAZA, 44,, SAROJINI DEVI ROAD,, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A99008260 |
|
5 |
10196116 |
30/04/2011 * |
375,000,000.00 |
ING VYSYA BANK LIMITED |
1-7-1,T.SUBBARAMI
REDDY COMPLEX,, SARDAR PATEL RO |
B13441746 |
|
6 |
10148323 |
29/03/2011 * |
450,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B12084489 |
|
7 |
10163354 |
12/01/2011 * |
350,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B05311170 |
|
8 |
10064752 |
17/08/2007 |
45,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
6549, RP ROAD,, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
A21651922 |
|
9 |
10025953 |
24/11/2006 |
144,000,000.00 |
ANDHRA PRADESH STATE FINANCIAL CORPORATION |
5-9-194, CHIRAGALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001,INDIA |
A06313548 |
|
10 |
10020419 |
12/01/2011 * |
150,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
CENTRAL PROCESSING CELL (LOANS), 5-8-363 TO 365, FIRST FLOOR, CHIRAG ALI LANE, ABIDS, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
B07493372 |
|
11 |
90128081 |
07/05/2001 |
29,000,000.00 |
CITI BANK NA |
PULLA REDDY BUILDING BEGUMPET, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
12 |
90129930 |
25/01/2001 |
28,500,000.00 |
ANDHRA BANK |
BALANGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
13 |
90129844 |
31/05/1999 * |
17,000,000.00 |
ANDHRA BANK |
BELANAGAR BRANCH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
14 |
90126202 |
10/02/2000 |
8,000,000.00 |
A P S F C |
MABOOBNAGAR, MABOOBNAGAR, ANDHRA PRADESH, INDIA |
- |
|
15 |
90129701 |
31/05/1999 |
8,000,000.00 |
ANDHRA BANK |
BALANAGAR BRANCH, HYDERABAED, ANDHRA PRADESH, INDIA |
- |
|
16 |
90125936 |
23/10/1996 |
1,430,000.00 |
A P STATE FINANCIAL CORPORATION |
R C PURAM, MEDAK, ANDHRA PRADESH, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Equipment
·
Lab Equipment
·
Vehicle
·
Office Equipment
·
Furniture and Fixtures
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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.61.85 |
|
UK Pound |
1 |
Rs.93.27 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
28 |
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.