MIRA
INFORM REPORT
|
Report Date : |
23.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRIKEM LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
Flat No.8, 2nd Floor, Laxmi Bhavan, Plot No.172-A, Jain Society,
Sion (West), Mumbai – 400 022, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
30.08.1996 |
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Com. Reg. No.: |
11-102255 |
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CIN No.: [Company Identification No.] |
U24110MH1996PTC102255 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS27197C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Bulk Drug and Pharmaceutical Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 175000 |
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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 fair. Business is active. Payments are reported to be usually correct and
as per commitments. The company can be considered 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 |
|
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 |
LOCATIONS
|
Registered Office : |
Flat No.8, 2nd Floor, Laxmi Bhavan, Plot No.172-A, Jain
Society, Sion (West), Mumbai – 400 022, |
|
Tel. No.: |
91-22-24041114/ 65167208 |
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Fax No.: |
91-22-24045896 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 17/22, 17/24 and 17/13, MIDC Taloja, Navi Mumbai – 410 208, |
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Tel. No.: |
91-22-27402408/ 27410459/ 65108580/ 65108581 |
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Fax No.: |
91-22-27402631/ 24045896 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Srinivasan Subramanyam |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
8/172A, 2nd Floor, Laxmi Bhuvan, Sion (West), Mumbai – 400
022, |
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Date of Birth/Age : |
06.01.1956 |
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Date of Appointment : |
30.08.1996 |
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DIN No.: |
00914112 |
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Name : |
Mr. Ramachandran Venkatrama Kuttuchery |
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Designation : |
Director |
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Address : |
2/59, United |
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Date of Birth/Age : |
20.12.1925 |
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Date of Appointment : |
30.08.1996 |
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DIN No.: |
02412017 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Srinivasan Subramanyam |
|
159900 |
|
K.V.
Ramachandran |
|
100 |
|
Chitra
Shankar |
|
30000 |
|
Mythili Srinivasan |
|
10000 |
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Total |
|
200000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bulk Drug and Pharmaceutical Products. |
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Products : |
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GENERAL INFORMATION
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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 : |
T. Rama
Rao and Company Chartered
Accountants |
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Address : |
303,
Lotus House, 33A, New Marine Lines, Mumbai – 400 020, |
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Tel. No.: |
91-22-22033725/ 22084904/ 22002868 |
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Fax No.: |
91-22-22054823 |
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E-Mail : |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.000 |
2.000 |
2.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
41.800 |
33.646 |
18.426 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
43.800 |
35.646 |
20.426 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
29.767 |
16.409 |
15.138 |
|
|
2] Unsecured Loans |
4.519 |
2.030 |
2.509 |
|
|
TOTAL BORROWING |
34.286 |
18.439 |
17.647 |
|
|
DEFERRED TAX LIABILITIES |
3.445 |
0.967 |
0.769 |
|
|
|
|
|
|
|
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TOTAL |
81.531 |
55.052 |
38.842 |
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|
|
|
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APPLICATION OF FUNDS |
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|
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|
|
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FIXED ASSETS [Net Block] |
50.776 |
26.359 |
20.862 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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INVESTMENT |
1.740 |
2.619 |
2.409 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12.161
|
11.544 |
7.731
|
|
|
Sundry Debtors |
22.567
|
22.119 |
20.075
|
|
|
Cash & Bank Balances |
18.644
|
12.329 |
2.790
|
|
|
Other Current Assets |
0.644
|
0.633 |
0.474
|
|
|
Loans & Advances |
13.169
|
13.642 |
9.933
|
|
Total
Current Assets |
67.185
|
60.267 |
41.003 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors & Other Current Liabilities |
27.779
|
21.221 |
16.832
|
|
|
Provisions |
10.391
|
12.972 |
8.600
|
|
Total
Current Liabilities |
38.170
|
34.193 |
25.432
|
|
|
Net Current Assets |
29.015
|
26.074 |
15.571
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
81.531 |
55.052 |
38.842 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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Income |
137.253 |
144.623 |
100.020 |
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Other Income |
|
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TOTAL (A) |
137.253 |
144.623 |
100.020 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Operational Expenses |
84.876 |
89.725 |
65.623 |
|
|
|
Administrative & Selling Expenses |
30.108 |
25.503 |
17.093 |
|
|
|
Preliminary Expenses |
0.000 |
0.000 |
0.004 |
|
|
|
TOTAL (B) |
114.984 |
115.228 |
82.720 |
|
|
|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
22.269 |
29.395 |
17.300 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
3.481 |
2.450 |
1.672 |
|
|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18.788 |
26.945 |
15.628 |
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.772 |
2.988 |
1.408 |
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
13.016 |
23.957 |
14.220 |
|
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|
|
|
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Less |
TAX (H) |
4.373 |
8.538 |
4.947 |
|
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|
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|
PROFIT AFTER TAX
(G-H) (I) |
8.643 |
15.419 |
9.273 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.982 |
16.107 |
7.759 |
|
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|
|
|
|
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend & Tax |
0.351 |
0.351 |
0.351 |
|
|
|
Transfer to General Reserve |
0.432 |
0.500 |
0.500 |
|
|
BALANCE CARRIED TO
THE B/S |
38.842 |
30.982 |
16.107 |
|
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|
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|
Earnings Per
Share (Rs.) |
43.22 |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.30
|
10.66 |
9.27 |
|
|
|
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|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.03
|
27.66 |
22.99 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.67 |
0.70 |
|
|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.65
|
1.48 |
2.11
|
|
|
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.76 |
1.61
|
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate
identity number of the company |
U24110MH1996PTC102255 |
|
Name of the
company |
SRIKEM LABORATORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No.8, 2nd Floor, Laxmi Bhavan, Plot No.172-A, Jain Society,
Sion (West), Mumbai – 400 022, E-Mail: srikem@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10006974 |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Oriental
Bank of Commerce, “Meendeep” Ground Floor, 175, Gujarat Society, Sion (West),
Mumbai – 400 022, E-Mail: vlaxman@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplemental
Agreement to secure Credit / Loan Facilities ; and b) Agreement of
Term Loan. (Collectively
constitute a single charge for Rs.50.000 millions). |
|
Date of
instrument Creating the charge |
25/11/2009 |
|
Amount secured by
the charge |
Rs.50.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: Interest @ -1.25%
p.a. over the prime lending rate of the Bank, with a minimum of 10.75%
calculated on the daily balance due to the Bank the said account and charged
on monthly rests. Terms of
Repayment: Working
facilities of Rs.16.000 millions shall be repayable On demand ; and Term Loan
(Previous TL) of Rs.9.000 millions shall be repayable as: Rs.0.158 million in
60 EQM and Rs.0.083 million in 36 EQM. Term Loan (New)
of Rs.25.000 millions shall be repayable IN 48 EMI of Rs.643110/-. Margin: As may be
stipulated by Bank from time to time. Extent and
Operation of the charge: Hypothecation by
way of First Charge on Company's Stocks to secure a continuing security as
mentioned for the repayment of Rs.50.000 millions (Comprising: CC of Rs.6.000
millions, PC of Rs.3.000 millions, FDBP of Rs.5.000 millions, LC Import of
Rs.2.000 millions, Term Loan of Rs.34.000 millions (including New Term Loan
of Rs.25.000 millions) together with interest, costs, charges, expenses and
other moneys due and payable by the Company to the Bank. |
|
Short particulars
of the property charged |
Hypothecation of
stocks of raw materials, work in process, finished goods of drugs, spares and
stores, receivables, Plant and Machinery |
|
Date of latest
modification prior to the present modification |
25/07/2008 |
|
Particulars of
the present modification |
The Bank having
at the request of Company has agreed to sanction Additional Term Loan of
Rs.25.000 millions, thereby increasing the overall charge from Rs.25.000
millions to Rs.50.000 millions. |
FIXED ASSETS:
- Land
including revalued
- Plant and
Machinery
- Plant Tools
and Equipments
- Office
Equipment
- Computers
- Motor Car
- Laboratory
Equipments
- Electrical
Fittings
- Furniture and
Fixtures
- Motor Cycle
- Wind Mill
WEBSITE DETAILS:
PROFILE:
They are a Mumbai (
The unit is over 15
years old and it is owned and managed by a technocrat and first generation
entrepreneur with over 25 years of experience having exposure to manufacturing
products of international norms and quality standards. The plant is a
multi-purpose unit handling many unit operations involved in organic synthesis,
meeting the standards prescribed by various agencies like FDA, Pollution
Control Board, Health and Safety Authorities.
They are approved
vendors for the top 10 pharmaceutical companies in
Future Plans
World-over, in all
industries, tremendous changes are taking place due to newer technologies
emerging. The pharma sector will be no exception to this trend
They, at subject,
are gearing up to face the challenges for the future. They plan to foray into
Anti-Fungal and Anti-bacterial sectors. They also have the facilities and the
capacities to manufacture products and provide services on custom/toll
manufacturing basis. They believe there is great scope in this sector for
exploitation. Besides they have recently expanded the production capacity to
meet the growing market needs for the products.
They are working
towards approval of the facilities by International Regulatory agencies and
accordingly they have upgraded the Plant and Machinery, Systems, Processes and
Procedures to meet ICH Q7 Guidelines.
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.44.97 |
|
|
1 |
Rs.73.35 |
|
Euro |
1 |
Rs.63.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
48 |
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.