MIRA
INFORM REPORT
|
Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
SUPRIYA LIFESCIENCE LIMITED |
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Formerly Known
As : |
SUPRIYA CHEMICALS LIMITED |
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Registered
Office : |
207/208, Udyog Bhavan, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.03.2008 |
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Com. Reg. No.: |
180452 |
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CIN No.: [Company Identification
No.] |
U51900MH2008PLC180452 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer of APIs and Drug
Intermediates |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 347624 |
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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) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
LOCATIONS
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Registered Office : |
207/208, Udyog Bhavan, |
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Tel. No.: |
91-22-40332727 / 66942507 |
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Fax No.: |
91-44-26860011 |
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E-Mail : |
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Website : |
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Factory : |
A-5/2 Lote Parshuram Industrial Area, MIDC, Chiplun, Taluka Khed,
District Ratnagiri – 415722,
Maharashtra |
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Tel. No.: |
91-2356-272299 |
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Fax No.: |
91-2356-272178 |
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Email : |
DIRECTORS
AS ON 29.08.2010
|
Name : |
Mr. Satish Waman Wagh |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
29.12.1955 |
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Name : |
Mrs. Asha Waman Wagh |
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Designation : |
Whole time Director |
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Address : |
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Date of Birth/Age : |
19.05.1932 |
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Name : |
Mrs. Smita S. Wagh |
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Designation : |
Whole time Director |
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Address : |
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Date of Birth/Age : |
23.05.1958 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.08.2010
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Names of Shareholders |
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No. of Shares |
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Mr. Satish Waman Wagh |
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248100 |
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Mrs. Asha Waman Wagh |
|
500 |
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Mrs. Smita S. Wagh |
|
1100 |
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Mrs. Kavita Desai |
|
25 |
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Dr. Shankar Karmarka |
|
225 |
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Mr. Deepak Chavan |
|
25 |
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Mr. Dilip Tailsania |
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25 |
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Ms. Sonali Satish Wagh |
|
100 |
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Ms. Shivani Satish Wagh |
|
100 |
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Total |
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250200 |
AS ON 30.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
99.88 |
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Other top fifty shareholders |
0.12 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of APIs and Drug
Intermediates |
GENERAL INFORMATION
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No. of Employees : |
415 (Office – 115 and Factory – 300) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
P. K. Mutha and Co Chartered Accountant |
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Address : |
Alankar, 3rd Floor, 208, |
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Associates/Subsidiaries : |
Swastik
Industries, Chiplun (Manufacturer of Pharmaceuticals API) |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
250,200 |
Equity Shares |
Rs.10/- each |
Rs. 2.502 Millions |
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Share Application Money |
|
Rs. 31.260 Millions |
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Total |
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Rs. 33.762
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
2.502 |
0.500 |
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2] Share Application Money |
|
31.260 |
0.000 |
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3] Reserves & Surplus |
|
53.144 |
9.019 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
86.906 |
9.519 |
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LOAN FUNDS |
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1] Secured Loans |
|
202.329 |
231.519 |
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2] Unsecured Loans |
|
8.080 |
66.807 |
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TOTAL BORROWING |
|
210.409 |
298.326 |
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DEFERRED TAX LIABILITIES |
|
11.044 |
5.797 |
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TOTAL |
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308.359 |
313.642 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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200.072 |
182.507 |
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Capital work-in-progress |
|
9.756 |
11.924 |
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INVESTMENT |
|
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
94.794 |
73.411 |
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Sundry Debtors |
|
78.421 |
98.273 |
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Cash & Bank Balances |
|
10.999 |
9.339 |
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Other Current Assets |
|
1.872 |
1.165 |
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Loans & Advances |
|
59.719 |
65.628 |
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Total
Current Assets |
|
245.805 |
247.816 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
129.920 |
108.748 |
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Other Current Liabilities |
|
10.032 |
5.616 |
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Provisions |
|
7.655 |
14.676 |
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Total
Current Liabilities |
|
147.607 |
129.040 |
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Net Current Assets |
|
98.198 |
118.776 |
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MISCELLANEOUS EXPENSES |
|
0.308 |
0.410 |
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TOTAL |
|
308.359 |
313.642 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
|
469.631 |
447.273 |
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Other Income |
|
7.256 |
15.697 |
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TOTAL (A) |
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476.887 |
462.970 |
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Less |
EXPENSES |
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Raw Material Consumed |
|
308.017 |
308.473 |
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Personnel Expenses |
|
22.357 |
18.095 |
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Manufacturing Expenses |
|
583965 |
41.598 |
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Administrative & Selling Expenses |
|
38.506 |
34.889 |
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Increase/(Decrease) in stock |
|
(12.669) |
3.697 |
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TOTAL (B) |
|
415.176 |
406.752 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
61.711 |
56.218 |
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Less |
FINANCIAL
EXPENSES (D) |
|
30.653 |
32.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
31.058 |
23.818 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
8.303 |
6.498 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
22.755 |
17.320 |
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Less |
TAX (I) |
|
10.658 |
8.196 |
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PROFIT AFTER TAX
(G-I) (J) |
|
12.097 |
9.124 |
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Earnings Per
Share (Rs.) |
|
48 |
180 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
2.53 |
1.97 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.84 |
3.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.10 |
4.02 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.26 |
1.81 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.11 |
44.89 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.66 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
Note – The registered office address of the company has been shifted
from 4, Prabhas Plot No. 9, H.F. Society Road, Jogeshwari-East, Mumbai – 400060,
Maharashtra, India, to present address w.e.f. 16.12.2009
Form 8
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Corporate
identity number of the company |
U51900MH2008PLC180452 |
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Name of the
company |
SUPRIYA LIFESCIENCE LIMITED |
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Address of the registered
office or of the principal place of
business in |
207/208, Udyog Bhavan, |
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This form is for |
Creation of
charge |
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Type of charge |
Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Agreement of
Hypothecation of Movable Property |
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Date of
instrument Creating the charge |
04.12.2010 |
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Amount secured by
the charge |
Rs. 2.608
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 14.5% p.a. or at
such rate as may be determined by the bank from time to time Terms of
Repayment On demand or by 1.8.2011 if the same is not
demanded earlier Margin 30% in bank's
favour Extent and
Operation of the charge This is term loan
facility Others Nil |
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Particulars of
the property charged |
Hypothecation of
plant and machinery, tangible movable property (both present and future) belonging
to the borrower and lying and being at the borrowers place of business at Plot no A/5/2,
Lote Parshuram INdl Area, MIDC, Tal Khed Dist Ratnagiri or whereverelse the same maybe. |
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.45.45 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.61.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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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 |
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--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.