MIRA
INFORM REPORT
|
Report Date : |
30.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPAN BIOTRONICS PRIVATE LIMITED |
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Registered Office
: |
2, Vatika 14 Baptista Road, Vile Parle (West), Mumbai – 400056,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
08.11.2006 |
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Com. Reg. No.: |
11-165417 |
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Paid-up Capital
: |
23095 Euro |
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CIN No.: [Company Identification
No.] |
U33125MH2006PTC165417 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS54051E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged
in development of the following R and D projects |
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No. of Employees
: |
7 (approximately) |
Note: No. of Employees confirmed by Mr. Rahul
Khakhra (Finance Manager)
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
Euro 5345 |
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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 subsidiary of Span Diagnostics Limited. It is an established company having moderate track. The performance of
the company is improving. The company has successful in wiping off the
accumulated losses of the previous year. Trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
2, Vatika 14 Baptista Road, Vile Parle (West), Mumbai – 400056,
Maharashtra, India |
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Tel. No.: |
91-22-26102272 |
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Fax No.: |
91-22-26101896 |
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E-Mail : |
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Website : |
DIRECTORS
As On 06.06.2011
|
Name : |
Dr. Pradipkumar Keshavlal Desai |
|
Designation : |
Director |
|
Address : |
61, Adarsh Society, Athwalines, Surat – 394210, Gujarat, India |
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Date of Birth/Age : |
22.09.1939 |
|
Date of Appointment : |
08.11.2006 |
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DIN No.: |
00026451 |
|
Other Directorship : |
CIN: U24299GJ1980PTC003710 Name of the company: Span Diagnostics Limited Designation: Director CIN: U65910GJ1985PTC007718 Name of the company: Span Finstock Private Limited Designation: Director |
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Name : |
Mr. Sanjay Natwarlal Mehta |
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Designation : |
Director |
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Address : |
6 Vatika, 14, Baptista Road, Vile Parle (West), Mumbai – 400056,
Maharashtra, India |
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Date of Birth/Age : |
20.10.1950 |
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Date of Appointment : |
08.11.2006 |
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DIN No.: |
00002817 |
|
Other Directorship : |
CIN: U24299GJ1980PTC003710 Name of the company: Span Diagnostics Limited Designation: Director CIN: U65910GJ1985PTC007718 Name of the company: Span Finstock Private Limited Designation: Director |
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Name : |
Mrs. Sujata Veeral Desai |
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Designation : |
Director |
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Address : |
61, Adarsh Society, Athwalines, Surat – 394210, Gujarat, India |
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Date of Birth/Age : |
10.01.1973 |
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Date of Appointment : |
08.11.2006 |
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DIN No.: |
00026558 |
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Name : |
Mr. Veeral Pradipkumar Desai |
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Designation : |
Director |
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Address : |
61, Adarsh Society, Athwalines, Surat – 394210, Gujarat, India |
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Date of Birth/Age : |
07.05.1968 |
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Date of Appointment : |
08.11.2006 |
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DIN No.: |
00029219 |
|
Other Directorship : |
CIN: U24299GJ1980PTC003710 Name of the company: Span Diagnostics Limited Designation: Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Khakhra |
|
Designation : |
Finance Manager |
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|
Name : |
Dr. B Prasad |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 06.06.2011
|
Names of Equity Shareholders |
|
No. of Shares |
|
Span Diagnostics Limited – India |
|
10000 |
|
Dr. Bhagwati Prasad |
|
500 |
|
Total |
|
10500 |
|
Name of
Preference Shareholders |
|
No. of Shares |
|
Span Diagnostics Limited – India |
|
5000 |
As On 06.06.2011
|
Category |
Percentage |
|
Bodies corporate |
95.23 |
|
Other |
4.77 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in development of the following R and D projects |
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GENERAL INFORMATION
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No. of Employees : |
7 (approximately) |
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Bankers : |
Not Available |
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Banking Relations
: |
-- |
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Auditors : |
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|
Name : |
A. J. Shahand and Company Chartered Accountant |
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Address : |
Fort Chambers, C-Block, 65, Tamarind Lane, Fort, Mumbai – 400023,
Maharashtra, India |
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Tel. No.: |
91-22-22650834/22671269 |
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Fax No.: |
91-22-22657122 |
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Pan No.: |
AAAFA3818L |
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Holding Company : |
·
Span Diagnositcs
Limited CIN:
L24299GJ1980PLC003710 |
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Associates/Subsidiaries : |
·
Span Nihon Kohden Diagnostics Private Limited ·
Span Diagnostics S.A.R.L. ·
Akkad Mehta and Company |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12500 |
Equity Shares |
1.49 Euro each |
18625 Euro |
|
12500 |
Preference Shares |
1.49 Euro each |
18625 Euro |
|
|
Total |
|
37250 Euro |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10500 |
Equity Shares |
1.49 Euro each |
15645 Euro |
|
5000 |
Preference Shares |
1.49 Euro each |
7450 Euro |
|
|
Total |
|
23095 Euro |
Note:
Out of the above, equity shares 10000 equity
shares of 1.49 Euro each and 5000 preference shares of 1.49 Euro each are held
by Span Diagnostics Limited, Holding Company and its nominees.
FINANCIAL DATA
[all figures are
in Euro]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
23095 |
23095 |
22388 |
|
|
2] Share Application Money |
000 |
000 |
000 |
|
|
3] Reserves & Surplus |
3631 |
000 |
000 |
|
|
4] (Accumulated Losses) |
000 |
(6384) |
(35511) |
|
|
NETWORTH |
26726 |
16711 |
(13123) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
000 |
000 |
000 |
|
|
2] Unsecured Loans |
000 |
000 |
38805 |
|
|
TOTAL BORROWING |
000 |
000 |
38805 |
|
|
DEFERRED TAX LIABILITIES |
000 |
000 |
111 |
|
|
|
|
|
|
|
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TOTAL |
26726 |
16711 |
25793 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
4907 |
3101 |
3764 |
|
|
Capital work-in-progress |
000 |
000 |
000 |
|
|
|
|
|
|
|
|
INVESTMENT |
000 |
000 |
000 |
|
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DEFERREX TAX ASSETS |
2187 |
955 |
000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
000
|
000 |
000 |
|
|
Sundry Debtors |
6756
|
5875 |
23792 |
|
|
Cash & Bank Balances |
6251
|
238 |
10 |
|
|
Other Current Assets |
000
|
000 |
000 |
|
|
Loans & Advances |
29426
|
18241 |
5596 |
|
Total
Current Assets |
42433
|
24354 |
29398 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
481
|
3795 |
|
|
|
Other Current Liabilities |
9603
|
1131 |
7864 |
|
|
Provisions |
13066
|
7318 |
283 |
|
Total
Current Liabilities |
23150
|
12244 |
8147 |
|
|
Net Current Assets |
19283
|
12110 |
21251 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
389 |
583 |
778 |
|
|
OTHERS |
(40) |
(38) |
000 |
|
|
|
|
|
|
|
|
TOTAL |
26726 |
16711 |
25793 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
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Research and Development Consultancy Fees |
105970 |
100656 |
23919 |
|
|
|
Other Income |
000 |
000 |
000 |
|
|
|
TOTAL (A) |
105970 |
100656 |
23919 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Employees Remuneration |
74516 |
46876 |
|
|
|
|
Administrative Expenses |
19521 |
18699 |
|
|
|
|
Preliminary Expenses written off |
194 |
194 |
|
|
|
|
TOTAL (B) |
94231 |
65769 |
58123
(Including Financial Expenses) |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11739 |
34887 |
|
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23 |
1979 |
|
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11716 |
32908 |
(34204) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1065 |
1080 |
913 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10651 |
31828 |
(35117) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
636 |
2701 |
394 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
10015 |
29127 |
(35511) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6384) |
(35511) |
000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3631 |
(6384) |
(35511) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Euro) |
0.64 |
1.87 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
9.45
|
28.93 |
(148.46) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.05
|
31.62 |
(146.81) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.49
|
115.92 |
(105.89) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
1.90 |
2.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.86
|
0.73 |
(3.57) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.83
|
1.98 |
3.60 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The Directors have
pleasure in informing you that the company has made profit after tax of 10014
Euro during the year under consideration as compared to 29119 Euro in previous
year.
OUTLOOK FOR THE
CURRENT YEAR AND FUTURE PROSPECTS
Subject is engaged
in development of the following R and D projects which are likely to be
released to Manufacturing in the current year:
Laboratory
Instruments - Two Projects
Laboratory
Accessories - Two Projects
Laboratory Reagents - Three Projects
These projects have
tremendous potential for commercialization in near future.
Reagent R and D projects have started recently and are
likely to lead to some new reagent kits in the current year.
We hope to purchase
office space in this year and set up R and D center in the new location.
Revenue for Subject
in the current year will be generated primarily from the following mechanisms:
I.
Consultancy
for design, development, validation. technical support etc
II.
Technology
transfer fees and royalty fees
III.
Licensing
IP rights
The company has
planned significant step up in R and D
Expenditure for the next three years to tap the growth potential in Diagnostics
Device Industry.
Fixed Assets:
·
Office Equipment
·
Furniture and fixtures
·
EPBX system
·
Computers
·
Air conditioners
·
Capital WIP
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.45.87 |
|
|
1 |
Rs.75.15 |
|
Euro |
1 |
Rs.66.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
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.