MIRA
INFORM REPORT
|
Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
SRS PHARMACEUTICALS PRIVATE LIMITED |
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Registered Office : |
6, National House 27 Rahunath, Dadaji Road, Fort, Mumbai – 400 001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.03.2001 |
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Com. Reg. No.: |
11-131384 |
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CIN No.: [Company
Identification No.] |
U24239MH2001PTC131384 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS37452C |
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PAN No.: [Permanent
Account No.] |
AAFCS4633P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Avant Garde Pharmaceuticals Products. |
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 145550 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Suchet Rastogi remained non – co-operative during the current investigation.
Subject is a well – established company having satisfactory track records.
Trade relations are fair. Financial position is satisfactory. Payments are
usually correct and as per commitments The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
6, National House 27 Rahunath, Dadaji Road, Fort, Mumbai – 400 001,
Maharashtra , India |
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Tel. No.: |
91-22-22679539 / 2496001 |
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Fax No.: |
91-22-22679539 / 24961004 |
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E-Mail : |
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Website : |
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Corporate Head Quarters : |
401-D, Poonam
Chambers, Dr. Annie Basant. Rd., Worli, Mumbai-400 018, Maharashtra, India |
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Tel. No.: |
91 – 22 – 2496 1001/ 1002/ 1003 |
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Fax No.: |
91 – 22 – 2496
1004 |
DIRECTORS
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Name : |
Mr. Suchet Rastogi |
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Designation : |
Director |
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Address : |
1732 Chaitanya Tower Marathe Marg, Prabhadevi, Mumbai – 400 052,
Maharashtra, India |
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Date of Birth/Age : |
11.05.1977 |
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Date of Appointment : |
27.03.2001 |
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Name : |
Mrs. Mahika Suchet Rastogi |
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Designation : |
Director |
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Address : |
1732 Chaitanya Tower Marathe Marg, Prabhadevi, Mumbai – 400 052,
Maharashtra, India |
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Date of Birth/Age : |
24.02.1978 |
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Date of Appointment : |
04.11.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders (As on 30.09.2004) |
No. of Shares |
|
Mr. Suchet Sandra Rastogi |
9900 |
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Mr. Satishchandra Shant Sood |
100 |
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Total
|
10000 |
Equity Share Breakup (Percentage of Total Equity) :- [As on 31.03.2007]
|
Category |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Avant Garde Pharmaceuticals Products. |
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Products : |
GENERAL INFORMATION
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No. of Employees : |
200 |
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Bankers : |
Standard Chartered Bank, SME Credit, 23-25 M G Road, Fort , Mumbai –
400 001, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M Sheth and Company Chartered Accountants |
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Address : |
44/C, Motiwala Building, Proctor Road, Grant Road, (East), Mumbai –
400 007, Maharashtra, India |
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Associates/Subsidiaries : |
Clesstra Healthcare Private Limited {U24230MH2005PTC151176} |
CAPITAL STRUCTURE
(As on 31.03.2008)
:-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.100
million |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
29.010 |
14.488 |
9.090 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
29.110 |
14.588 |
9.190 |
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LOAN FUNDS |
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1] Secured Loans |
3.794 |
4.757 |
5.499 |
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2] Unsecured Loans |
1.962 |
1.028 |
1.086 |
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TOTAL BORROWING |
5.756 |
5.785 |
6.585 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
34.866 |
20.373 |
15.775 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
15.860 |
13.763 |
13.965 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
11.617 |
1.800 |
0.005 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
16.561
|
14.653 |
4.688 |
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Sundry Debtors |
15.704
|
8.287 |
8.230 |
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Cash & Bank Balances |
2.816
|
1.203 |
2.126 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
22.890
|
11.320 |
7.146 |
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Total
Current Assets |
57.971
|
35.463 |
22.190 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
33.430
|
23.410 |
15.917 |
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Provisions |
17.152
|
7.243 |
4.471 |
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Total
Current Liabilities |
50.582
|
30.653 |
20.388 |
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Net Current Assets |
7.389
|
4.810 |
1.802 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.003 |
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TOTAL |
34.866 |
20.373 |
15.775 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
193.345 |
91.782 |
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Total Income |
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193.345 |
91.782 |
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Profit/(Loss) Before Tax |
|
21.681 |
8.296 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
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21.681 |
8.296 |
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Earnings in Foreign Currency : |
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Export Earnings |
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191.067 |
89.024 |
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Total Earnings |
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191.067 |
89.024 |
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Expenditures : |
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Interest |
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0.461 |
0.504 |
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Depreciation & Amortization |
|
1.753 |
1.450 |
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Other Expenditure |
|
169.450 |
81.532 |
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Total Expenditure |
|
171.664 |
83.486 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
11.21
|
9.04 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
11.21
|
9.04 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.21
|
9.04 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.74
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0.57 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.74
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2.10 |
2.22 |
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Current Ratio (Current Asset/Current Liability) |
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1.15
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1.16 |
1.09 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
SRS
PHARMACEUTICALS PRIVATE LIMITED |
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Presented By |
SRS
PHARMACEUTICALS PRIVATE LIMITED |
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1) Date and
description of instrument creating the change |
The borrower
(company) has by declaration created the mortgage on the immovable
property in favour of the Standard
Chartered Accountants Bank on
06.01.2005 The certified
copy of the Memorandum of entry for mortgage by way of deposit of title deeds
in the regard is enclosed. |
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2) Amount secured
by the charge/amount owing on the securities of charge |
Rs. 5.000
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 |
Office No. 401/
D, Poonam Chambers, A Wing , Dr. Annie Besant Road, Worli, Mumbai – 7400 018,
Maharashtra, India |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Security for the
term Loan facilities granted to SRS Pharmaceuticals Private Limited Charge to
operate as first and paramount charge in favour of the Bank as security for
all dues under the Term Loan facility. |
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5) Name and
Address and description of the person entitled to the charge. |
Standard
Chartered Bank 23-25, MG Road,
Mumbai – 400 001, Maharashtra, India |
Form 8
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Corporate identity number of the company |
U24239MH2001PTC131384 |
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Name of the
company |
SRS
PHARMACEUTICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
6, National House 27 Rahunath, Dadaji Road, Fort, Mumbai – 400 001,
Maharashtra , India |
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This form is for |
Modification of
charge |
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Type of charge |
· Book Debts · Floating Charge · Movable Property |
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Particular of charge
holder |
Standard
Chartered Bank, SME Credit, 23-25 M G Road, Fort, Mumbai – 400 001,
Maharashtra, India E-Mail: reenabang@reddiffmail.com |
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Nature of
instrument creating charge |
Hypothecation agreement
(Supplemental ) and memorandum of entry (supplemental) (Both constitute a
single charge) |
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Date of
instrument Creating the charge |
23.04.2008 |
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Amount secured by
the charge |
Rs. 12.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : · OD / Packing Credit / Post Shipment – Rs. 6.500 millions · Inland / Import Guarantee – Rs. 3.000 millions · Forex Forward Contract limit – Rs. 2.500 millions · Interest / Commission – As agreed by and with the Bank Terms of Repayment : As agreed by and
with the bank from time to time. Margin : As applicable, if
any. Extent and Operation of the charge : The Bank is
Having first charge on the security offered by the borrower. |
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Short Particulars
of the property charged |
Hypothecation All stock in
trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise All the present
and future book debts, outstanding money receivable , claims and bills All the movable
fixed assets now or at any time hereafter belonging to the borrower at the
borrower factory’s or at any other premises or place. Mortgage on
401/D, 4th floor, A wing Chambers Dr. A B Road, Worli, Mumbai –
400 018, Maharashtra, India |
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Particulars of
the present modification |
By present
modification, the existing charge amount of Rs. 14.500 millions is reduced to
Rs. 12.000 millions |
WEBSITE DETAILS:-
History
For over two
decades, the company has been striving to provide high standard and affordable
healthcare to people around the globe. Founded by a young and dynamic lady,
Mrs. Sandra Rastogi, they have evolved into a diversified healthcare company
that develops, manufactures and markets a varied range of innovative healthcare
products and services – from simple antibacterial medicines to Anti-Aids
treatments from herbal remedies to medical process outsourcing.
·
Subject began as a Chemicals
company in 1982.
·
Started manufacturing and
Marketing finished Pharmaceutical formulations in 1992.
·
Started Export of finished
formulations to South East Asia in 1994.
·
Started Healthcare
Processing Outsourcing division in 2005
Subject is a privately
held global pharmaceutical company involved in manufacturing a wide range of
avant-garde pharmaceuticals.
Their commitment to innovation, quality and competitive pricing has gained them
a reputation as a global manufacturer of medicines with world class products.
They offer a vast portfolio of medicines in various dosage forms and
encompassing a wide range of therapeutic categories.
They have built a strong independent infrastructure which allows them to work
in tandem with the needs
of their customers.
Business Opportunities
Their entire
business is based on a worldwide network of customers and suppliers. They
welcome opportunities to work with international pharmaceutical distributors
and they strongly believe that growth this a direct result of working together
with suppliers and partners for mutual benefit and treating them as an
extension of their business.
Corporate Profile
The company is a
privately held global pharmaceutical company involved in manufacturing a wide
range of avant-garde pharmaceuticals.
Their commitment to innovation, quality and competitive pricing has gained them
a reputation as a global manufacturer of medicines with world class products
They offer a vast portfolio of medicines in various dosage forms and
encompassing a wide range of therapeutic categories.
They have built a strong independent infrastructure which allows them to work
in tandem with the needs of
their customers.
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 :
The 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.
The 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. 41.96 |
|
UK Pound |
1 |
Rs. 83.78 |
|
Euro |
1 |
Rs. 65.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|