MIRA
INFORM REPORT
|
Report Date : |
25.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
SIGMA LABORATORIES LIMITED (w.e.f. 01.07.2000) |
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Formerly Known
As : |
SIGMA LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
43 (South), |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.03.1987 |
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Com. Reg. No.: |
11-043007 |
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CIN No.: [Company Identification
No.] |
U85195MH1987PLC043007 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS23276B |
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PAN No.: [Permanent Account No.] |
AABC4404L |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of Pharmaceutical formulations. |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 an established company having moderate track. There appears
to be some accumulated losses recorded by the company. However, trade
relations are fair. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
INFORMATION PARTED BY
|
Name : |
Mr. Thomas |
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Designation : |
Accounts |
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Date : |
23.02.2011 |
LOCATIONS
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Registered Office : |
43 (South), R A Kidwai Road, Wadala, Mumbai-400031, Maharashtra, India |
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Tel. No.: |
91-22-24181609 |
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Fax No.: |
91-22-24164250 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
6,7,8, Tivim Industrial Estate, Mafsa, Goa, Maharashtra, India |
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Location : |
Owned |
DIRECTORS
As On : 21.09.2010
|
Name : |
Mr. Dilip s. Coulagi |
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Designation : |
Chairman |
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Address : |
43 (South), R A Kidwai Road, Wadala, Mumbai-400031, Maharashtra, India |
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Date of Birth/Age : |
15.06.1943 |
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Date of Appointment : |
30.03.1987 |
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DIN No : |
00557172 |
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Name : |
Ms. Sharayu S. Coulagi |
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Designation : |
Director |
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Address : |
43 (South), R A Kidwai Road, Wadala, Mumbai-400031, Maharashtra, India |
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Date of Birth/Age : |
10.08.2004 |
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Date of Appointment : |
30.03.1987 |
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DIN No : |
00557955 |
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Name : |
Mr. Anirudha R. Barwe |
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Designation : |
Director |
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Address : |
B1, Bageshree S. Ghanekar Road, Prabhadevi, Mumbai-400025,
Maharashtra, India |
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Date of Birth/Age : |
06.10.1938 |
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Date of Appointment : |
24.06.02 |
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DIN No : |
00288552 |
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Name : |
Mr. Gunvantrai Sanghrajka |
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Designation : |
Director |
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Address : |
E1, Breachcandy Appartment, Bhulabhai Desai Road, Mumbai-400026,
Maharashtra, India |
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Date of Birth/Age : |
21.10.1935 |
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Date of Appointment : |
20.03.2003 |
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DIN No : |
00322600 |
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Name : |
Mr. Ramesh G. Kulkarni |
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Designation : |
Director |
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Address : |
9, Nirvana, 5th Floor, Junction of 24th and 30th
Road, Bandra (West), Mumbai-400050, Maharashtra, India |
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Date of Birth/Age : |
27.09.1930 |
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Date of Appointment : |
08.09.2009 |
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DIN No : |
02789427 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 21.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Dilip s. Coulagi |
|
8588910 |
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Ms. Sharayu S. Coulagi |
|
109970 |
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AS ON 21.09.2010
|
Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Public Financial Institutions |
|
0.08 |
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Directors or relatives of directors |
|
0.92 |
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Total
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceutical formulations. |
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Products : |
Ř Calcitab Ř Loracler
Hayfever Ř Duoflam Gel |
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Exports : |
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Products : |
Pharmaceutical Formulations |
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Countries : |
Ř New Zealand Ř Australia |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash, Credit |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS (As On 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tablet |
In Nos. Lacs |
1200.00 |
1200.00 |
1121.79 |
|
Ointments |
In Nos. Lacs |
36.00 |
3.00 |
2.09 |
|
Syrup |
In 000 Liters |
-- |
-- |
2.16 |
|
Ampoules and Vials |
In Lacs |
-- |
-- |
16.51 |
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GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
50 (in office 8 and in factory 42) (Approximately) |
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Bankers : |
Ř HDFC Bank,
Branch TT Dadar, Mumbai-400014, Maharashtra, India Ř Citi Bank,
Branch Juhu, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Paranjape and Paranjpe Chartered Accountant |
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Address : |
4, Jayram Niwas Cooperative Housing Society, 116, Tilak Mandir Road, Vile
Parle (East), Mumbai-400057, Maharashtra, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13000000 |
Equity Shares |
Rs. 10/- each |
Rs. 130.000 millions |
|
700000 |
8% Optionally Convertible / Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 70.000 millions |
|
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Total |
|
Rs.200.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
millions |
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700000 |
8% Optionally Convertible / Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 70.000 millions |
|
10700000 |
Total |
|
Rs.170.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
170.000 |
170.000 |
170.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.197 |
1.197 |
1.197 |
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4] (Accumulated Losses) |
(176.014) |
(193.387) |
(208.529) |
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NETWORTH |
(4.817) |
(22.190) |
(37.332) |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
183.158 |
90.028 |
99.493 |
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TOTAL BORROWING |
183.158 |
90.028 |
99.493 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
178.341 |
67.838 |
62.161 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
111.256 |
27.654 |
29.452 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.099 |
0.099 |
0.099 |
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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 |
10.206
|
14.639 |
6.890 |
|
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Sundry Debtors |
55.939
|
29.098 |
22.425 |
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|
Cash & Bank Balances |
5.676
|
7.046 |
6.163 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
29.844
|
14.995 |
17.440 |
|
Total
Current Assets |
101.665
|
65.778 |
52.918 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
15.260
|
11.606 |
20.308 |
|
|
Other Current Liabilities |
13.756
|
10.529 |
0.000 |
|
|
Provisions |
5.663
|
3.558 |
0.000 |
|
Total
Current Liabilities |
34.679
|
25.693 |
20.308 |
|
|
Net Current Assets |
66.986
|
40.085 |
32.610 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
178.341 |
67.838 |
62.161 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
123.390 |
62.274 |
81.639 |
|
|
|
Other Income |
13.891 |
10.450 |
6.948 |
|
|
|
TOTAL |
137.281 |
72.724 |
88.587 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
37.594 |
28.868 |
28.759 |
|
|
|
Other Expenses |
68.917 |
25.977 |
25.323 |
|
|
|
TOTAL |
106.511 |
54.845 |
54.082 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
30.770 |
17.879 |
34.505 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
13.396 |
2.626 |
2.967 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
17.374 |
15.253 |
31.538 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.112 |
0.117 |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision
For Taxation in Prior Years |
0.000 |
0.000 |
0.691 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
17.374 |
15.141 |
32.112 |
|
|
|
|
|
|
|
|
|
Less |
PREVIOUS
YEARS LOSS BALANCE BROUGHT FORWARD |
(193.388) |
(208.529) |
(240.641) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(176.014) |
(193.388) |
(208.529) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
93.894 |
57.957 |
77.225 |
|
|
|
Recovery OF Fright and Insurance |
8.578 |
4.317 |
4.415 |
|
|
TOTAL EARNINGS |
102.472 |
62.274 |
81.640 |
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.120 |
1.038 |
0.844 |
|
|
TOTAL IMPORTS |
2.120 |
1.038 |
0.844 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.62 |
1.42 |
3.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
12.66
|
20.82 |
36.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.08
|
24.49 |
38.63 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.16
|
16.33 |
38.29 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(3.61)
|
(0.69) |
(0.84) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(30.82)
|
(2.90) |
(2.12) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.93
|
2.56 |
2.61 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
15.260
|
11.606 |
20.308 |
BACKGROUND
The company was incorporated on 13th March, 1987 to
manufacture and market its own pharmaceutical products in domestic overseas
market. Currently, the company is engaged in exporting its products in
international markets.
OPERATIONS AND
OUTLOOK
As anticipated,
the sales have grown significantly in 2009-2010 from the previous year. Also as
expected, the PBDIT has not gone up commensurately due to higher costs,
especially those of running a GMP compliance factory. The net profit has not
grown much at all due to heavy burden of depreciation of the new factory.
The sales are
strong, partly due to some new markets/products and partly due to the pending
orders which could not be supplied in the earlier year. This year these factors
are absent, and in fact sales in Azerbaijan have been completely lost, due to
political problems with that country, as also the loss of some products in
Turkmenistan due to the Government policies there. While the company is making
efforts to expand geographically and register new products in existing markets,
these efforts will not bear fruit for some time, and the prospects for the
current year are not good.
TRADE REFERENCE:
Ř AFT
Pharmaceuticals, New Zealand
FIXED ASSETS
v
Land – Leasehold
v
Buildings
v
Plant and Machinery
v
Furniture and Fittings
v
Vehicles
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.45.37 |
|
|
1 |
Rs.73.54 |
|
Euro |
1 |
Rs.62.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
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.