MIRA
INFORM REPORT
|
Report Date : |
03.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SIPRA LABS LIMITED |
|
|
|
|
Registered Office : |
407, Nilgiri, Aditya Enclave, Ameerpet, Hyderabad – 500038, Andhra
Pradesh |
|
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|
Country : |
India |
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|
Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
21.01.1994 |
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Com. Reg. No.: |
01-16912 |
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CIN No.: [Company
Identification No.] |
U85195AP1994PTC016912 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS03581E |
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|
|
|
Legal Form : |
Closely held Public Limited Liability Company |
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|
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|
Line of Business : |
Wholesalers, Traders and Commission Traders, Except Motor Vehicles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 640000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
407, Nilgiri, Aditya Enclave, Ameerpet, Hyderabad – 500038, Andhra
Pradesh |
|
Tel. No.: |
91-40-23734720 / 23746873 / 874 |
|
Fax No.: |
91-40-23746871 |
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E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr. V. Satyanarayana |
|
Designation : |
Chairman & Managing Director |
|
Address : |
D – 101, Aditya Enclave, Ameerpet, Hyderabad – 500038, Andhra Pradesh |
|
Date of Birth/Age : |
27.10.1960 |
|
Date of Appointment : |
21.01.1994 |
|
|
|
|
Name : |
Mr. V. Srihari |
|
Designation : |
Director |
|
Address : |
D – 14, Usodaya Complex, Tarnaka, Secunderabad, Andhra Pradesh |
|
Date of Birth/Age : |
11.06.1961 |
|
Date of Appointment : |
21.01.1994 |
|
|
|
|
Name : |
Mr. A. Siva Ram Prasad |
|
Designation : |
Director |
|
Address : |
Plot No. 12, Shanthi Apartments, Tarnaka, Secunderabad, Andhra Pradesh |
|
Date of Birth/Age : |
18.12.1965 |
|
Date of Appointment : |
21.01.1994 |
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|
|
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Name : |
Ms. V. Madhavi |
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Designation : |
Director |
|
Address : |
D – 101, Aditya Enclave, Ameerpet, Hyderabad – 500038, Andhra Pradesh |
|
Date of Birth/Age : |
19.03.1963 |
|
Date of Appointment : |
03.07.1998 |
|
|
|
|
Name : |
Mr. V. Sitarama Swamy |
|
Designation : |
Director |
|
Address : |
S – 3, Krishnaveni Arcade, Kapra, Secunderabad, Andhra Pradesh |
|
Date of Birth/Age : |
05.06.19954 |
|
Date of Appointment : |
29.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. V. Satyanarayana |
|
1111900 |
|
Mr. V. Sri Hari |
|
129500 |
|
Mr. A. Sivaram Prasad |
|
10000 |
|
Mr. V. Sitaravamma |
|
143000 |
|
Mr. A. Laxmi |
|
50000 |
|
Mr. V. Rajya Lakshmi |
|
64000 |
|
Mr. V. Hemalatha Bhaskar |
|
77000 |
|
Mr. V. Srinivasa Rao |
|
126066 |
|
Mr. TSR. Swamy |
|
50800 |
|
Mr. V. Sri Rama |
|
83600 |
|
Mr. A. Sitaram Prasad |
|
128000 |
|
Ms. V. Madhavi |
|
324925 |
|
Mr. V. Sri Padma |
|
108000 |
|
Ms. K. Kamalabai |
|
20000 |
|
Mr. V. Sri Ram |
|
23785 |
|
Mr. V. Sri Harsha |
|
26000 |
|
Mr. V. Poornachandra Rao |
|
31000 |
|
Mr. V. Swaroop |
|
15000 |
|
Mr. A. Vijaya Lakshmi |
|
53000 |
|
Mr. M. Srinivas Rao |
|
2500 |
|
Mr. K. Srinivas Rao |
|
2500 |
|
Mr. K. Sreedhar |
|
2500 |
|
Mr. G. Nageswara Rao |
|
2500 |
|
Mr. G. Sitaratnam |
|
30000 |
|
Mr. J. Sita |
|
15000 |
|
Mr. S. Surekha |
|
5000 |
|
Mr. V. Sri Teja |
|
17500 |
|
Mr. Lalit Vaya |
|
1000 |
|
Mr. A. Maheswara Reddy |
|
1000 |
|
Mr. P. Laxamana Rao |
|
1000 |
|
Dr. Raj Philip |
|
1000 |
|
Mr. Saroop Kumar |
|
1000 |
|
Mr. D. Venugopal |
|
700 |
|
Mr. R. Shyam Sundhar |
|
500 |
|
Mr. I. Bhanu Prakash |
|
500 |
|
Ms. P. Saritha Yadav |
|
500 |
|
Ms. A. Saradha Rani |
|
500 |
|
Mr. P. K. Desh Pridesh |
|
500 |
|
Mr. A. Narayana Swamy |
|
500 |
|
Mr. S. V. Mohan Naik |
|
250 |
|
TOTAL |
|
2662026 |
All the shares are held by the Directors and relatives of directors.
BUSINESS DETAILS
|
Line of Business : |
Wholesalers, Traders and Commission Traders, Except Motor Vehicles. |
|
|
|
|
Products : |
Testing and Services Charges |
GENERAL INFORMATION
|
No. of Employees : |
About 75 |
|
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Bankers : |
Canara Bank |
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Financial Institutions : |
A.P.S.F.C. |
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Facilities : |
Secured Loans : A.P.S.F.C. Loan : Rs.28.200 millions |
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|
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Banking
Relations : |
Satisfactory |
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|
|
|
Auditors : |
|
|
Name : |
Paturi & Associates Charteres Accountants |
|
Address : |
203, Crystal Residency, Jayaprakash Nagar, Opposite Lane State House
Bus Stop, Yellareddyguda, Hyderabad – 500073, Andhra Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3405026 |
Equity Shares |
Rs.10/- each |
Rs.34.050
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.050 |
27.180 |
21.280 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
126.907 |
55.085 |
18.448 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
160.957 |
82.265 |
39.728 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
18.000 |
28.200 |
0.418 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
18.000 |
28.200 |
0.418 |
|
|
DEFERRED TAX LIABILITIES |
13.357 |
16.881 |
3.669 |
|
|
|
|
|
|
|
|
TOTAL |
192.314 |
127.346 |
43.815 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
100.722 |
105.172 |
50.337 |
|
|
Capital work-in-progress |
51.936 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.973 |
4.208 |
0.320 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.548
|
0.521 |
0.401 |
|
|
Sundry Debtors |
37.853
|
28.435 |
18.046 |
|
|
Cash & Bank Balances |
10.486
|
12.760 |
9.602 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
13.501
|
3.615 |
7.334 |
|
Total
Current Assets |
62.388
|
45.331 |
35.383 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities & Provisions |
24.705
|
27.365 |
42.225 |
|
Total
Current Liabilities |
24.705
|
27.365 |
42.225 |
|
|
Net Current Assets |
37.683
|
17.966 |
[6.842] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
192.314 |
127.346 |
43.815 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
143.001 |
137.548 |
90.197 |
|
|
Other Income |
1.786 |
0.552 |
0.006 |
|
|
Total Income |
144.787 |
135.100 |
90.203 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
73.454 |
63.440 |
15.409 |
|
|
Provision for Taxation |
0.000 |
23.403 |
5.484 |
|
|
Profit/(Loss) After Tax |
73.454 |
40.037 |
9.925 |
|
|
|
|
|
|
|
|
Total Earnings |
NA |
9.834 |
3.731 |
|
|
|
|
|
|
|
|
Total Imports |
NA |
0.128 |
0.000 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
26.435 |
|
|
Raw Material Consumed |
9.386 |
15.819 |
21.331 |
|
|
Salaries, Wages, Bonus, etc. |
14.509 |
12.698 |
11.314 |
|
|
Financial Charges |
NA |
NA |
0.373 |
|
|
Depreciation & Amortization |
10.603 |
9.571 |
6.348 |
|
|
Other Expenditure |
36.835 |
33.572 |
8.992 |
|
Total Expenditure |
71.333 |
71.660 |
74.794 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
50.73
|
29.63 |
11.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
50.73
|
46.96 |
17.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
45.03
|
42.15 |
17.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.77 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26
|
0.67 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52
|
1.66 |
0.84 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
|
Corporation identity number or foreign company registrations number of the company |
U85195AP1994PTC016912 |
|
Name of the company |
SIPRA LABS LIMITED |
|
Address |
407, Nilgiri, Aditya Enclave, Ameerpet, Hyderabad – 500038, Andhra
Pradesh |
|
This Form is for |
Creation of charge |
|
Type of Charges |
Equitable mortgage or mortgage of property by depositing the title
deeds |
|
Particular of the charge holder |
State Bank of India Overseas Branch, 5-9-300, ABIDS, Hyderabad-500001 Andhra Pradesh, India |
|
Nature or description of the instrument creating charge |
Agreement of loan for overall limits Agreement of hypothecation of goods Agreement of pledge of goods and assets Deed of guarantees for overall limit Form C-5 and Form C-9 |
|
Date of the instrument creating charge |
18.02.2006 |
|
Amount Secure by the charge |
Rs.151.800 millions |
|
Brief of the principal terms and conditions and extent and operation of the charge |
Fund based Rs.145 millions and non fund based Rs.6.800 millions total 151.800 millions. Repayment in 6 years in 20 quarters of Rs.7.25 millions each commencing from 01.04.2007. The interest is 9% fixed with reset at the end of every second year. |
|
Description of the property charge whether it is a charge on |
Immovable properties |
|
Modification charge Charge identification number of the charge to be modified |
|
|
Date of instrument modifying the charge |
|
|
Particulars of the Property charged |
First charge on fixed assets if Unit II at 7-2-1813/5/A, 59/6 Sanathnagar Industrial Estate, Sanathnagar, Hyderabad Second charge on the fixed assets of unit I situated at 407, Nilgiri, Aditya Enclave, Ameerpet, Hyderabad-38. |
Company’s fixed assets include Land, Building, Machinery, Electrical
fittings, Lab Equipments, Furniture and Fixtures, Vehicles, Computer and
Electric Items and Advance for land.
Website Details :
SIPRA Labs is a Government. approved and ISO-9001:2000 Certified
state-of-the-art Pharmaceutical / Analytical laboratory set up for providing
specialised services for
v
Bio-Availability
v
Bio-Equivalence
v
Stability and method development studies
The other major thrust areas of SIPRA Labs are Research and Development
of Pharmaceuticals and Drug Intermediates.
Impurity profile estimation, Study of Drug release patterns
and Environmental Impact Assessment studies.
In order to meet all the above requirements of their
clients, SIPRA Labs set up its facilities at Hyderabad, the nerve center for
Indian Drug Industry, with a capital outlay of Rs. 25 million. It is well
equipped with state-of-the-art electronic instruments and an experienced team
of young and enthusiastic scientists for providing professional services in the
field of Drugs, Pharmaceuticals, Chemicals, Foods, Process wastes and
environmental studies.
Sipra Labs adheres to the following quality standards:
v
Indian Pharmacopoeia - IP
v
US Pharmacopoeia - USP
v
British Pharmacopoeia - BP
v
European Pharmacopoeia - EP
v
Japanese Pharmacopoeia - JP
v
Association of American Chemists – AOAC
v
Bureau of Indian Standards - BIS
v
ISO 9002 Standards (Australia, Quality Assurance Services)
v
Drug Control Administration (Government of India)
v
Good Laboratory Practices Recognized Research Institution,
v
Andhra University - Waltair
v
DST Accreditation
Awards:
They received several awards from the chemical and pharmaceutical industry in
recognition of high quality service.
v
ISO 9002 certification from Bureau Veritas Quality
International.
v
The Drug Controller General (India) approval for conducting
Bio-Availability & Bio-Equivalence studies for new drugs.
v
Approved by Drug Control Administration Govt. of Andhra
Pradesh & India. as a testing laboratory.
v
Procedures for getting the approval from Andhra Pradesh
Pollution Control Board, Hyderabad
v
Recognised as a research center by some Indian Universities
Clients
v
Johnson & Johnson Limited
v
Proctor & Gamble India Limited
v
Parke-Davis India Limited
v
Knoll Pharmaceuticals India Limited
v
Novartis Nutrition (India) Private Limited
v
Astra-IDL Limited
v
ICI India Limited
v
Uni Sankyo Limited
v
Wyeth Lederle Limited
v
Nicholas Piramal Limited
v
Fulford India Limited
Indian
National Corporations
v
Aurobindo Pharma Limited
v
Core Parenterals Limited
v
Dr. Reddy's Labs Limited
v
Geoffrey Manners & Company Limited
v
Gland Pharma Limited
v
Max Pharma.
v
Natco Pharma Limited
v
Neuland Laboratories Limited
v
N.R. Jet Enterprises.
v
Orchid Chemicals & Pharmaceuticals Limited
v
Ranbaxy Laboratories Limited
v
Sang Froid Pharma India Limted
v
Siris Limited
v
Sun Pharmaceutical Works Limited
v
Suven Pharmaceuticals Limited
v
Torrent Pharmaceuticals Limited
v
Triton Laboratories Limited
v
T.T.K Pharma Limited
v
Veer Chemie & Aromatics Limited
v
Vorin Laboratories Limited
v
Kerala State Drugs & Pharmaceuticals Limited
v
Maharashtra Antibiotics & Pharma Limited
v
Goa Antibiotics & Pharmaceuticals Limited
v
Indian Immunologicals Limited
v
Govt Medical Stores Depot, Hyderabad, Chennai, Mumbai, New
Delhi.
v
AP Vaidya Vidhana Parishad, Hyderabad.
v
Dept of Woman and Child Welfare, Hyderabad.
v
South Central Railways, Hyderabad.
v
TN Medical Services Corp, Chennai
v
Dept of Health and Family Welfare, Orissa
Accreditations
v
DSIR – recognized in-house R & D Unit(s).
v
ISO 9001:2000 (QAS Australia)
v
NABL (ISO / IEC 17025:1999)
v
CPCSEA (Ministry of Social Justice, Government of India)
v
Drugs Controller General of India (DCGI)
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.42.90 |
|
UK Pound |
1 |
Rs.84.69 |
|
Euro |
1 |
Rs.57.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|