MIRA
INFORM REPORT
|
Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHREYA LIFE SCIENCES PRIVATE LIMIYED |
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Formerly Known As : |
AMIKA TRADING PRIVATE LIMITED |
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Registered Office : |
Shreya House, 6th Floor, 301/Apereira Hill Road, Andheri
(East), Mumbai – 400099, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.04.1991 |
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Com. Reg. No.: |
061136 |
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CIN No.: [Company
Identification No.] |
U51900MH1991PTC061136 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Traders of Pharmaceuticals and Bulk Drugs. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5701300 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
Directors are reported as experienced, respectable, resourceful businessmen.
Their trade relations are fair. Payments are usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered/ Head Office : |
Shreya House, 6th Floor, 301/A Pereira Hill Road, Andheri
(East), Mumbai – 400099, Maharashtra, India |
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Tel. No.: |
91-22-66938222/ 66959844 |
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Fax No.: |
91-22-66939222 |
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E-Mail : |
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Website : |
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Aurangabad Plant Office : |
B-9/2, MIDC, Waluj – 431136, Aurangabad,
India |
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Tel. No.: |
91-240-6636700 |
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Fax No.: |
91-240-2554581 |
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E-Mail : |
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Roorkee Plant Office : |
Plot No.13/14/15, Village: Raipur and Sisona, Posit Office:
Bhagwanpur, District Haridwar (Uttarakhand) – 247667, Roorkee, India |
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Tel. No.: |
91-1332-281077/ 281078 |
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Fax No.: |
91-1332-232755 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr. Sujitkumar Jagannath Singh |
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Designation : |
Director |
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Address : |
1302, Wallace Apartment – I Sieater Road, Grant Road – West, Mumbai –
400007, Maharashtra, India |
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Date of Birth/Age : |
15.03.1971 |
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Date of Appointment : |
30.09.1999 |
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Name : |
Mr. Ajit Ramchandra Bhaskar |
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Designation : |
Director |
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Address : |
Mo Scow Russia, Dubrovskay A House No.18, Flat No.14, Russia |
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Date of Birth/Age : |
08.06.1942 |
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Date of Appointment : |
03.07.2001 |
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Name : |
Mr. Suman Kumar |
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Designation : |
Nominee Director (IDBI) |
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Name : |
Mr. Vivekanand Sharadanand Jha |
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Designation : |
Director |
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Address : |
15, Hardev Sai Society, Caves Road, Jogeshwari East, Mumbai – 400060,
Maharashtra, India |
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Date of Birth/Age : |
14.02.1970 |
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Date of Appointment : |
30.01.2002 |
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Name : |
Mr. Shekhar K. Mandrekar |
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Designation : |
Director |
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Date of Appointment : |
30.01.2002 |
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Name : |
Mr. Radha Krishna Nagpal |
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Designation : |
Director |
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Address : |
7/102, Sagar Kiran Kannamawar Nagar, No.1 Vikjroli – East, Mumbai – 400083, Maharashtra, India |
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Date of Birth/Age : |
01.05.1954 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Prabhakar Ramchandra Dalal |
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Designation : |
Director |
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Address : |
109033 Mo Scow, Zolotorozhskiy Val 11, Building 21, Russia |
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Date of Birth/Age : |
09.01.1953 |
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Date of Appointment : |
22.06.2005 |
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Name : |
Mr. Sheel Kumar Singh |
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Designation : |
Director |
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Address : |
37 Surag Apartments, Nutan Laxmi Co-op Society, 10th Road, Vile Parle (West), Mumbai – 400049, Maharashtra, India |
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Date of Birth/Age : |
10.02.1973 |
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Date of Appointment : |
14.09.2006 |
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Email : |
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Other Directorship Companies: |
Shreya Creations Private Limited Director U92100MH2000PTC124644 Shreya Com Private Limited Director U72900MH2000PTC126235 |
KEY EXECUTIVES
|
Name : |
Mr. Ganapathi T. Shenoy |
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Designation : |
Company Secretary |
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Address : |
1101-C, Tridev Apartments, Bhakti Marg, Mulund – West, Mumbai –
400080, Maharashtra, India |
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Date of Birth/Age : |
31.05.1950 |
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Date of Appointment : |
01.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 20.07.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Sujit Kumar Singh |
|
4409640 |
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Shreya Corporation |
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1070320 |
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Mr. Jagannath Prasad Singh |
|
815480 |
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Mr. Vishwananth Prasad |
|
10 |
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Mr. Baidhnath Singh |
|
10 |
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Total |
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6295460 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCB or Others) |
|
17.00 |
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Directors or relatives of directors |
|
83.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Traders of Pharmaceuticals and Bulk Drugs. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2003)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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|
Injectibles |
Kilo Litres |
82.800 |
110.690 |
|
Injectibles |
Kilograms |
12.240 |
2.980 |
|
Orals |
Kilo Litres |
-- |
478.730 |
|
Tablets/Capsules |
Nos/Lakhs |
-- |
1942.650 |
|
Powders/Granules |
Tonnes |
-- |
47.370 |
|
Ointments |
Tonnes |
-- |
5.240 |
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Bulk Drugs |
Tonnes |
15.000 |
8.299 |
GENERAL
INFORMATION
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No. of Employees : |
600 |
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Bankers : |
STR P M Road Branch, Fort, Mumbai – 400001
Andheri (West) Branch, Mumbai – 400058, Maharashtra, India
Mumbai Main Branch, M G Road, Fort Mumbai – 400001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. N. Motiwalla and Company Chartered Accountants |
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Address : |
508, Sharda Chambers, 15A, New Marine Lines, Mumbai – 400 020, Maharashtra, India |
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Name : |
RSM and Company Chartered Accountant |
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Address : |
Ambit RSM House, 449 Senapati Bapat Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
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Associates: |
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Subsidiaries : |
CIN: U24239MH2001PTC131489 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
6295500 |
Equity Shares |
Rs.10/- each |
Rs.62.955
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
62.955 |
62.955 |
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2] Share Application Money |
|
200.000 |
139.842 |
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3] Reserves & Surplus |
|
1162.370 |
837.221 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
1425.325 |
1040.018 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
|
1579.413 |
1247.290 |
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2] Unsecured Loans |
|
80.787 |
0.000 |
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TOTAL BORROWING |
|
1660.200 |
1247.290 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
27.905 |
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Lease Obligations |
|
6.876 |
5.475 |
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TOTAL |
|
3092.401 |
2320.688 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
701.364 |
904.549 |
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Capital work-in-progress |
|
596.350 |
224.139 |
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INVESTMENT |
|
35.013 |
37.013 |
|
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DEFERREX TAX ASSETS |
|
10.071 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
|
202.751 |
219.383 |
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Sundry Debtors |
|
1789.328 |
1233.731 |
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Cash & Bank Balances |
|
337.177 |
63.533 |
|
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
203.586 |
232.014 |
|
Total
Current Assets |
|
2532.842 |
1748.661 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
|
748.275 |
559.041 |
|
|
Provisions |
|
34.964 |
34.641 |
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Total
Current Liabilities |
|
783.239 |
593.682 |
|
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Net Current Assets |
|
1749.603 |
1154.979 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.008 |
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TOTAL |
|
3092.401 |
2320.688 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover
(Estimated) |
|
3000.000 |
2300.000 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total
Income |
(%) |
|
NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
|
NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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|
NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.71 |
1.77 |
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Current Ratio (Current Asset/Current Liability) |
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|
3.23 |
2.94 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U51900MH1991PTC061136 |
|
Name of the
Company |
SHREYA LIFE SCIENCES PRIVATE LIMIYED |
|
Address |
Shreya House, 6th Floor, 301/Apereira Hill Road, Andheri
(East), Mumbai – 400099, Maharashtra, India |
|
This form is for |
Creation of
Charge |
|
Type of Charge |
Book Debts Movable Property (not being pledge) Floating Charge |
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Particulars of the
charge holder |
Bank of India Mumbai Corporate
Banking Branch, 70/80, M G Road, Mumbai – 400023, Maharashtra, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Hypothecation Cum
Loan Agreement (Plant and Machinery, Stock and Book Debts) |
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Date of the
instrument creating or modifying the charge |
21.02.2007 |
|
Amount secured by
the charge |
Rs.30.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: Interests 3.25%
over BPLR Min 15.75% p.a. + 2% for other limit Term of
Repayment: On Demand Margin: 25% against raw
material, Finished Goods, and 40% against Book
Debts outstanding of 2 or 3 months. Extent and
operation of the charge: The security and
charge created over the prosperities mentioned in item 14 shall be a security
by way of first charge for due repayment of credit facilities together with
interests, costs, charge expenses and other monies due and payable thereon. |
|
Short particulars
of the property charged (including location of the property) |
Hypothecation of
all tangible movable machineries and plants (both present and future),
whether installed or not and whether lying loose or at site or in transit or
which may during the continuance of this security being installed or lying
loose or in cases or being in or about the company’s premises godowns at
Mumbai Aurangabad and Roorkie |
|
Particular of the
present modification |
NA |
|
Name of the company |
SHREYA LIFE SCIENCES PRIVATE LIMIYED |
|
Presented By |
Axis Bank Limited STR P M Road
Branch, Fort, Mumbai – 400001 |
|
1) Date and description of instrument creating the change |
Deed of
Hypothecation of Machinery and other movable fixed assets no instrument.
Memorandum of Entry (MOE), Equitable Mortgage by Deposit of Title Deeds. Both Dated
07.01.2006 creating a single charge. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Working capital
terms loan Rs.100.000 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of
all movable plant and machinery, furniture, fixture etc. both present and
future being movable properties brought into stored at or at present
installed at B/9-2, MIDC, Waluj Industries Area, Aurangabad – 431136 and the
unit at plot No.13/14/15 Village Raipur, P O Bhagwanpur, District Haridwar,
Rookee, Uttaranchal – 247667 and the Plant and Machinery belonging to company
or at its disposal or stored or be stored or brought into or upon or in
course of transit, more particular described in schedule to deed of
hypothecation. Equitable
Mortgage by deposit of title deeds, more particularly described in Annexure
to first schedule to the MOE, in respect of immovable property being office
premises No.801 on the 8th Floor, admeasuring 2000 sq. ft. super
built up area including 8th Floor, Terrance pf the building known
as Shreya House, Situate Lying and being at 1-A, 1-B and 1-C pereirra Hill
Road, of village Gundavali, Taluka Andheri (East), Mumbai – 400099 more
particularly described in Annexure to second schedule to the MOE together
with the building and structure constructed/ to be constructed thereon. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interests,
Repayment and other terms and conditions as specified by Bank from time to
time. |
|
5) Name and Address and description of the person entitled to the charge. |
Axis Bank Limited Fort Branch, Sir
P M Road, Fort, Mumbai – 400001, India |
|
6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Group Profile:
Shreya Group origins go back to Moscow,
Russia, where Shreya Corporation, the parent company, was established in 1995.
Once a one-man trading company, Subject is today the third largest Marketing
and Distribution Company in Russia.
Shreya Group has interests in both
pharmaceutical and biopharmaceutical products in key therapeutic segments.
Currently, subject operates in Russia, CIS, India, South East Asia and African
countries. The Group turnover for the year 2006 was US $ 581 million including
US $ 85 million in India.
Fixed Assets:
- Computers,
- Office equipments
- Furniture and fixtures.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.97 |
|
UK Pound |
1 |
Rs.79.53 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|