MIRA INFORM REPORT
|
Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPANSULES PHARMATECH PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 59, G-3, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
09.10.2000 |
|
|
|
|
Com. Reg. No.: |
01-035421 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24230AP2000PTC035421 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS04126D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFCS7057K |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and
Exporter of Pharmaceutical Formulations, Pharmaceutical Pellets and Granules |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 110000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Ms. Sudha |
|
Designation : |
Marketing Manager |
|
Date : |
15.04.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 59, G-3, |
|
|
Tel. No.: |
91-40-23061309/ 23194045 |
|
|
Fax No.: |
91-40-23061979/
23095782 |
|
|
E-Mail : |
||
|
Website : |
http://www.spansulespharma.com |
|
|
|
|
|
|
Factory : |
Plot No. 163,
Subhash Nagar, IDA Jeedimetia, |
|
|
Tel. No.: |
91-40-23194045,
23095782 |
|
|
Fax No.: |
91-40-23095782 |
|
|
Mobile.: |
91-9849034189 |
|
DIRECTORS
As On : 15.09.2010
|
Name : |
Mr. G V Subba Rao |
|
Designation : |
Managing Director |
|
Address : |
Plot No.59, G-3 Sri
Venkateswara Towers, Bhagyanagar Colony, Hyderabad 500 072, Andhra Pradesh |
|
Date of Birth/Age : |
15.02.1964 |
|
Date of Appointment : |
09.10.2000 |
|
DIN No : |
01900749 |
|
|
|
|
Name : |
Ms. Guttikonda
Rama Devi |
|
Designation : |
Director |
|
Address : |
Plot No.59, G-3
Sri Venkateswara Towers, Bhagyanagar Colony, Hyderabad 500 072, Andhra
Pradesh |
|
Date of Birth/Age : |
30.03.1971 |
|
Date of Appointment : |
09.10.2000 |
|
DIN No : |
02019526 |
KEY EXECUTIVES
|
Name : |
Ms. Sudha |
|
Designation : |
Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. G V Subba Rao |
|
575000 |
|
Ms. Guttikonda
Rama Devi |
|
440000 |
|
|
|
|
|
Total |
|
1015000 |
AS ON 15.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter
of Pharmaceutical Formulations, Pharmaceutical Pellets and Granules |
|
|
|
|
Exports : |
|
|
Products : |
Pharmaceutical Formulation |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C |
|
|
|
|
Purchasing : |
Advanced |
GENERAL INFORMATION
|
Customers : |
Others Manufacturer |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
100(Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rao and Siva Associates Chartered Accountant |
|
Address : |
Plot No.121/7, 19th Road, Vivekananda Nagar Colony, Kukatpally,
Hyderabad-500072, Andhra Pradesh, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000 |
Equity Shares |
Rs. 10/- each |
Rs. 20.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1015000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.150
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
10.150 |
1.500 |
1.500 |
|
|
2] Share Application Money |
2.247 |
8.797 |
7.597 |
|
|
3] Reserves & Surplus |
16.900 |
14.302 |
11.622 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
29.297 |
24.599 |
20.719 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
16.347 |
11.200 |
14.190 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.170 |
|
|
TOTAL BORROWING |
16.347 |
11.200 |
14.360 |
|
|
DEFERRED TAX LIABILITIES |
0.349 |
0.216 |
0.466 |
|
|
|
|
|
|
|
|
TOTAL |
45.993 |
36.015 |
35.545 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19.483 |
18.238 |
17.586 |
|
|
Capital work-in-progress |
0.218 |
0.601 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8.309
|
6.419 |
3.206 |
|
|
Sundry Debtors |
22.687
|
24.695 |
46.737 |
|
|
Cash & Bank Balances |
0.692
|
0.146 |
0.290 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
9.368
|
5.298 |
2.748 |
|
Total
Current Assets |
41.056
|
36.558 |
52.981 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11.230
|
16.579 |
31.941 |
|
|
Other Current Liabilities |
1.008
|
0.477 |
0.214 |
|
|
Provisions |
2.526
|
2.328 |
2.872 |
|
Total
Current Liabilities |
14.764
|
19.384 |
35.027 |
|
|
Net Current Assets |
26.292
|
17.174 |
17.954 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.005 |
|
|
|
|
|
|
|
|
TOTAL |
45.993 |
36.015 |
35.545 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
83.222 |
88.313 |
103.329 |
|
|
|
Other Income |
0.004 |
0.004 |
0.149 |
|
|
|
TOTAL (A) |
83.226 |
88.317 |
103.478 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials |
53.400 |
61.433 |
71.755 |
|
|
|
Job Work Charges |
0.910 |
4.344 |
6.451 |
|
|
|
Personal Expenses |
9.660 |
7.219 |
5.212 |
|
|
|
Increase/(Decrease) in Finished Goods |
0.000 |
0.160 |
0.338 |
|
|
|
Administrative and Selling Expenses |
13.270 |
9.681 |
12.320 |
|
|
|
TOTAL (B) |
77.240 |
82.837 |
96.076 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.986 |
5.480 |
7.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.937 |
1.065 |
0.436 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5.049 |
4.415 |
6.966 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.230 |
0.913 |
0.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3.819 |
3.502 |
6.075 |
|
|
|
|
|
|
|
|
|
Add |
VAT Payable for
Earlier Years |
0.000 |
0.101 |
0.244 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.220 |
0.923 |
1.727 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2.599 |
2.680 |
4.592 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.302 |
11.622 |
7.030 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.901 |
14.302 |
11.622 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.96 |
26.03 |
10.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.12 |
3.03 |
4.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.59
|
3.97 |
5.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.31
|
6.39 |
8.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.14 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
1.25 |
2.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.78
|
1.88 |
1.51 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION
The company is focused on reday to fill sustained release pellets in capsules
and supplying to top 10 clients in India and exporting to many cities abroad.
Now the company is diversifying in to finished dosage from of generic and
ethical. The company has also upgraded its existing facility to WHO GMP
standards located near Annaram Village, Medak District Andhra Pradesh.
FORM 8
|
Corporate
identity number of the company |
U24230AP2000PTC035421 |
|
Name of the
company |
SPANSULES
PHARMATECH PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. 59, G-3, Sri Venkateswara Towers, Bhagyanagar Colony
Opposite, K.P. H.B, Hydedrabad-500072, Andhra Pradesh, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of
charge holder |
Canara Bank, Retail asset Hub Company, Hyderabad-500072, Andhra
Pradesh, India |
|
Date of
instrument Creating the charge |
21.10.2010 |
|
Amount secured by
the charge |
Rs. 0.300 million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Rate
of Interest @ 10% And Subject To Change From Time To Time Terms of
repayment Repayable
In 36 Equated Monthly Installments of Rs.0.010 million Extent and
operation of the charge Charge
operates as security to the extent of loan amount of Rs.0.300 million along
with Interest due thereon. |
|
Short particulars
of the property charged (Including location of the property) |
Hypothecation
of Vehicle Chevrolet Beat New Car Valued By Rs.0.540 million |
FIXED ASSETS
- Land
- Furniture and
Fixture
- Computers
- Plant and
Machinery
- Buildings
- Electrical
Equipment
- Office
Equipment
- Motor Car
- Vehicle –
Splender +
- Air
Conditioner
WEB SIDE DETAILS
PROFILE
Subject was established in the year 2000 and
commenced commercial manufacturing of Pre-formulation Pharmaceuticals at
Hyderabad. Today Spansules has a manufacturing facility within the premises of
Pharmaceuticals hub of Hyderabad. The facility was equipped with sophisticated
equipments like, fluidized bed coater, Extruders, Spheronisers etc.
They are one of the fastest growing organizations in the area of drug loaded
Sustained and Delayed release pellets formulations. Constant product innovation
based on understanding the market trends and matching the customer expectations
are the food for instigating their innovative machinery. Adaptation to match
the intent of customer requirements and withstand commitment to meet the time
and quality requirements are keys to their growth which gives them an edge over
their competitors.
Manufacturing Facility
At Spansules, they provide a well equipped facility to meet customer's manufacturing requirements from small scale pilot batches to commercial manufacturing. The manufacturing facility of Spansules complies with Current Good Manufacturing practices. The Quality systems are based on EU and US GMP standards. Manufacturing facility is provided with Air Handling Units to provide a controlled environment as well as to ensure the product safety.
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.