MIRA
INFORM REPORT
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Report Date : |
30.03.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
15/173, Manjushaspalai P.O., Kottayam – 686 575, Kerala |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.09.2001 |
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Com. Reg. No.: |
09-014957 |
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CIN No.: [Company Identification
No.] |
U24231KL2001PTC014957 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter a wide spectrum of Pharmaceutical Products including Capsules, Dry Syrups,
Tablets and Dry Powder Injections. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (18) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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. Profitability
of the company in under severe pressure. There appears huge accumulated losses
recorded by the company. However, trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 : |
15/173, Manjushaspalai P.O., Kottayam – 686 575, |
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E-Mail : |
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Website : |
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Factory : |
P.B. No: 2, Kozhuvanal - 686 523, Pala, Kottayam, |
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Tel. No.: |
91-4822-268877, 267799 |
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Fax No.: |
91-4822-269406 |
DIRECTORS
As on 29.09.2010
|
Name : |
Mr. Manoj Joseph |
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Designation : |
Managing Director |
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Address : |
House No.15/ 173, Manhushas Thannipara House, Palai – 686 575, |
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Date of Birth/Age : |
25.05.1965 |
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Date of Appointment : |
20.09.2001 |
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DIN No.: |
01203664 |
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Name : |
Mr. Paul Thomas |
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Designation : |
Director |
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Address : |
Puthenpurayil House, Memury P.O. Kottayam Memury P.O. Kottayam – 686
617, |
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Date of Birth/Age : |
08.09.1937 |
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Date of Appointment : |
20.09.2001 |
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DIN No.: |
01208952 |
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Name : |
Mrs. Valsamma Joseph |
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Designation : |
Director |
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Address : |
House No.15/ 173, Manhushas Thannipara House, Palai – 686 575, |
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Date of Birth/Age : |
10.01.1946 |
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Date of Appointment : |
20.09.2001 |
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DIN No.: |
01209952 |
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Name : |
Dr. Jatin Joseph |
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Designation : |
Director |
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Address : |
House No.15/ 173, Manhushas Thannipara House, Palai – 686 575, |
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Date of Birth/Age : |
23.11.1968 |
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Date of Appointment : |
20.09.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
|
Names of Shareholders |
|
No. of Shares |
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Manoj Joseph |
|
312168 |
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Anil Paul |
|
18760 |
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Bindu Mathew |
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20000 |
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Binoy Paul |
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20000 |
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Binita Joby |
|
43933 |
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Cecil Punnen |
|
410 |
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Cyriac James |
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161430 |
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Cyriac Maliekal |
|
28830 |
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T.C. Joseph |
|
302309 |
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Easo Kurian |
|
26100 |
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Gopal Menon |
|
22980 |
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Jatin Joseph |
|
339349 |
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Jessy Paul |
|
68930 |
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Jiji Thomas |
|
84583 |
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Joby Paul |
|
70244 |
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Jojy Mathew |
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36660 |
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Jojymon Varghese |
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51000 |
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Joseph Thekkeveettil |
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23330 |
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Joshy John |
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54280 |
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Joy Kuruvila |
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43370 |
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Leena Manoj |
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105407 |
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Manish J. Thoppil |
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26660 |
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Manu Thoppil |
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15470 |
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Mariamma Thekkeveettil |
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26160 |
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Mary Antony |
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56630 |
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Mathew M. Alex |
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34460 |
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Nisha Joseph |
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71533 |
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Paul Thomas |
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81720 |
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Pushpa Thomas |
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21830 |
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Rajeetha Jatin |
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217239 |
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Robin Thomas |
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41210 |
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Rose Vanissery |
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33330 |
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Roy Mathew |
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9730 |
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Sam V. Kurian |
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48933 |
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Shanty Mol Thomas |
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56217 |
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Sony Paul |
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116228 |
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Sony V. Kurian and Manuel M. |
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89440 |
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T.J. Joseph |
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73833 |
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Tessy Sohan |
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263200 |
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Thomas Paul |
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145028 |
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Valsamma Joseph |
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253073 |
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Valsamma Kurian |
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48000 |
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Pentalabs |
|
396000 |
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Total |
|
3959997 |
As on 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
10.00 |
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Directors
or relatives of directors |
|
90.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter a wide spectrum of Pharmaceutical Products including Capsules, Dry Syrups, Tablets
and Dry Powder Injections. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity (Lakhs/
Year) |
Actual
Production (Lakhs)
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Tablets |
Nos. |
1050.00 |
41.83 |
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Capsule |
Nos. |
450.00 |
83.97 |
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Injections |
No. of vials |
90.00 |
43.76 |
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Dry Syrups |
No. of Bottles |
22.44 |
0.44 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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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 : |
N. Unnikrishnan and Associates Chartered Accountants |
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Address : |
25, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4000000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3959997 |
Equity Shares |
Rs.10/- each |
Rs.39.600
millions |
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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 |
39.600 |
39.600 |
39.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus-Share Premium |
43.500 |
43.500 |
43.500 |
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4] (Accumulated Losses) |
(128.754) |
(90.734) |
(77.676) |
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5] Investment Subsidy (DIC Subsidy) |
0.500 |
0.500 |
0.500 |
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NETWORTH |
(45.154) |
(7.134) |
5.924 |
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LOAN FUNDS |
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1] Secured Loans |
104.844 |
93.171 |
82.772 |
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2] Unsecured Loans |
39.437 |
36.379 |
29.883 |
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TOTAL BORROWING |
144.281 |
129.550 |
112.655 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.269 |
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TOTAL |
99.127 |
122.416 |
119.848 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
94.353 |
100.604 |
112.019 |
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Capital work-in-progress |
0.000 |
6.161 |
2.282 |
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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 |
20.294
|
17.167 |
9.197 |
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Sundry Debtors |
11.488
|
5.749 |
8.336 |
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Cash & Bank Balances |
0.459
|
0.059 |
0.099 |
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Other Current Assets |
6.898
|
6.164 |
6.241 |
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Loans & Advances |
4.437
|
2.976 |
3.478 |
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Total
Current Assets |
43.576
|
32.115 |
27.351 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
|
16.437 |
21.797 |
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Other Current Liabilities |
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Provisions |
0.000
|
0.035 |
0.023 |
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Total
Current Liabilities |
38.802
|
16.472 |
21.820 |
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Net Current Assets |
4.774
|
15.643 |
5.531 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.008 |
0.016 |
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TOTAL |
99.127 |
122.416 |
119.848 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Income |
80.908 |
52.721 |
25.734 |
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Other Income |
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TOTAL |
80.908 |
52.721 |
25.734 |
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Less |
EXPENSES |
|
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|
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|
|
|
118.933 |
68.841 |
56.983 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL |
118.933 |
68.841 |
56.983 |
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PROFIT BEFORE
TAX |
(38.025) |
(13.058) |
(29.551) |
|
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|
Less |
TAX |
0.000 |
0.000 |
1.030 |
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PROFIT AFTER TAX
|
(38.025) |
(13.058) |
(30.581) |
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Earnings Per
Share (Rs.) |
(9.60) |
NA |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(47.00)
|
(24.77)
|
(118.84)
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
(27.57)
|
(9.84)
|
(21.20)
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.84
|
1.83
|
(4.99)
|
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Debt Equity Ratio (Total Liability/Networth) |
|
(4.05)
|
(20.47) |
22.70 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.12
|
1.95 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
For the year the company has incurred a loss of Rs.38.020 millions on
total income of Rs.80.908 millions.
CAPITAL:
During the year there is no change in the paid up share capital of the
company.
FORM 8:
|
Corporate
identity number of the company |
U24231KL2001PTC014957 |
|
Name of the
company |
SANCE LABORATORIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
15/173, Manjushaspalai P.O., Kottayam – 686 575, E-Mail: info@sancepharma.com |
|
This form is for |
Modification of charge |
|
Charge
identification number of the modified |
90019246 |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Canara Bank, 16/3, E-Mail: tvm0829@canbank.co.in |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Common Hypothecation Agreement |
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Date of
instrument Creating the charge |
27/03/2010 |
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Amount secured by
the charge |
Rs.149.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As determined by the Bank from time to time Terms of
Repayment: As determined by the Bank from time to time Margin: As
determined by the Bank from time to time Extent and
Operation of the charge: Hypothecation of Company's assets as security for
the loan sanctioned along with interest and other dues thereon. |
|
Short particulars
of the property charged |
Existing charge on
the assets as well as Plant and Machinery, Furniture and Fittings and other
movable assets of the Company |
|
Date of latest
modification prior to the present modification |
26/03/2010 |
|
Particulars of
the present modification |
On 27.3.2010 the existing
charge on the assets as well as Plant and Machinery, Furniture and Fittings
and other movable assets of the Company were extended to the enhanced loan
limits of Rs.149.000 millions. |
FIXED ASSETS:
·
Land and Land Development
·
Buildings
·
Furniture and Fittings
·
Plant and Machinery
·
Electrical Fittings
·
Production Machineries
·
Utility Machineries
·
Vehicles
·
Computer and Accessories
·
Office Equipments
·
Books
·
Tools
·
Plant and Machinery – Insulation
·
Blister Packing Machine
WEBSITE DETAILS:
PROFILE
Subject, equipped
with the most advanced facilities and manned by highly experienced
professionals, manufactures a wide spectrum of pharmaceutical products in
different dosage forms. Sance can be called as Kerala's first international
standard pharmaceutical company in terms of infrastructural facilities.
Subject's Plant, approved by WHO, produces Cephalosporin group of
antibacterials in different dosage forms like DRY POWDER INJECTIONS, TABLETS,
CAPSULES AND ORAL SUSPENSIONS.
Established in 2002, the Company has adopted state-of-the-art Building
Automation System with access control for effective modernization. Spread
across a plinth area of 65,222 sq.ft, Sance carries out all operations in
dedicated areas with controlled environment as per cGMP guidelines. The plant,
set up in an RCC building, follows the guidelines of various international
regulatory bodies like US FDA, TGA, MHRA, MCC, WHO and ANVISA and has a 100%
Power backup.
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.44.67 |
|
|
1 |
Rs.71.63 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
18 |
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.