MIRA
INFORM REPORT
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Report Date : |
31.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SPC LIFE SCIENCES PRIVATE LIMITED |
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Registered Office : |
102, ‘TORAN’ Complex, Vikas
Nagar, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
15.06.2005 |
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Com. Reg. No.: |
04-46252 |
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CIN No.: [Company
Identification No.] |
U24230GJ2005PTC046252 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS04895C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Chemicals |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 8000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company and in the process of establishing
itself. As per first available financials the company had done satisfactory
business. Payments are reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions with slight caution initially. |
LOCATIONS
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Registered Office / Factory : |
102, ‘TORAN’ Complex, Vikas
Nagar, |
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Tel. No.: |
91-265-2352496 |
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Mobile No.: |
91-9998016175 / 9998016176 |
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Fax No.: |
91-265-2352496 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Ms. Snehal Ravjibhai Patel |
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Designation : |
Managing Director |
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Address : |
72, Alka Society, Near |
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Date of Birth/Age : |
01.06.1976 |
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Date of Appointment : |
03.04.2006 |
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Other Directorship : |
Genesis Organics Private Limited U24119GJ2001PTC039966 |
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Name : |
Ms. Tejas Ravjibhai Patel |
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Designation : |
Director |
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Address : |
72, Alka Society, Near |
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Date of Birth/Age : |
01.01.1979 |
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Date of Appointment : |
03.04.2006 |
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Other Directorship : |
Genesis Organics Private Limited U24119GJ2001PTC039966 |
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Name : |
Ms. Sangitaben Ravjibhai Dudhat |
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Designation : |
Director |
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Address : |
72, Alka Society, Near |
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Date of Birth/Age : |
01.06.1952 |
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Qualification : |
03.04.2006 |
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Other Directorship : |
Genesis Organics Private Limited U24119GJ2001PTC039966 |
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Name : |
Mr. Ravjibhai Dudabhai Dudhat |
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Designation : |
Director |
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Name : |
Ms. Mili Snehal Patel |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Dudhat Ravjibhai |
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5000 |
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Mili Patel |
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5000 |
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Total |
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10000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors of relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Chemicals |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
Indian Overseas Bank, Dandia Bazar Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. Patel and Company Chartered Accountants |
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Address : |
212/213, Orient Business Centre, |
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Tel. No.: |
91-265-2361204 / 2361206 |
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Fax No.: |
91-265-2226371 |
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Associates/Subsidiaries : |
[ CIN No :
U24119GJ2001PTC039966]
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
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2] Share Application Money |
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1.900 |
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3] Reserves & Surplus |
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0.074 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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2.074 |
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LOAN FUNDS |
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1] Secured Loans |
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11.306 |
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2] Unsecured Loans |
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0.003 |
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TOTAL BORROWING |
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11.309 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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13.383 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.041 |
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Capital work-in-progress |
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0.064 |
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INVESTMENT |
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1.111 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Sundry Debtors |
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21.083 |
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Cash & Bank Balances |
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3.671 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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0.753 |
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Total
Current Assets |
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25.507 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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12.787 |
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Provisions |
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0.587 |
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Total
Current Liabilities |
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13.374 |
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Net Current Assets |
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12.133 |
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MISCELLANEOUS EXPENSES |
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0.034 |
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TOTAL |
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13.383 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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32.251 |
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Other Income |
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0.012 |
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Total Income |
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32.263 |
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Profit/(Loss) Before Tax |
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0.113 |
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Provision for Taxation |
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0.039 |
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Profit/(Loss) After Tax |
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0.074 |
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Earnings in Foreign Currency : |
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Total Earnings |
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32.251 |
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Expenditures : |
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Material Consumed |
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27.037 |
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Direct Expenses |
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3.389 |
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Personnel Expenses |
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0.167 |
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Selling and Distribution Expenses |
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1.366 |
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Financial Expenses |
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0.188 |
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Depreciation & Amortization |
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0.003 |
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Total Expenditure |
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32.150 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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0.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.35 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.44 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.90 |
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Current Ratio (Current Asset/Current Liability) |
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1.91 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U24230GJ2005PTC046252 |
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Name of the
company |
SPC LIFE SCIENCES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
102, ‘TORAN’ Complex, Vikas
Nagar, |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
Indian Overseas Bank, Dandia Bazar Branch, |
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Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds by way of equitable mortgage of industrial plot No.
3611/1-2-3, GIDC Industiral Estate, Makarpura, Vadodara – 390010. the name of
SPC
LIFE SCIENCES PRIVATE LIMITED |
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Date of
instrument Creating the charge |
01.12.2006 |
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Amount secured by
the charge |
Rs. 57.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Usance bill
discounting foreign of Rs. 20.000 Millions upto 90 days sight with interest
rate 8.50 % p.a. Cash Credit of Rs. 2.500 Millions with interest rate 14.50 %
p.a., LC of Rs. 15.000 Millions, L/G of Rs. 5.000 Millions. TL – Machineries
of Rs. 12.700 Millions interest rate 14.75 % p.a. repayable in 16 quarterly
installments of Rs. 0.794 Millions and TL Factory Building of Rs. 1.800
Millions interest rate 14.75 % p.a. repayable in 16 quarterly installments fo
Rs. 0.113 Million. Terms of
repayment TL – Machineries
of Rs. 12.700 Millions interest rate 14.75 % p.a. repayable in 16 quarterly
installments of Rs. 0.794 Millions and TL – Margin Usance bill
discounting foreign of Rs. 20.000 Millions upto 90 days sight, Margin 25 %, cash
Credit of Rs. 2.500 Millions interest Margin 25 %, L/C of Rs. 15 Millions,
Margin 25 %, L/G of Rs. 5.000 Millions, Margin 25 %, T/L Machineries of Rs.
12.700 Millions, Margin 25 % and TL - Extent operation
of the charge Usance bill
discounting foreign of Rs. 20.000 Millions upto 90 days sight, interest rate
8.50 % p.a. Cash Credit of Rs. 2.500 Millions with interest rate 14.50 %
p.a., LC of Rs. 15.000 Millions, L/G of Rs. 5.000 Millions. TL – Machineries
of Rs. 12.700 Millions interest rate 14.75 % p.a. repayable in 16 quarterly
installments of Rs. 0.794 Millions and TL Factory Building of Rs. 1.800
Millions interest rate 14.75 % p.a. repayable in 16 quarterly installments fo
Rs. 0.113 Million. |
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Short particulars
of the property charged |
Industrial Plot
No. 3611/1, 2 & 3, GIDC industrial Estate, Ankleshwar, District Bharuch |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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 |
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US Dollar |
1 |
Rs.40.44 |
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1 |
Rs.82.03 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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