MIRA
INFORM REPORT
|
Report No. : |
348431 |
|
Report Date : |
04.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
VASUDHA PHARMA CHEM LIMITED |
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|
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Registered
Office : |
78/A, Vengal Rao Nagar, |
|
Tel. No.: |
91-40-44763666 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.12.1994 |
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Com. Reg. No.: |
36-019021 |
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Capital
Investment / Paid-up Capital : |
Rs. 350.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230TG1994PLC019021 |
|
|
|
|
IEC No.: |
0995005621 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDV02144C |
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PAN No.: [Permanent Account No.] |
AAACV9857D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Active Pharmaceutical Ingredients and Pharma
Intermediates. |
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|
|
No. of Employees
: |
900 (Approximately) (400
Permanent + 500 Contractor) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was established in the year 1994 engaged in manufacturing Pharmaceutical Ingredients. Its products include piperidone and piperidine derivatives. For the financial year ended 2014, company has reported marginal growth of 5.80% in its revenue profile and it has maintained decent profit margins at 11.21% during the year under a review. Rating takes into consideration company’s established track record of business operations supported by extensive industry experience of promoters and long standing relationship with its customer. Rating also takes into account of healthy financial profile marked by its adequate net worth base along with sound debt coverage indicators and healthy liquidity position. However, rating strength is partially offset by prevailing uncertain regulatory environment in the Indian pharma industry and ever increasing competition. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good 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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Kumar |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-40-44763666 |
|
Date : |
07.08.2015 |
LOCATIONS
|
Registered Office : |
78/A, Vengal Rao Nagar, Hyderabad – 500038, Telangana, India |
|
Tel. No.: |
91-40-44763666/ 23711717/ 23812046 |
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Fax No.: |
91-40-23706696/ 23811576 |
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E-Mail : |
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Website : |
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Unit I:
|
Plot No. 39, A and B, Phase I, I.D.A, Jeedimetla, Hyderabad - 500055 |
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Unit II:
|
Plot No. 79, Jawaharlal Nehru Pharma City, Parawada, District
Vishakhapatnam - 531021, Telangana, India |
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Unit III:
|
Plot No. 23, 24, Jawaharlal Nehru Pharma City, Parawada, District
Vishakhapatnam - 531021, Telangana, India |
DIRECTORS
AS ON 10.09.2014
|
Name : |
Mr. Venkata Ramaraju Manthena |
|
Designation : |
Managing director |
|
Address : |
Plot No. 281, F/A Road, No. 10B, Jubilee Hills, Hyderabad – 500033, Telangana, India |
|
Date of Birth/Age : |
15.06.1946 |
|
Qualification : |
M Sc (Organic Chemistry) |
|
Date of Appointment : |
04.09.2012 |
|
PAN No.: |
AARPM1206D |
|
DIN No.: |
00085767 |
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|
|
|
Name : |
Mr. Ashok Srinivasa Raju Mantena |
|
Designation : |
Whole-Time Director |
|
Address : |
Flat No. 1201, A Block, Fortune Towers, Madhapur, Beside Petrol Bank,
Hyderabad – 500081, Telangana, India |
|
Date of Birth/Age : |
26.03.1972 |
|
Qualification : |
M S (Chemical Engineering) |
|
Date of Appointment : |
01.01.2012 |
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DIN No.: |
00085896 |
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|
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Name : |
Mr. Anand Manthena |
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Designation : |
Whole-Time Director |
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Address : |
8-2-293/82/A/667, Road No.33, Jubilee Hills, Hyderabad - 500033,
Telangana, India |
|
Date of Birth/Age : |
10.06.1974 |
|
Qualification : |
MBA |
|
Date of Appointment : |
01.01.2012 |
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DIN No.: |
00085970 |
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|
|
|
Name : |
Mr. Jagadeeswaravarma Raju Vegesana |
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Designation : |
Whole-Time Director |
|
Address : |
Plot No. 62, Behind Siddarthanagar, Hyderabad – 500038, Telangana, India |
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Date of Birth/Age : |
10.08.1955 |
|
Qualification : |
M com |
|
Date of Appointment : |
01.04.2012 |
|
DIN No.: |
01125213 |
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|
|
|
Name : |
Mr. Venkata Surya Naga Vara Prasad Raju Mantena |
|
Designation : |
Whole-Time Director |
|
Address : |
Flat No.101, Nakshatra Castle, Prashanti Nagar,
Kurmannapalem, Gajuwaka, Visakhapatnam - 530046, Andhra Pradesh, India |
|
Date of Birth/Age : |
10.08.1964 |
|
Qualification : |
B com |
|
Date of Appointment : |
20.09.2012 |
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DIN No.: |
00686034 |
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|
|
|
Name : |
Mr. Venkata Raju Kalidindi |
|
Designation : |
Director |
|
Address : |
#G2, Parimala Pride, "C" Block, Aecs Layout, Kundalahalli, Bangalore - 560037, Karnataka, India |
|
Date of Birth/Age : |
08.06.1964 |
|
Qualification : |
Bachellor of Engineer |
|
Date of Appointment : |
23.03.2009 |
|
DIN No.: |
02568582 |
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|
|
|
Name : |
Venkatachelam Samba Murthy Perinkolam |
|
Designation : |
Director |
|
Address : |
H.N. 8-2-310/R/8 Road, No. 14, Banjara Hills, Hyderabad – 500034,
Andhra Pradesh, India |
|
Date of Birth/Age : |
13.09.1938 |
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Date of Appointment : |
23.09.2011 |
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DIN No.: |
03598725 |
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|
|
|
Name : |
Venkatanaga Mantena Madhusudhan Raju |
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Designation : |
Whole Time Director |
|
Address : |
Plot No. 498, Bhagat Singh Nagar, ADJ to Vasanth Nagar, Kukatpally,
Hyderabad – 500072, Telangana, India |
|
Date of Birth/Age : |
02.05.1976 |
|
Date of Appointment : |
01.04.2012 |
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DIN No.: |
00685753 |
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|
|
|
Name : |
Mr. Venkata Rama Raju Gadiraju |
|
Designation : |
Director |
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Address : |
2-2-23/22/15, Bagh Amberpet, Hyderabad – 500013, Telangana, India |
|
Date of Birth/Age : |
03.04.1939 |
|
Date of Appointment : |
17.06.2013 |
|
DIN No.: |
01873163 |
KEY EXECUTIVES
|
Name : |
Mr. Pavani Tulasi Pullipaka |
|
Designation : |
Secretary |
|
Address : |
Plot No. 256, Near Mallanna Temple Employees Colony Yapral
Secunderabad, Hyderabad – 500087, Telangana, India |
|
Date of Birth/Age : |
15.08.1965 |
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Date of Appointment : |
01.03.2013 |
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PAN No.: |
BBJPP8920R |
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|
Name : |
Mr. Kumar |
|
Designation : |
Finance Manager |
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|
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|
Name : |
Mr. Jagadeeswaravarma Raju Vegesana |
|
Designation : |
Chief Finance Officer |
|
Address : |
Plot No.62, Behind Vengalrao Nagar, Siddarthanagar,
Hyderabad, 500038, Telangana, India |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
ABHPV6466F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED.
Equity Share Break up (Percentage of Total Equity)
AS ON 10.09.2014
|
Category |
Percentage |
|
Bodies corporate |
0.99 |
|
Directors or relatives of Directors |
96.75 |
|
Other top fifty shareholders |
2.26 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Active Pharmaceutical Ingredients and Pharma
Intermediates. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
China ·
European Countries ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Singapore |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers
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No. of Employees : |
900 (Approximately) (400
Permanent + 500 Contractor) |
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Bankers : |
· Standard Chartered Bank, 6-3-1090, Rajbhavan Road, Somajiguda, Hyderabad - 500082, Telangana, India · Citibank N.A, Queens Plaza, S P Road, Secunderabad - 500003, Telangana, India · HDFC Bank Limited, HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai - 400013, Maharashtra, India · Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai - 400021, Maharashtra, India · Union Bank of India, Somajiguda Branch, Hyderabad, Andhra Pradesh, India · Export-Import Bank of India, Floor 21, Centre One Building, World Trade Centre, Cuffe Parade, Mumbai - 400006, Maharashtra, India
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Paturi and Associates Chartered Accountants |
|
Address : |
G1, Jayaramakrishna
Residency, Jaya Prakash Nagar, Yellareddyguda, Hyderabad – 500073, Telangana, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AAQPP2545M |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other Related Party: |
· Shriram Chlorochem Limited, India [U24100TG1996PLC024189] ·
Vasudha Organics Limited, India
[U24230TG1991PLC013162] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
350.000 |
350.000 |
350.000 |
|
(b) Reserves & Surplus |
1888.244 |
1451.866 |
1007.520 |
|
(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) |
2238.244 |
1801.866 |
1357.520 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
46.993 |
96.957 |
146.009 |
|
(b) Deferred tax liabilities
(Net) |
46.822 |
44.445 |
42.359 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
60.942 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
93.815 |
141.402 |
249.310 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
784.072 |
610.738 |
596.133 |
|
(b) Trade payables |
434.261 |
235.231 |
370.006 |
|
(c) Other current liabilities |
236.616 |
188.276 |
138.953 |
|
(d) Short-term provisions |
8.712 |
2.064 |
13.802 |
|
Total
Current Liabilities (4) |
1463.661 |
1036.309 |
1118.894 |
|
|
|
|
|
|
TOTAL |
3795.720 |
2979.577 |
2725.724 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
930.454 |
814.669 |
842.470 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
88.563 |
42.647 |
13.157 |
|
(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 |
16.190 |
20.931 |
7.750 |
|
(e) Other Non-current assets |
0.000 |
0.065 |
0.130 |
|
Total
Non-Current Assets |
1035.207 |
878.312 |
863.507 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
938.083 |
737.498 |
515.158 |
|
(c) Trade receivables |
1327.164 |
1014.254 |
1030.903 |
|
(d) Cash and cash equivalents |
287.053 |
157.622 |
165.745 |
|
(e) Short-term loans and
advances |
208.213 |
191.891 |
150.411 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2760.513 |
2101.265 |
1862.217 |
|
|
|
|
|
|
TOTAL |
3795.720 |
2979.577 |
2725.724 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
4264.092 |
4029.260 |
3823.691 |
|
|
Other Income |
2.722 |
2.814 |
1.953 |
|
|
TOTAL
(A) |
4266.814 |
4032.074 |
3825.644 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2529.560 |
2340.043 |
2462.296 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(253.602) |
(62.877) |
(77.727) |
|
|
Employees benefits expense |
258.760 |
211.098 |
178.980 |
|
|
Other expenses |
851.763 |
762.859 |
631.947 |
|
|
TOTAL
(B) |
3386.481 |
3251.123 |
3195.496 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
880.333 |
780.951 |
630.148 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
58.945 |
36.597 |
57.061 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
821.388 |
744.354 |
573.087 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
92.155 |
86.224 |
82.571 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
729.233 |
658.130 |
490.516 |
|
|
|
|
|
|
|
Less |
TAX (H) |
251.366 |
214.431 |
160.281 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
477.867 |
443.699 |
330.235 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
199.200 |
105.500 |
35.300 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Tax expense/(benefit) of prior
years |
41.500 |
0.000 |
0.000 |
|
|
Transfer to General Reserve |
350.000 |
350.000 |
260.000 |
|
|
Balance
Carried to the B/S |
285.600 |
199.200 |
105.500 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1709.777 |
1327.946 |
1202.527 |
|
|
TOTAL
EARNINGS |
1709.777 |
1327.946 |
1202.527 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
693.635 |
775.655 |
771.142 |
|
|
Packing Materials |
0.460 |
0.405 |
0.764 |
|
|
Capital Goods |
6.001 |
3.959 |
3.742 |
|
|
Stores and Spares and Lab Chemicals |
0.411 |
0.694 |
0.304 |
|
|
TOTAL
IMPORTS |
700.507 |
780.713 |
775.952 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
13.65 |
12.68 |
9.44 |
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
5100.000 |
Expected Sales (2015-2016): Rs.5400.000 Million
The above information has been parted by Mr. Kumar.
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
49.964 |
47.059 |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
629.334 |
443.077 |
399.062 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin
(PAT / Sales) |
(%) |
11.21 |
11.01 |
8.64 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.65 |
19.38 |
16.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.67 |
22.41 |
18.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.37 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.39 |
0.42 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89 |
2.03 |
1.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
350.000 |
350.000 |
350.000 |
|
Reserves & Surplus |
1007.520 |
1451.866 |
1888.244 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1357.520 |
1801.866 |
2238.244 |
|
|
|
|
|
|
long-term borrowings |
146.009 |
96.957 |
46.993 |
|
Short term borrowings |
596.133 |
610.738 |
784.072 |
|
Total
borrowings |
742.142 |
707.695 |
831.065 |
|
Debt/Equity
ratio |
0.547 |
0.393 |
0.371 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3823.691 |
4029.260 |
4264.092 |
|
|
|
5.376 |
5.828 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
3823.691 |
4029.260 |
4264.092 |
|
Profit |
330.235 |
443.699 |
477.867 |
|
|
8.64% |
11.01% |
11.21% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
ITTA 331 / 2010 |
ITTASR 2218 / 2008 |
CASE IS:PENDING |
|
|
PETITIONER |
|
RESPONDENT |
|
|
THE COMMISSIONER OF INCOME TAX-III |
VS |
M/S.VASUDHA PHARMA CHEM LTD |
|
|
PET.ADV. : NARASIMHA SARMA |
|
RESP.ADV. : PUSHYAM KIRAN |
|
|
SUBJECT: U/Sec. 143 Assessment |
|
DISTRICT: HYDERABAD |
|
|
FILING DATE: 23-03-2010 |
POSTING STAGE : FOR ADMISSION |
|
|
|
REG. DATE : 23-03-2010 |
LISTING DATE : 05-07-2010 |
STATUS : ADMIT |
|
|
HON'BLE JUDGE(S): |
|
B.PRAKASH RAO |
RAMESH RANGANATHAN |
FINANCIAL HIGHLIGHTS
Gross Revenue of Rs. 4638.800 Million and Net Revenue of Rs. 4264.100 Million from operations were achieved during the financial year 2013-14, both registering a growth of 6% over the previous year. During year Export Sales has grown to Rs.2179.200 Million registering a growth of 21% over the previous year. Revenue from Export sales and Export incentives accounts for 48% of Gross Revenue from operations. Profit Before Depreciation, Interest and Tax for the year was Rs.915.000 Million and Profit Before Tax for the year was Rs. 729.200 Million, both registering a growth of 11% over the previous year. Profit After Tax for the year was Rs.477.900 Million, registering a growth of 8% over the previous year.
REVIEW OF OPERATIONS:
During the year, the company’s Earnings Before Interest, Tax, Depreciation, Amortization (EBITDA)/Net Sales margin crossed 21% for the first time in the history of the Company, which is a highly respected level for generic Active Pharmaceutical Ingredient (API) players who do not have Contract Research and Manufacturing Services (CRAMS) and Joint Ventures. Comparing Financial Year 2013-14 financial performance over Financial Year 2005-06, EBIDTA has grown from Rs.65.00 Million to Rs.915.000 Million, Profit Before Tax has grown from Rs.40.000 Million to Rs.730.000 Million and Profit After Tax has grown from Rs.26.000 Million to Rs.480.000 Million. The Company could build a sustainable business model in Active Pharmaceutical Ingredients (APIs) manufacturing and continue to be the largest producer in the country in Domperidone, Pantoprazole Sodium, Losartan Potassium and Loratadine.
Inspite of macroeconomic challenges and weak global economy, the company s export performance could contribute 48% to its total revenue. The Company was successful in balancing its direct exports across geographies.
Share of Europe was reduced to 32%, share of East Asia increased to 24%, share of Latin America reduced to 14% and share of South Asia increased to 13% out of total direct exports of the Company.
The Company obtained Certificate of Suitability (C.O.S) for five products from European authorities, Import Drug
License for three products from Chinese authorities, Korean FDA approval for two products and Mexican GMP certificate for three products upto FY 2013-14. In addition, the Company has also filed Drug Master Files (DMFs) for six products with US FDA, five products for C.O.S. certification, two products with Japanese authorities, four products with Chinese authorities and three products with Korean FDA.
India Ratings Pvt. Ltd. has upgraded Vasudha Pharma Chem Limiteds National Long Term Rating to IND A- from IND BBB+ and Short Term Debt Rating to IND A1 from IND A2 during September, 2013.
OUTLOOK
The Company has earmarked Rs.300.000 Million for capital expenditure during the Financial Years 2013-14 and FY 2014-15, which will add one more production Block in Unit-III and also enable optimum utilization of all the present three facilities. The Company has also acquired about 26 acres of land from APIIC Ltd., Special Projects Zone, Atchutapuram, Visakhapatnam District, Andhra Pradesh at a cost of about Rs.100.000 Million for future capacity additions. The entire aforesaid capital expenditure of Rs.400.000 Million is being met from the internal accruals of the Company.
The Company is working to have continuous flow of new products development for launching between Financial Year 2014-15 and Financial Year 2016-17. The Company will continue its initiatives of filing DMFs and penetrate business in European, U.S.A., Chinese, Japanese and Korean markets.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Deferred payment liabilities |
23.464 |
26.369 |
|
Total |
23.464 |
26.369 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10526824 |
25/06/2015 * |
200,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
6-3-1107 & 1108, RAJ BHAVAN ROAD, SOMAJIGUDA, HYD |
C58595596 |
|
2 |
10242810 |
18/06/2013 * |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B81140428 |
|
3 |
10173480 |
28/03/2014 * |
280,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL |
C03786290 |
|
4 |
10133649 |
25/06/2015 * |
100,000,000.00 |
STANDARD CHARTERED BANK |
6-3-1090, T S R TOWERS, RAJBHAVAN ROAD, SOMAJIGUD |
C58604760 |
|
5 |
10053700 |
25/06/2015 * |
170,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27 BKC, C 27, "G" BLOCK, BANDRA KURLA COMPLEX,
BA |
C58685728 |
|
6 |
90123295 |
28/03/2014 * |
350,000,000.00 |
CITIBANK N.A |
CITIBANK N.A, QUEENS PLAZA, S P ROAD, SECUNDERABA |
C03317435 |
* Date of charge modification
CONTINGENT
LIABILITIES (AS ON 31.03.2014):
Contingent
Liabilities not provided for in respect of Irrevocable Documentary Letters of
Credit of Rs .75.857 Million (previous year Rs.37.841 Million) and Bank
Guarantees given by Bankers on behalf of the company of Rs.0.446 Million
(previous year Rs.0.291 Million).
26.
With reference to the search operation U/s 132 of Income Tax Act on the company
on 11.11.2010, company has received assessment orders during the year for the
block period of AY 2005-06 to AY 2010-11 and paid taxes there on of Rs.41.489
Million and considered as ?Tax expense of prior years’ adjusted to Profit and
Loss Account? under Reserves and Surplus.
FIXED ASSETS
Tangible assets
· Land
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
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 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. 65.45 |
|
UK Pound |
1 |
Rs. 100.96 |
|
Euro |
1 |
Rs. 72.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SYL |
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 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.