MIRA
INFORM REPORT
|
Report Date : |
26.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
STEDMAN PHARMACEUTICALS PRIVATE LIMITED |
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Registered
Office : |
No.3A, Adyar Bridge Road, Adyar – Chennai – 600020, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.12.1985 |
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Com. Reg. No.: |
18-012518 |
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Capital
Investment / Paid-up Capital : |
Rs.12.500 Millions |
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|
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CIN No.: [Company Identification
No.] |
U24231TN1985PTC012518 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES02691D |
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PAN No.: [Permanent Account No.] |
AAACS9891G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and ethical
marketing of pharmaceutical formulations |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 140000 |
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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 : |
Subject is an established company having satisfactory track. Trade
relations are reported as 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office / Corporate Office : |
No.3A, Adyar Bridge Road, Adyar – Chennai – 600020, Tamilnadu, India |
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Tel. No.: |
91-44-24911355/ 24462334 |
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Fax No.: |
91-44-24912624 |
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E-Mail : |
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Website : |
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Factory : |
C-4, GIDC Pharmaceutical Complex, Alathur, Tiruporur – 603110,
Tamilnadu, India |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. R Rajagopal |
|
Designation : |
Managing Director |
|
Address : |
No.2, Flat 1B, Arindale Beach 3rd Street Gee Gee Crystal
Residency, Kalakshetra Colony, Chennai – 600090, Tamilnadu, India |
|
Date of Birth/Age : |
25.09.1945 |
|
Date of Appointment : |
01.01.1986 |
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|
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Name : |
Mr. Rajagopal Ramkumar |
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Designation : |
Director |
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Address : |
No.2, Flat 1B, Arindale Beach 3rd Street Gee Gee Crystal
Residency, Kalakshetra Colony, Chennai – 600090, Tamilnadu, India |
|
Date of Birth/Age : |
23.09.1976 |
|
Date of Appointment : |
02.09.2002 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Rangachari Rajagopal |
|
93480 |
|
Rajkumar Rajagopal |
|
28420 |
|
Rajagopal Anupama |
|
3100 |
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|
|
|
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Total |
|
125000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Directors or relatives of Directors |
100.00 |
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|
|
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and ethical
marketing of pharmaceutical formulations |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
|
Capsules |
Nos |
1092 Lakhs |
|
Liquids |
Lts |
3 Lakhs |
|
Tablets |
Nos |
3432 Lakhs |
|
Creams |
Kgs |
140 Thousand |
|
Topical Solution |
Lts |
156Thousand |
|
Topical Powder |
Kgs |
42 Thousand |
|
Oral Powder |
Kgs |
16 Thousand |
GENERAL INFORMATION
|
Bankers : |
State Bank of
India, Commercial Branch, G.S.T Road, Guindy, Chennai – 600032, Tamil Nadu,
INDIA |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
P. Kumar Chartered Accountant |
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Address : |
14, West Circuler Road, Mandevelipakkam, Chennai – 600028, Tamilnadu,
India |
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Tel. No.: |
91-44-24936456 |
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Pan No.: |
AABPK2688R |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000 |
Equity Shares |
Rs.100/- each |
Rs.12.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000 |
Equity Shares |
Rs.100/-
each |
Rs.12.500
Millions |
|
|
|
|
|
Note :
90,200 equity shares were allotted for cash, 2,800 equity shares were allotted
for consideration other than cash and 32,000 equity shares were allotted as
bonus shares by capitalization of free reserves ( Previous Year 80200, 2800,
32000 equity shares respectively.
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 |
12.500 |
11.500 |
10.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
23.034 |
16.480 |
13.787 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
35.534 |
27.980 |
23.787 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.339 |
11.763 |
15.814 |
|
|
2] Unsecured Loans |
9.801 |
9.800 |
10.700 |
|
|
TOTAL BORROWING |
19.140 |
21.563 |
26.514 |
|
|
DEFERRED TAX LIABILITIES |
7.526 |
7.051 |
6.653 |
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|
|
|
|
|
|
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TOTAL |
62.200 |
56.594 |
56.954 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
55.477 |
54.444 |
55.450 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT |
4.564 |
4.564 |
4.561 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
22.534
|
16.737 |
14.760 |
|
|
Sundry Debtors |
19.451
|
14.113 |
16.443 |
|
|
Cash & Bank Balances |
0.846
|
1.446 |
0.943 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
10.684
|
11.348 |
9.351 |
|
Total
Current Assets |
53.515
|
43.644 |
41.497 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
20.507
|
16.565 |
11.885 |
|
|
Other Current Liabilities |
28.545
|
27.321 |
30.595 |
|
|
Provisions |
2.304
|
2.172 |
2.074 |
|
Total
Current Liabilities |
51.356
|
46.058 |
44.554 |
|
|
Net Current Assets |
2.159
|
(2.414) |
(3.057) |
|
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
62.200 |
56.594 |
56.954 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Income |
165.504 |
|
|
|
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|
Other Income |
|
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|
|
|
|
TOTAL (A) |
165.504 |
145.557 |
136.655 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumption |
51.065 |
43.961 |
34.695 |
|
|
|
Production |
21.043 |
15.597 |
22.894 |
|
|
|
Personnel |
43.807 |
42.605 |
38.672 |
|
|
|
Marketing |
29.848 |
26.102 |
23.985 |
|
|
|
TOTAL |
145.763 |
128.265 |
120.246 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
19.741 |
17.292 |
16.409 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11.268 |
11.635 |
11.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8.473 |
5.657 |
4.841 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1.920 |
4.464 |
4.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
6.553 |
1.193 |
0.484 |
|
|
|
|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1.666 |
0.979 |
3.686 |
|
|
TOTAL EARNINGS |
1.666 |
0.979 |
3.686 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.42 |
1.54 |
3.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
3.95
|
0.81 |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.01
|
1.21 |
0.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.04 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.98
|
2.41 |
2.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
1.16 |
0.93 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE OF THE
COMPANY
The company during the year has registered Gross revenue of Rs.162.800
millions for the year ended 31st March 2010, showing growth of 15%
over the corresponding previous year. The profitability achieved during the
year was Rs.8.472 millions. With new products introduction in the current year
and by virtue of registration of more products in overseas markets, the company
is confident of better performance in terms of Sales and Profitability for the
current year.
FORM : 8
|
Corporate identity number of the company |
U24231TN1985PTC012518 |
|
Name of the company |
STEDMAN PHARMACEUTICALS PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
NO.3A,Adyar Bridge Road, Adyar, Chennai –
600020, Tamil Nadu, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property Book debts Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of India, Commercial Branch,
G.S.T Road, Guindy, Chennai – 600032, Tamil Nadu, INDIA |
|
Nature of instrument creating charge |
1. Letter of Arrangement S M E - 1. 2. Agreement of Loan cum Hypothecation
SME. 3. EM Confirmation Letter S M E - 8. 4. Board Resolution. |
|
Date of instrument Creating the charge |
18/02/2011 |
|
Amount secured by the charge |
Rs. 76.500 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest Working Capital: 5.50% above Base Rate
(8.25%) i.e. 13.75% p.a.} SLC: 1.00% above Working Capital limit
i.e.14.75% p.a. } with monthly rests. Term Loans: 6.00% above Base Rate (8.25%)
i.e.14.25% p.a} Terms
of repayment Working Capital: Repayable on Demand. Term Loan: Repayable in 39 monthly
installments commencing from October 2011. Open Term Loan: Repayable in 51 monthly
installments commencing from September 2011. Margin Raw Materials : 25% Stocks-in-Process :
25% Finished Goods : 25% Receivables : 25% Letter of Credit : 25% Bank Guarantee : 25% Open Term Loan : 11.11% Term Loan : 26.42% Extent
and operation of the charge As mentioned in the Agreements. Other
NIL |
|
Short particulars of the property charged
(Including location of the property) |
CC/EPC/FBD (Non-LC)/SLC : Hypothecation of
Stocks and Book Debts belonging to the Company Open Term Loan and Term Loans: Hypothecation
of Plant and Machinery and other Movable Assets acquired out of the Bank
Finance. Letter of Credit: Goods covered under LC
and general charge over the Current Assets. Bank Guarantee: Counter guarantee and
general charge over the Current Assets. Extension of Equitable Mortgage over the
immovable properties belonging to the Company, more fully described hereunder Factory Land and Building Shed No.C4,
SIDCO Pharmaceutical Complex, Alathur, Tiruporur Taluk. Plot area 35 ares
i.e. 86 Cents. |
|
Date of instrument modifying the charge |
28/03/2009 |
|
Particulars of the present modification |
By the present modification, the overall
limit has been enhanced to Rs.76.500 millions and secured by the existing charge
on the Current Assets, Assets purchased out of Bank Finance and the immovable
properties belonging to the Company viz., Factory Land and Building Shed
No.C4, SIDCO Pharmaceutical Complex, Alathur, Tiruporur Taluk. Plot area 35
ares i.e. 86 Cents. |
FIXED ASSETS :
·
Free Hold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
·
Computers
·
Capital WIP
AS PER WEBSITE DETAILS :
TEAM :
Subject is home for people of various diversities coming together,
sharing together, and working together. It is the people who are the building
blocks of their company. The vision of their company is the joint vision of
their people. Stedman has around 450 employees and the number is constantly
growing.
BOARD
Stedman’s board members are Mr. R. Rajagopal, Founder and
Managing Director, and Dr. Ramkumar Rajagopal, Joint Managing Director. Mr.
Rajagopal is a visionary who from a modest beginning as a medical
representative, has nurtured and shaped Stedman over the last 16 years of its
existence. He brings with him over 35 years of experience in the pharmaceutical
industry. Dr. Ramkumar is B.Tech in Chemical Engineering from the prestigious
Indian Institute of Technology (I.I.T.), Bombay. He holds a Ph.D. in Industrial
Engineering and Operations Research from The Pennsylvania State University,
U.S.A.
SALES
AND MARKETING
Around 350 employees of Stedman are part of the sales and
marketing team. These include medical reps, first line managers, second line
managers and third line managers who are located across different parts of
India. Their sales and marketing team is reputed to be among the best trained
in the industry.
FACTORY
:
Around 100 employees are located at Stedman's factory
situated in Alathur, about 40 kms south of Chennai. The employees in the
factory are engaged in various activities related to manufacturing, quality
control, quality assurance and product development. Their factory employees are
exemplary not only in the technical knowledge they possess, but also in the
ethics and quality standards they maintain.
CORPORATE
OFFICE :
Stedman's corporate office, located in the heart of Chennai,
is home for about 50 employees involved in finance, accounts, product
management, administration, human resource development, purchase and senior
management. The corporate office is the hub of all their activities, and is
constantly bustling with action.
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. 46.12 |
|
|
1 |
Rs. 75.51 |
|
Euro |
1 |
Rs. 66.52 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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.