MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
SIPRA REMEDIES PRIVATE LIMITED |
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Registered Office : |
Plot No.688/4, Siddhivinayak Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.02.1998 |
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Com. Reg. No.: |
56-2530 |
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CIN No.: [Company
Identification No.] |
U26103DD1998PTC002530 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS26833C |
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PAN No.: [Permanent
Account No.] |
AAECS8116N |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of |
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. |
Small |
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Maximum Credit Limit : |
USD 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a decade old company having moderate track. The company has
not field any financials after 2006 with the management departments and the management
faile to update the same. General financial position is moderate having good
amount of accumulated losses. Payments are reported as slow at times. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
INFORMATION PARTED BY
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Name : |
Mr. Amit Shah |
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Designation : |
Accountant |
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Date : |
24.10.2008 |
LOCATIONS
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Registered Office : |
Plot No.688/4, Siddhivinayak Industrial Estate, |
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Area : |
1100 sq mtr |
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Location : |
Owned |
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Administrative Office : |
Yashmuna 14, |
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Tel. No.: |
91-22-26170778/ 26104401 |
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Mobile No.: |
91-9324242502 / 9324242500 |
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Fax No.: |
91-22-26136508 |
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E-Mail : |
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Website : |
Sipraremadies.com |
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Area : |
1500 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Sanjeev Suryanrayan Tewari |
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Designation : |
Director |
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Address : |
131, |
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Date of Birth/Age : |
01.11.1959 |
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Qualification : |
B.E. Mech |
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E-Mail : |
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Date of Appointment : |
24.02.2003 |
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Name : |
Mr. Murthi Govind Ram |
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Designation : |
Director |
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Address : |
P-8P, Railway, Quarter No.9, Takandash, Karariya Marg, Mahim, Mumbai –
400 016, |
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Date of Birth/Age : |
15.02.1952 |
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Qualification : |
B. Com |
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E-Mail : |
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Date of Appointment : |
15.02.2003 |
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Name : |
Styendra Pal Aggarwal |
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Designation : |
Director |
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Address : |
5E, Court Road, Civil Lines, New Dehli – 110 064, |
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Date of Birth/Age : |
27.09.1945 |
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Date of Appointment : |
11.06.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sanjeev Suryanrayan Tewari |
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52700 |
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Mrs. Pragya Sanjeev Tewari |
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1690 |
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Silver Glass Ampoules Private Limited |
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20300 |
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HRB India Private Limited |
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26950 |
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Trendz Overseas Private Limited |
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26200 |
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Aishwarya Travels Private Limited |
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40400 |
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Aishwarya Financial Private Limited |
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31250 |
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S L Ratnakar |
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10 |
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Total |
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199500 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Bodies Corporate (not mentioned above) |
72.70 |
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Directors or relatives of directors |
27.30 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of |
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Exports : |
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Products : |
IV Fluids |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
CNS Agents (for pharma) |
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No. of Employees : |
250 |
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Bankers : |
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Facilities : |
Cash and Credit Rs.17.500 Millions
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Vishal J. Shah Chartered Accountant |
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Address : |
101, Neel Dhara CHSL, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
(As On 05.06.2006)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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199500 |
Equity Shares |
Rs.100/- each |
Rs.19.950 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.950 |
19.950 |
19.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(14.520) |
(18.877) |
(20.013) |
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NETWORTH |
5.430 |
1.073 |
(0.063) |
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LOAN FUNDS |
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1] Secured Loans |
52.396 |
57.566 |
54.376 |
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2] Unsecured Loans |
3.000 |
4.196 |
4.345 |
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TOTAL BORROWING |
55.396 |
61.762 |
58.721 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.826 |
62.835 |
58.658 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
54.546 |
57.882 |
59.011 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.005 |
0.005 |
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 |
3.378
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6.047 |
1.641 |
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Sundry Debtors |
8.337
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8.648 |
7.742 |
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Cash & Bank Balances |
0.682
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0.450 |
0.000 |
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Other Current Assets |
0.000
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0.000 |
0.876 |
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Loans & Advances |
3.907
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1.709 |
0.614 |
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Total
Current Assets |
16.304
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16.854 |
10.873 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
9.673
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11.814 |
11.244 |
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Provisions |
0.364
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0.102 |
0.000 |
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Total
Current Liabilities |
10.037
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11.916 |
11.244 |
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Net Current Assets |
6.267
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4.938 |
(0.371) |
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MISCELLANEOUS EXPENSES |
0.008 |
0.010 |
0.013 |
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TOTAL |
60.826 |
62.835 |
58.6 58 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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59.698 |
50.104 |
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Other Income |
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0.066 |
0.006 |
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Total Income |
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59.764 |
50.110 |
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Profit/(Loss) Before Tax |
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6.717 |
2.235 |
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Provision for Taxation |
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2.359 |
1.099 |
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Profit/(Loss) After Tax |
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4.358 |
1.136 |
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Expenditures : |
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Interest |
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2.055 |
6.626 |
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Depreciation & Amortization |
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3.105 |
3.119 |
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Other Expenditure |
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47.887 |
38.130 |
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Total Expenditure |
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53.047 |
47.875 |
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Particulars |
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31.03.2008 |
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Sales Turnover |
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80.000 |
Expected Sales (2008-09) : Rs.120.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
7.29
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2.26 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
11.25
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4.46 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.48
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2.99 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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1.23
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2.08 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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11.35
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68.66 |
1110.55 |
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Current Ratio (Current Asset/Current Liability) |
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1.62
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1.41 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U26103DD1998PTC002530 |
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Name of the
company |
Sipra Remedies
Private Limited |
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Address of the
registered office or of the principal place of business in |
Plot No. 688/4, Siddhivinayak
Industrial Estate Somnath Road, Daman (Uttar Pradesh), Daman and Diu – 396
210, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Indian Overseas
Bank, 211-D, Shopper Stop Buikding, |
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Nature of
description of the instrument creating or modifying the charge |
Letter of
Hypothecation (For securing Machineries / Vehicles / Goods/ Book Debts) in
From-110E. |
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Date of
instrument Creating the charge |
17.10.2007 |
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Amount secured by
the charge |
Rs.17.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit: BPLR
+ 1.50% p.a. Letter of Credit:
As per circular in force. Terms of
Repayment Repayable on
demand Margin Cash Credit:25%
on Stocks 50% on Receivables Letter of Credit:
25% Extent and
Operation of the charge The charge is to
operate as security for the due repayment of the credit limit of Rs.17.500
Millions together with interests, additional interests, costs, charges,
expenses and all other moneys payable by the Company to the bank in terms of
sanction. Others Facility: Cash Credit:
Rs.17.500 Millions Sub-limit: Letter of Credit
(Inland): Rs.2.500 Millions |
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Short particulars
of the property charged |
Hypothecation by
way of first charge, on all the current assets of the Company which may be
stored at the company’s premises at |
Trade Reference
- Alchem
Limited
- Platico
Limited
- Cadilla
Limited
Performance
The Company had total turnover of R.59.698 Millions during the year
(previous year 50.104 Millions). The Company incurred net Profit of R.6.717 Millions
compared to last year’s profit of Rs.2.235 Millions
Fixed Assets
- Land At Somnath
- Plant and Machinery
- Electrical Installation
- Office Equipments
- Furniture and Fixtures
- Motor Vehicles
As Per Websites
An ISO 9001:2000 certified
company offering superior quality of pharmaceutical formulations like IV
fluids, Ciprofloxacin or Siprocin, Siptrogyl (Metronidazole), Siprose 25
(Dextrose), etc....
Company Overview
With constant research and development, the pharmaceutical industry is making
giant strides all across the globe. New formulations are being formed almost
everyday to tackle the most fatal of diseases. Subject is an upcoming manufacturer,
exporter and supplier engaged exclusively in providing pharmaceutical
formulations. Their products include IV
fluids like Ciprofloxacin or Siprocin, Siptrogyl (Metronidazole), Siprose 25
(Dextrose), Siptol, Siflox, Sodium Chloride Injection, Fluconazole,
pefloxacin40, gatifloxacin 200, levofloxacin, etc.
Incorporated in the year 2000, they use the best of available technology
machines, which are manned by experienced and dedicated professionals for the
fabrication of their products. Owing to their stringent approach towards
maintaining high quality standards, they have been accredited with the much
coveted ISO 9001:2000 certification.
They work in close association with their clients in offering customized
products to ensure maximum satisfaction for them. Today, they export a fifth of
their products to various regions like the CIS,
Subject is an upcoming manufacturer, exporter and supplier of
pharmaceutical formulations such as:
- Pharmaceutical
Formulations
- IV fluids: Ciprofloxacin or Siprocin,
Siptrogyl (Metronidazole), Siprose 25 (Dextrose), Siptol, Siflox, Sodium
Chloride Injection, Fluconazole, pefloxacin40, gatifloxacin 200,
levofloxacin, etc.
- Injections
- Tablets
- Capsules
- Ointments.
Quality Process
An ISO certified company, Subject has an in-house quality checking process,
where their quality staff conducts a range of necessary tests. They import raw
materials like active pharmaceutical ingredients (API) from reputed suppliers
in
They conduct suitable lab tests, sterility tests, chemical tests,
particulate matter tests and PH tests on their products, and only those meeting
all the requisite standards are then dispatched. Specialized testing like the
biological, microbiological and sterility testing is also conducted at their
premises. Each batch of their products is accompanied with a detailed report of
the products and its special characteristics for the benefit of the consumers.
Infrastructural Unit
Located in
Safety regulations are strictly adhered to and they maintain a
temperature level of 80 degree centigrade at all times. All the formulae
utilize the best quality of processed water to ensure maintenance of hygiene
standards. Backed by a large staff which comes under the supervision of their
well qualified medical professionals, they have maintained a high monthly
production capacity of three million units.
Future Plans
Their chief aim is to bring better health prospects for people and to provide
complete customer satisfaction to their direct and indirect customers. They
maintain the highest ethical and quality standards which have been the guiding
forces in all their endeavours. In view of the recognition received as a world
class supplier of superior quality products, they seek to expand their company
to wider dimensions and also intend to venture into the manufacture of
injectables.
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 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.49.95 |
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|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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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 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
|
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
|
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 |
|