MIRA
INFORM REPORT
|
Report Date : |
20.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
SPINCO BIOTECH PRIVATE LIMITED |
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Registered Office : |
4, Vaidyaram Street, Madras –
600 017, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.12.1991 |
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Com. Reg. No.: |
18-21876 |
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CIN No.: [Company
Identification No.] |
U24294TN1991PTC21876 |
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IEC No.: |
0492020515 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES02925G |
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PAN No.: [Permanent
Account No.] |
AAACS9295A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is an Agents of HPLC Column, ELSD Detectors, Fluid Transfer products,
GPC Column, Rotor Seals, Manual Inspector, Mass Spectrometer, Freeze Dryers. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 14708 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track. Financial
position is good. Payments are always correct and as per commitments. Trade relations are fair. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
- run. |
LOCATIONS
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Registered Office / Head Office : |
Post Box No. 6114, No 4, Vaidyaram Street, T Nagar, Chennai – 600
017, Tamil Nadu |
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Tel. No.: |
91-44-24340057 / 0174 / 24337479 |
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Mobile No: |
91-9382331105 |
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Fax No.: |
91-44-24340761 |
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E-Mail : |
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Website : |
http://www.spincotech.com |
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Area: |
Rented |
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Branches : |
· Ahmedabad · Hyderabad · Kolkata · Lucknow · Mumbai · New Delhi · Pune · Vapi · Vizag · Dehradun · Goa · Chandigarh · Bhopal · Bangalore · Baddi · Aurangabad · Ankleshwar |
DIRECTORS
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Name : |
Mr. S Thyagarajan |
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Designation : |
Whole Time Director |
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Address : |
1, Vaidyaram Street, T Nagar, Chennai – 600 017, Tamil Nadu |
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Qualification: |
M.Sc |
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Date of Birth/Age : |
23.11.1946 |
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Date of Appointment : |
19.12.1991 |
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Name : |
Mr. S Chandrasekaran |
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Designation : |
Whole Time Director |
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Address : |
No 4, Vaidyaram Street, T
Nagar, Chennai – 600 017, Tamil Nadu |
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Qualification: |
B.Com |
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Date of Birth/Age : |
04.12.1944 |
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Date of Appointment : |
19.12.1991 |
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Name : |
Mr Raghuraman Jagadeesan |
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Designation : |
Whole Time Director Director |
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Address : |
248 Poonamalle High Road, Kilpauk, Chennai – 600 010, Tamil Nadu |
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Qualification: |
B.Com |
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Date of Birth/Age : |
18.11.1951 |
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Date of Appointment : |
19.12.1991 |
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Name : |
Mr. R Jayakrishna |
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Designation : |
Director |
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Address : |
1022, B Block, 7th Cross , 7th Main Road,
Srirampuram – 560 021, Karnataka |
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Date of Birth/Age : |
12.08.1960 |
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Date of Appointment : |
23.11.2006 |
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Name : |
Mr. T Nagarajan Alavattam |
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Designation : |
Director |
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Address : |
Director A 404 Plot No10,
Sector 15, Sanpada, Navi Mumbai – 400 705, Maharashtra |
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Date of Birth/Age : |
21.06.1968 |
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Date of Appointment : |
23.11.2006 |
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Name : |
Mr. S Aravind |
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Designation : |
Director |
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Address : |
B 301, Ganesh Dham Chs, Gavanpada, Mulund (East), Mumbai – 400 081,
Maharashtra |
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Date of Birth/Age : |
01.04.1972 |
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Date of Appointment : |
23.11.2006 |
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Name : |
Mr. Anil Kumar Nagarajan Tirumala |
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Designation : |
Director |
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Address : |
A 404 Plot No. 10, Sector 15, Sanpada, Navi Mumbai – 400 705,
Maharashtra |
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Date of Birth/Age : |
21.06.1968 |
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Date of Appointment : |
23.11.2006 |
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Name : |
Mr. Madhusudhana Reddy Kadiveti |
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Designation : |
Director |
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Address : |
Flat No. 505, 12-12-548 Shubhnivas Apartments Street No. 20,
Nagarjuna, Nagar Colony , Tarnaka, Secunderabad – 500 017, Andhra Pradesh |
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Date of Birth/Age : |
13.06.1965 |
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Date of Appointment : |
23.11.2006 |
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Name : |
Mr,. Raman Sivanvoyal Manivannan |
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Designation : |
Director |
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Address : |
30, 27th Street, Nanganallur, Chennai – 600 061, Tamil Nadu
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Date of Birth/Age : |
14.04.1971 |
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Date of Appointment : |
23.11.2006 |
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Name : |
Mr. C Ravindranath |
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Designation : |
Director |
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Address : |
12-13-1142, Street No. 11, Secunderabad |
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Date of Birth/Age : |
37 years |
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Qualification: |
B E |
KEY EXECUTIVES
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Name : |
Mr. R Sukumaran |
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Designation : |
Company secretary |
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Date of Birth/Age : |
A -5, Rangasayi Apartment, New No. 33, Warren Road, Mylapore, Chennai – 600 004 |
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Tel No: |
91-22-24323641 / 24610970 |
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Mobile No: |
91-9841290970 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr.S Thyagarajan |
|
18750 |
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Mr. S Chandrasekaran |
|
3750 |
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Mr K Raghuraman |
|
3750 |
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Mr. Latha Thyagarajan |
|
7500 |
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Mr. C Ravindranath |
|
3750 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an Agents of HPLC Column, ELSD Detectors, Fluid Transfer
products, GPC Column, Rotor Seals, Manual Inspector, Mass Spectrometer,
Freeze Dryers. |
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Agencies Held : |
· Shimadzu · Pheonomenex · Upchurch · Polymer Laboratories · Dayaapex · Rheodyne · Daicel · La- Pha- Pack · Wilmad Labglass |
GENERAL
INFORMATION
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Bankers : |
· Syndicate Bank · Corporation Bank · Canara Bank · ICICI Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Mr. K Natrajan Chartered Accountants |
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Address : |
New No. 19, Bazullah Road, T Nagar, Tamil Nadu – 600 017 |
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Associates/Subsidiaries : |
· Spinco Laboratories Private Limited Address: No. 7 , Chakrapani Road,
Guindy, Chennai – 600 032 Tel No: 91-22457740 / 22443118 Fax No: 91-22-22457760 · Spinco Private Limited Address: No. 34 Vaidyaram Street, T
Nagar, Chennai – 600 017 Tel No: 91-22-24320864 Fax No: 91-22-24327005 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity shares |
Rs. 100/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
187500 |
Equity shares |
Rs. 100/-
each |
Rs. 18.750
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.750 |
18.750 |
3.750 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
135.662 |
84.845 |
59.077 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
154.412 |
103.595 |
62.827 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.157 |
0.000 |
0.000 |
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TOTAL |
154.569 |
103.595 |
62.827 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
106.979 |
31.237 |
29.080 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
20.606 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.022 |
0.028 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
60.460
|
92.540 |
47.142 |
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Other Current Assets |
5.949
|
4.617 |
0.000 |
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Loans & Advances |
3.216
|
1.594 |
9.203 |
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Total
Current Assets |
69.625
|
98.751 |
56.345 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
42.641
|
26.415 |
20.366 |
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Provisions |
0.000
|
0.000 |
2.260 |
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Total
Current Liabilities |
42.641
|
26.415 |
22.626 |
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Net Current Assets |
26.984
|
72.336 |
33.719 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
154.569 |
103.595 |
62.827 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
246.104 |
192.827 |
168.538 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
246.104 |
192.827 |
168.538 |
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Profit/(Loss) Before Tax |
110.775 |
89.450 |
74.949 |
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Provision for Taxation |
38.579 |
31.906 |
28.007 |
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Profit/(Loss) After Tax |
72.196 |
57.544 |
46.942 |
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Export value |
239.593 |
190.314 |
0.000 |
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Export Earnings |
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Total Expenditure |
135.329 |
103.377 |
93.589 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
29.33
|
29.84 |
27.85 |
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Net Profit Margin (PBT/Sales) |
(%) |
45.01
|
46.38 |
44.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
62.72
|
68.81 |
87.73 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.86 |
1.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
0.25 |
0.35 |
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Current Ratio (Current Asset/Current Liability) |
|
1.63
|
3.73 |
2.49 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
|
Year |
Mile Stones |
|
1981 |
- Spinco Biotech Private Limited
incorporated. |
|
1983 |
- Received the first order for Shimadzu HPLC
from IIT, Madras. |
|
1990 |
- Received the first order for Shimadzu
Protein Sequencer from |
|
1991 |
- Restructured as a Limited Company. |
|
1992 |
- Formation of ’Shimadzu LC User
Forum' at Hyderabad. |
|
1996 |
- Celebration of 1000th Shimadzu HPLC
during 48th IPC, Chennai. |
|
1998 |
- Received the first order for Kratos
MALDI from IISc, Bangalore. |
|
2000 |
- Celebration of 2000th Shimadzu HPLC by
gifting a system to |
|
2001 |
- Received the award 'Billennium by
Millinnium' from Shimadzu. |
|
2002 |
- Celebration of 'Decade of Shimadzu
LC User Forum' at |
|
2005 |
- Celebration of 1000th Shimadzu
LC-2010HT HPLC during 57th IPC, |
|
2006 |
- Launch of New GCMS-QP2010 Plus and celebration of Shimadzu |
Principals:
·
Aapptec
·
Daicel Chemical
Industries Limited
·
Foss
·
Hotpack
·
Hull
·
Rheodyne
·
Shimadzu
·
Virtis
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.39.39 |
|
UK Pound |
1 |
Rs.81.49 |
|
Euro |
1 |
Rs.58.49 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|