MIRA
INFORM REPORT
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Report Date : |
02.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SPANSULES PHARMATECH PRIVATE LIMITED |
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Registered Office : |
Plot No. 59, G-3, Sri Venkateswara Towers, Bhagyanagar Colony Opposite,
K.P. H.B, Hydedrabad-500072, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.10.2000 |
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Com. Reg. No.: |
01-35421 |
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CIN No.: [Company
Identification No.] |
U24230AP2000PTC035421 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS04126D |
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PAN No.: [Permanent
Account No.] |
AAFCS7057K |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer and
Exporter of Pharmaceutical Formulations, Pharmaceutical Pellets and Granules |
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 31000 |
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Status : |
Satisfactory |
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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 satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. Management ( Mr.
Prasad/ Mr. Subba Rao and several others) agreed to part required details but
never parted. |
LOCATIONS
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Registered Office : |
Plot No. 59, G-3, Sri Venkateswara Towers, Bhagyanagar Colony Opposite,
K.P. H.B, Hydedrabad-500072, Andhra Pradesh, India |
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Tel. No.: |
91-40-23061309/ 23194045 |
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Fax No.: |
91-40-23061979/
23095782 |
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E-Mail : |
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Website : |
http://www.spansulespharma.com |
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Factory : |
Plot No. 163,
Subhash Nagar, IDA Jeedimetia, Hyderabad 500 055, Andhra Pradesh |
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Tel. No.: |
91-40-23194045,
23095782 |
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Fax No.: |
91-40-23095782 |
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Mobile.: |
91-9849034189 |
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DIRECTORS
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Name : |
Mr. G V Subba Rao |
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Designation : |
Managing Director |
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Address : |
G-3 Sri
Venkateswara Towers, Bhagyanagar Colony, Hyderabad 500 072, Andhra Pradesh |
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Date of Birth/Age : |
15.02.1964 |
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Date of Appointment : |
09.10.2000 |
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Name : |
Ms. Guttikonda
Rama Devi |
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Designation : |
Director |
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Address : |
G-3 Sri
Venkateswara Towers, Bhagyanagar Colony, Hyderabad 500 072, Andhra Pradesh |
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Date of Birth/Age : |
30.03.1971 |
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Date of Appointment : |
09.10.2000 |
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Name : |
Mrs. Devi Lakshmi Ravipati |
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Designation : |
Director |
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Date of Birth/Age : |
15.07.1947 |
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Date of Appointment : |
14.05.2002 |
KEY EXECUTIVES
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Name : |
Mr. V Mohan Rao |
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Designation : |
Company Secretary |
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Address : |
Flat No. 304, Padma Sree Enclaves, Behind Bhgaskar Model School,
Nizampet Road, Kukatpally, Hyderabad-500072, Andhra Pradesh, India |
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Mobile : |
91-9849258347 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on31.08.2005
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Names of Shareholders |
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No. of Shares |
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Prasad Lakshmi Ravipati |
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8840 |
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Devi Lakshmi Ravipati |
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2191 |
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P Skkubai |
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406 |
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P Anjali Devi |
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893 |
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Total |
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12330 |
Equity Share Breakup (Percentage of Total Equity)
As on30.08.2006
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter
of Pharmaceutical Formulations, Pharmaceutical Pellets and Granules |
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Products : |
Nutraceuticals
v Vitamin ‘C’ v Methyl Cobalamine v Dried Ferrous Sulphate
Respiratory
v Theophylline v Salbutamol Sulphate v Phenylephrine Hcl v Psudophedrine HCl v Ambroxol HCl
Pain
Management
v Diclfenac Sodium v Indomethacin v Ketoprofen v Mebeverine HCl
Cardio Vascular System
v Diltiazem HCl v Ditiazem SR v Propranol HCl v Nifedipine SR
Central
Nervous System
v Fluoxetine HCl v Venlafaxine HCl
Anti Infective
v Itraconazole Granules v Itraconazole Pellets v Doxycyline HCl (Enteric Coated) v Secnidazole v Fluconazole v Doxycycline Hyclate
Gastro
Intestinal
v Rabeprazole Sodium (Enteric Coated) v Esomeprazole (Enteric Coated) v Pantoprazole v Omeprazole v Lansoprazole v Domperidone
Anti
HIV
v Didanosine
Iron Combinations |
GENERAL
INFORMATION
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Customers : |
v Neo Pharma, Abu Dhabi v Pahang Pharma, Malaysia v Reprroductive Health Therapeutics, USA v Alkem Laboratories Limited, Mumbai v Cipla, Mumbai v Zydus Cadila Limited v Stedman Pharmaceutical Private Limited v Cassel Research Labs v Granules India Limited |
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Bankers : |
v State Bank of Hyderabad v Canara Bank, Specialised SSI Branch, Kukatpally,
Hyderabad 500 072, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sivaram Krishna Chartered Accountant |
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Address : |
Plot No. 121/7, 19th Road, Vivekananda Nagar, Colony, Kukatpally,
Hyderabad-500072, Andhra Pradesh, India |
CAPITAL STRUCTURE
As on 30.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.500
Millions |
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 |
1.500 |
1.500 |
1.500 |
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2] Share Application Money |
1.747 |
0.347 |
0.347 |
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3] Reserves & Surplus |
3.010 |
1.315 |
0.149 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
6.257 |
3.162 |
1.996 |
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LOAN FUNDS |
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1] Secured Loans |
1.993 |
0.743 |
0.083 |
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2] Unsecured Loans |
0.469 |
0.170 |
0.270 |
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TOTAL BORROWING |
2.462 |
0.913 |
0.353 |
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DEFERRED TAX LIABILITIES |
0.463 |
0.268 |
0.143 |
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TOTAL |
9.182 |
4.343 |
2.492 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
9.686 |
3.367 |
1.986 |
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Capital work-in-progress |
1.173 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
3.636
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2.505 |
2.062 |
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Sundry Debtors |
25.290
|
16.336 |
4.459 |
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Cash & Bank Balances |
0.146
|
0.011 |
0.021 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.678
|
1.342 |
0.363 |
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Total
Current Assets |
30.750
|
20.194 |
6.905 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
30.573
|
18.600 |
5.957 |
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Provisions |
1.864
|
0.631 |
0.457 |
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Total
Current Liabilities |
32.437
|
19.231 |
6.414 |
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Net Current Assets |
[1.687]
|
0.963 |
0.491 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.013 |
0.015 |
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TOTAL |
9.182 |
4.343 |
2.492 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
74.026 |
55.249 |
16.421 |
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Other Income |
0.000 |
0.025 |
0.000 |
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Total Income |
74.026 |
55.274 |
16.421 |
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Profit/(Loss) Before Tax |
2.873 |
1.705 |
0.199 |
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Provision for Taxation |
1.178 |
0.414 |
0.097 |
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Profit/(Loss) After Tax |
1.695 |
1.291 |
0.102 |
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Expenditures : |
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Financial Charges |
0.267 |
0.136 |
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Depreciation & Amortization |
0.091 |
0.226 |
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Other Expenditure |
70.795 |
53.207 |
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Total Expenditure |
71.153 |
53.569 |
16.052 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.29
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2.34 |
0.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.88
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3.09 |
1.21 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.11
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7.24 |
2.24 |
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Return on Investment (ROI) (PBT/Networth) |
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0.46
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0.54 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.58
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6.37 |
3.39 |
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Current Ratio (Current Asset/Current Liability) |
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0.95
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1.05 |
1.08 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90128215 |
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Corporate
identity number of the company |
U24230AP2000PTC035421 |
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Name of the
company |
SPANSULES PHARMATECH PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Plot No. 59, G-3, Sri Venkateswara Towers, Bhagyanagar Colony
Opposite, K.P. H.B, Hydedrabad-500072, Andhara Pradesh, India |
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Type of charge |
Book Debts Movable Property Immovable
Property |
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Particular of
charge holder |
Canara Bank,
Specialised SME Branch, 5-34/1, 1st Floor, Moosapet
Junction,Kukatpally, Hyderabad-500072, Andhra Pradesh, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
22.02.2008 |
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Amount secured by
the charge |
Rs. 14.500
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 13% Terms of
Repayment Repayable on
demand Margin 25% Extent and
Operation of the charge Charge can be
oprated to the extent of the loan Amount |
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Short particulars
of the property charged |
Hypothecation of
Stocks and Book Debts including stock received under ILC/ FLC and Colllateral
security of directors personal properties and land industrial buildings
situated at Plot No. 4/1 Sy No. 261, Annaram Village, Jinnaram Mandal, Medak
District, In the name of the company admeasuring 2.00 acres valued at Rs.
26.000 Millions as per valuation report by way of Equitable mortgage. |
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Particulars of
the present modification |
Working Capital
limits has been increased from Rs. 3.000 Millions to Rs. 9.500 Millions (Sub
Limit of ODBD of Rs. 6.000 Millions) and Fresh limit of ILC/FCL of Rs. 5.000
Millions |
AS PER WEBSITE
Profile
Established in
2000, they are located in Hyderabad (India). They have the necessary expertise
to manufacture all kinds of sustained release and delayed release pellets ready
to fill into capsule. They specialize in developing solutions for niche
health-care needs and delivery systems. In addition, they are capable of
developing products according to the specifications provided by their customers
and clients.
They are indebted to their leaders who have a vast experience in manufacturing
and marketing of quality health-care products like pharmaceutical pellets,
pharmaceutical granules, pellet formulations, etc. Their invaluable knowledge
has helped them in developing a business vision and operational ethics that
have built and consolidated their reputation as a reliable partner of a growing
number of clients in India and abroad.
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 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.44.21 |
|
UK Pound |
1 |
Rs.79.76 |
|
Euro |
1 |
Rs.64.72 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
|