MIRA
INFORM REPORT
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Report Date : |
01.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPC LIFE SCIENCES PRIVATE LIMITED |
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Registered Office : |
284/1, GIDC Estate, Opposite Lucky Restaurant, Makarpura,
Baroada-390010, Gujarart |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
15.06.2005 |
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Com. Reg. No.: |
04-46252 |
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Capital
Investment/ Paid-up Capital: |
Rs. 13.813 Millions |
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CIN No.: [Company
Identification No.] |
U24230GJ2005PTC046252 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDS04895C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Chemicals |
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No. of Employees: |
Not Divulged by the management |
RATING & COMMENTS
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MIRA’s Rating : |
B (33) |
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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 : |
USD 130000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Bharat |
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Designation : |
Operator |
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Date : |
29.06.2011 |
LOCATIONS
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Registered Office / Corporate Office : |
284/1, GIDC Estate, Opposite Lucky Restaurant, Makarpura,
Baroada-390010, |
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Tel. No.: |
91-265-2352496 |
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Mobile No.: |
91-9998016175 / 9998016176 |
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Fax No.: |
91-265-2352496/ 2635692 |
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E-Mail : |
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Website : |
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Factory 1 : |
3611/1, 2, 3, 4 GIDC Estate, Ankleshwar-393002, |
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Tel No.: |
91-2646-226060 |
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Fax No.: |
91-2646-223364 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Ravjibhai Dudabhai Dudhat |
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Designation : |
Director |
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Address: |
72, Alka Society, |
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Date of Appointment: |
15.06.2005 |
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Name : |
Ms. Mili Snehal Patel |
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Designation : |
Director |
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Address: |
72, Alka Society, |
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Date of Appointment: |
15.06.2005 |
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Name : |
Mr. Snehal Ravjibhai Patel |
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Designation : |
Managing Director |
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Address : |
72, Alka Society, Near |
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Date of Birth/Age : |
01.06.1976 |
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Date of Appointment : |
04.03.2006 |
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Other Directorship : |
Genesis Organics Private Limited U24119GJ2001PTC039966 |
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Name : |
Ms. Sangitaben Ravjibhai Dudhat |
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Designation : |
Director |
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Address : |
72, Alka Society, Near |
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Date of Birth/Age : |
01.06.1952 |
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Qualification : |
04.03.2006 |
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Other Directorship : |
Genesis Organics Private Limited U24119GJ2001PTC039966 |
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Name : |
Ms. Tejas Ravjibhai Patel |
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Designation : |
Director |
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Address : |
72, Alka Society, Near |
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Date of Birth/Age : |
01.01.1979 |
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Date of Appointment : |
03.04.2006 |
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Date of Ceasing: |
01.09.2009 |
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Other Directorship : |
Genesis Organics Private Limited U24119GJ2001PTC039966 |
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DIN No.: |
00165219 |
\
KEY EXECUTIVES
|
Name : |
Mr. Bharat |
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Designation : |
Operator |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ravjibhai Dudhat |
|
325369 |
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Mili Snehal Patel |
|
5000 |
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Sangitaben Ravjibhai Dudhat |
|
522356 |
|
Snehal Ravjibhai Patel |
|
528547 |
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Total |
|
1381272 |
As on 31.05.2011
|
List of Allottees |
|
No. of Shares Allotted |
|
Ravjibhai Dudhat |
|
325369 |
|
Mili nehal Patel |
|
5000 |
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Sangitaben Ravjibhai Dudhat |
|
522356 |
|
Snehal Ravjibhai Patel |
|
808547 |
|
Tejas Ravjibhai Patel |
|
302325 |
|
Genesis Organics Private
Limited, |
|
36403 |
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Total |
|
2000000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Chemicals |
GENERAL INFORMATION
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No. of Employees: |
Not Divulged by the management |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. Patel and Company Chartered Accountants |
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Address : |
104, Deepam Residency, 26, Vishwas Colony, |
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Tel. No.: |
91-286-2342689 |
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Fax No.: |
91-286-2226371 |
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E mail: |
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Associates : |
[ CIN No :
U24119GJ2001PTC039966] |
CAPITAL STRUCTURE
After 27.09.2010
Authorised Capital : Rs. 25.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 22.934
Millions
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 |
|
1381272 |
Equity Shares |
Rs. 10/- each |
Rs. 13.813 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
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 |
13.813 |
13.813 |
13.813 |
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2] Share Application Money |
9.121 |
6.321 |
6.321 |
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3] Reserves & Surplus |
10.493 |
6.248 |
2.934 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
33.427 |
26.382 |
23.068 |
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LOAN FUNDS |
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1] Secured Loans |
26.979 |
58.618 |
48.856 |
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2] Unsecured Loans |
11.263 |
5.851 |
3.377 |
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TOTAL BORROWING |
38.242 |
64.469 |
52.233 |
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DEFERRED TAX LIABILITIES |
0.422 |
0.358 |
0.342 |
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TOTAL |
72.091 |
91.209 |
75.643 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
50.683 |
48.509 |
34.392 |
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Capital work-in-progress |
0.000 |
0.000 |
16.462 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
14.033
|
18.694 |
28.590 |
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Sundry Debtors |
28.754
|
39.710 |
19.210 |
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Cash & Bank Balances |
8.065
|
11.354 |
5.170 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
12.199
|
13.591 |
10.229 |
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Total
Current Assets |
63.051
|
83.349 |
63.199 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
37.650
|
36.751 |
36.206 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
3.993
|
3.906 |
2.220 |
|
Total
Current Liabilities |
41.643
|
40.657 |
38.426 |
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Net Current Assets |
21.408
|
42.692 |
24.773 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.008 |
0.016 |
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TOTAL |
72.091 |
91.209 |
75.643 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
164.443 |
187.630 |
95.833 |
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Other Income |
3.140 |
2.068 |
1.958 |
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TOTAL (A) |
167.583 |
189.698 |
97.791 |
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Less |
EXPENSES |
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Raw Material Consumed |
94.415 |
117.555 |
58.497 |
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Manufacturing Direct Expenses |
33.119 |
33.201 |
19.192 |
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Employee Cost |
7.597 |
6.662 |
6.202 |
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Administrative and Other Expenses |
6.138 |
4.768 |
4.627 |
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Marketing and Selling Expenses |
4.437 |
4.612 |
0.455 |
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Increase/ Decrease in Stock |
3.883 |
3.067 |
[3.617] |
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TOTAL (B) |
149.589 |
169.865 |
85.356 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17.994 |
19.833 |
12.435 |
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Less |
FINANCIAL
EXPENSES (D) |
5.372 |
8.075 |
5.545 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
12.622 |
11.758 |
6.890 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.361 |
6.740 |
4.970 |
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PROFIT BEFORE
TAX (E-F) (G) |
6.261 |
5.018 |
1.920 |
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Less |
TAX (H) |
2.016 |
1.705 |
0.712 |
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PROFIT AFTER TAX
(G-H) (I) |
4.245 |
3.313 |
1.208 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6.247 |
2.934 |
1.726 |
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BALANCE CARRIED
TO THE B/S |
10.492 |
6.247 |
2.934 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export of Goods/ Services |
89.138 |
149.618 |
60.351 |
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Commission Earnings |
0.000 |
0.000 |
0.000 |
|
|
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Other Earnings |
2.660 |
1.261 |
0.098 |
|
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TOTAL EARNINGS |
91.798 |
150.879 |
60.449 |
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IMPORTS |
|
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Raw Materials |
57.298 |
58.628 |
35.023 |
|
|
|
Others |
0.000 |
0.000 |
0.011 |
|
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TOTAL IMPORTS |
57.298 |
58.628 |
35.034 |
|
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Earnings Per
Share (Rs.) |
|
|
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.53
|
1.75 |
1.24 |
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
3.81
|
2.67 |
2.00 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.50
|
3.81 |
1.97 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.19 |
0.08 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39
|
3.98 |
3.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
2.05 |
1.64 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
For Goods Supply |
28.679 |
26.613 |
25.419 |
|
For Expenses |
7.797 |
7.210 |
4.668 |
|
For Capital Goods |
1.174 |
2.928 |
6.119 |
|
Total |
37.650
|
36.751 |
36.206 |
Note:
The Registered office of the company has been shifted from 102, Toran
Complex, Vikas Nagar,
Performance:
The aggregate sales during the year stood at Rs. 164.443 Millions in
compared to last year Sales of Rs. 187.630 Millions, resulting net decrease of
12.35% in sales. However, The Pre tax
profit is Rs. 6.261 Millions in compare to last pre tax profit of Rs.
5.018 Millions resulting net increase of 24.77%.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24230GJ2005PTC046252 |
|
Name of the
company |
SPC LIFE SCIENCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
284/1, GIDC Estate, Opposite Lucky Restaurant, Makarpura,
Baroada-390010, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
State Bank of |
|
Nature of instrument
creating charge |
Memorandum of
deposit of title deeds by way of equitable mortgage of industrial plot no.
3611/1-2-3-4, GIDC, Ankleshwar, Dist. Bharuch, in name of SPC lifesciences
Private Limited and Residential House at D/72, Alka Society, Akota, Vadodara,
in name of Mr. Ravjibhai D. Dudhat. |
|
Date of
instrument Creating the charge |
18.05.2011 |
|
Amount secured by
the charge |
Rs. 109.600
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest C.C. - Rs. 50.000
Millions @12%; Term Loan - Rs. 3.800 Millions @ 12.75%; Term Loan - Rs. 6.300
Milions @ 12.25, New Term Loan - Rs. 21.000 Millions @ 12.25%. Terms of
Repayment TL- of Rs. 3.800
Millions repayable in 10 qtrly installments of Rs. 0.363 Million /- and TL- of Rs. 6.300 Millions repayable in 20
qtrly installments of Rs. 0.315 Million New Term Loan -
Rs. 21.000 Millions repayable in 20 qtrly installment commencing from
1.4.2012 of Rs. 1.050 Millions C.C. limit - on
demand Margin C.C limit - 25%, BG - 25%, L/C - 25%, Stock (RM, SIP,
FG) - 10% for EPC/25% for normal C.C., Export
Receivables - 10% Term loan - 20%
of cost of project. Extent and
Operation of the charge C.C of Rs. 50.000
Millions (including sub limit of EPC/FBP/FUBD/BP/IUBD/PCFC/EBR); Standby line
of Credit of Rs. 7.500 Millions; L/C of Rs.15.000 Millions, B/G of Rs. 3.000
Millions, existing TL of Rs. 10.100 Millions New Term Loan of
Rs. 21.000 Millions, Credit Exposure Limit of Rs. 3.000 Millions |
|
Short particulars
of the property charged |
|
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U24230GJ2005PTC046252 |
|
Name of the
company |
SPC LIFE SCIENCES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
102, ‘TORAN’ Complex, Vikas
Nagar, |
|
Type of charge |
Immovable Property |
|
Particular of
charge holder |
Indian Overseas Bank, Dandia Bazar Branch, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
deposit of title deeds by way of equitable mortgage of industrial plot No.
3611/1-2-3, GIDC Industiral Estate, Makarpura, Vadodara – 390010. the name of
SPC
LIFE SCIENCES PRIVATE LIMITED |
|
Date of
instrument Creating the charge |
01.12.2006 |
|
Amount secured by
the charge |
Rs. 57.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Usance bill
discounting foreign of Rs. 20.000 Millions upto 90 days sight with interest
rate 8.50 % p.a. Cash Credit of Rs. 2.500 Millions with interest rate 14.50 %
p.a., LC of Rs. 15.000 Millions, L/G of Rs. 5.000 Millions. TL – Machineries
of Rs. 12.700 Millions interest rate 14.75 % p.a. repayable in 16 quarterly
installments of Rs. 0.794 Millions and TL Factory Building of Rs. 1.800
Millions interest rate 14.75 % p.a. repayable in 16 quarterly installments fo
Rs. 0.113 Million. Terms of
repayment TL – Machineries
of Rs. 12.700 Millions interest rate 14.75 % p.a. repayable in 16 quarterly
installments of Rs. 0.794 Millions and TL – Margin Usance bill
discounting foreign of Rs. 20.000 Millions upto 90 days sight, Margin 25 %,
cash Credit of Rs. 2.500 Millions interest Margin 25 %, L/C of Rs. 15
Millions, Margin 25 %, L/G of Rs. 5.000 Millions, Margin 25 %, T/L
Machineries of Rs. 12.700 Millions, Margin 25 % and TL - Extent operation
of the charge Usance bill
discounting foreign of Rs. 20.000 Millions upto 90 days sight, interest rate 8.50
% p.a. Cash Credit of Rs. 2.500 Millions with interest rate 14.50 % p.a., LC
of Rs. 15.000 Millions, L/G of Rs. 5.000 Millions. TL – Machineries of Rs.
12.700 Millions interest rate 14.75 % p.a. repayable in 16 quarterly
installments of Rs. 0.794 Millions and TL Factory Building of Rs. 1.800
Millions interest rate 14.75 % p.a. repayable in 16 quarterly installments fo
Rs. 0.113 Million. |
|
Short particulars
of the property charged |
Industrial Plot
No. 3611/1, 2 & 3, GIDC industrial Estate, Ankleshwar, District Bharuch |
Fixed Assets:
- Plant and
Machinery
- Furniture and
Fixture
- Computers
- 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.44.72 |
|
|
1 |
Rs.71.96 |
|
Euro |
1 |
Rs.64.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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.