MIRA
INFORM REPORT
|
Report Date : |
06.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SPAN DIAGNOSTICS
LIMITED |
|
|
|
|
Registered
Office : |
173-B, New Industrial Estate,
Road No. 6-G, Udyog Nagar, Udhna, |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation / Year of Establishment
: |
31.03.1980 |
|
|
|
|
Com. Reg. No.: |
04-003710 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.34.728 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24299GJ1980PTC003710 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS00578E /
SRTS04889D |
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|
|
PAN No.: [Permanent Account No.] |
AADCS3977Q |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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|
Line of Business
: |
Subject is engaged in Manufacturing of Diagnostic
Reagents, etc. |
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|
|
|
No. of Employees
: |
541 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba [46] |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 916000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Rahul Khakhra |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-261-2277211 |
|
Date : |
03.09.2011 |
LOCATIONS
|
Registered Office/ Head Office/ Factory 1
: |
173-B, New Industrial
Estate, Road No. 6-G, Udyog Nagar, Udhna, |
|
Tel. No.: |
91-261-2277211 / 143 / 2679583 / 2274528 |
|
Fax No.: |
91-261-2665757 / 2279319 |
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E-Mail : |
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|
Website : |
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Factory 2: |
Plot No. 336, 338,
340, Road No. 3, Near Rajkamal Silk Mills, GIDC, Sachin - 394 230, |
|
Tel. No.: |
91-261-239 7712 /
13 / 14 / 15 |
|
Fax No.: |
91-261-239 7719 |
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|
|
|
Regional
Offices: |
Mumbai 303, Tel. No.: 91-22-564 90232 C-71, Tel. No.: 91-120-262 5078 23, Tel. No. : 91-80-2662 0116 Kolkata Tel. No.: 91-33-25223304,55346886 6, Tel. No.: 91-11-23323253 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mrs. Lata P Desai
|
|
Designation : |
Director |
|
Address : |
61 A Adarsh Society, Athwalines. |
|
Date of Birth/Age : |
25.09.1941 |
|
DIN : |
00026472 |
|
Date of Appointment : |
17.09.2005 |
|
|
|
|
Name : |
Mr. Pradip K
Desai |
|
Designation : |
Whole Time
Director |
|
Address : |
61 A Adarsh Society, Athwalines, |
|
Date of Birth/Age : |
22.09.1939 |
|
DIN : |
00026451 |
|
Date of Appointment : |
31.03.1980 |
|
|
|
|
Name : |
Mr. Veeral P Desai |
|
Designation : |
Managing Director
|
|
Address : |
61 A Adarsh Society, Athwalines, |
|
Date of Birth/Age : |
07.05.1968 |
|
DIN : |
00029219 |
|
Date of Appointment : |
01.07.2003 |
|
|
|
|
Name : |
Mrs. Madhukanta T
Patel |
|
Designation : |
Whole-time
Director |
|
Address : |
701, Aagam Appt, Opp. Gokulam Dairy, Athwa Lines. |
|
Date of Birth/Age : |
01.01.1948 |
|
DIN : |
00113833 |
|
Date of Appointment : |
01.07.2006 |
|
|
|
|
Name : |
Shri Kamlesh M. Patel |
|
Designation : |
Additional
Director |
|
Address : |
1002, 10th Floor, Prayag Flats, Athwalines, |
|
Date of Birth/Age : |
01.09.1956 |
|
DIN : |
01521972 |
|
Date of Appointment : |
28.06.2008 |
|
|
|
|
Name : |
Mr. Needamangalam
Gopalaswami |
|
Designation : |
Alternate
Director to Shri Sarvajna G Kazi |
|
Address : |
Flat No.5, Leo Madhuram, 39, |
|
Date of Birth/Age : |
21.04.1944 |
|
DIN : |
02779229 |
|
Date of Appointment : |
26.10.2009 |
|
|
|
|
Name : |
Mr. Sanjay N
Mehta |
|
Designation : |
Director |
|
Address : |
6, Vatika, 14, |
|
Date of Birth/Age : |
20.10.1950 |
|
DIN : |
00002817 |
|
Date of Appointment : |
21.08.2004 |
|
|
|
|
Name : |
Mr. Pranav S
Desai |
|
Designation : |
Director |
|
Address : |
Sudha Bunglow, "Near Trimurti Apartment, Jamunanagar Bus Stop
Ghod Dod Road, Surat, 395007 |
|
Date of Birth/Age : |
30.03.1972 |
|
DIN : |
00026541 |
|
Date of Appointment : |
26.06.2006 |
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|
|
|
Name : |
Mr. Sarvajna G
Kazi |
|
Designation : |
Director |
|
Address : |
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|
Date of Birth/Age : |
08.01.1965 |
|
DIN : |
02337768 |
|
Date of Appointment : |
29.04.2009 |
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|
|
|
Name : |
Mr. Sushil K Shah
|
|
Designation : |
Director |
|
Address : |
71, Apurva Apartments , 5, |
|
Date of Birth/Age : |
29.12.1946 |
|
DIN : |
00179918 |
|
Date of Appointment : |
21.09.2003 |
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|
|
|
Name : |
Mr. Ramnik H
Parekh |
|
Designation : |
Chairman |
|
Address : |
1004, |
|
Date of Birth/Age : |
02.06.1936 |
|
DIN : |
00339572 |
|
Date of Appointment : |
26.08.2006 |
|
|
|
|
Name : |
Mr. Shirish R. Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Shayamal Ghosh |
|
Designation : |
Director |
|
Address : |
A-203, Nayantara, Cbip.Coop.Group Housing, Society, Plot No.8,
Sector-7, Dwarka, |
|
Date of Birth/Age : |
03.05.1942 |
|
DIN : |
00267341 |
|
Date of Appointment : |
28.10.2006 |
|
|
|
|
Name: |
Mr. S Sundaresan |
|
Designation: |
Director |
|
Address : |
C 403,4th Flr„ Panchasheel, Heights,Mahavir Nagar,Kandivali W,
Mumbai, 400067 |
|
Date of Birth/Age : |
27.03.1946 |
|
DIN : |
01660891 |
|
Date of Appointment : |
23.06.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.07.2010
|
Names of Shareholders |
|
No. of Shares |
|
Pradipkumar Keshavlal Desai |
|
392650 |
|
Lataben P Desai |
|
358530 |
|
Samir Natwerlal Patel |
|
272460 |
|
Pradipkumar K Desai |
|
260590 |
|
Viral Pradipkumar Desai |
|
167176 |
|
Arjun Manibhai Desai |
|
124250 |
|
Viral P Desai |
|
95140 |
|
Saguna Jayantilal Naik |
|
67000 |
|
Gita Suresh Desai |
|
57270 |
|
Patel Kokilaben |
|
57100 |
|
Mehta Induben Shirish |
|
52520 |
|
Sujata V Desai |
|
50788 |
|
Sanjay |
|
47542 |
|
Darshanjit Singh |
|
47148 |
|
Dr Udaybhai Dhirubhai |
|
44500 |
|
Leena Sanjay Mehta |
|
40200 |
|
Span Finstock Private Limited |
|
38020 |
|
Arun Premchand Mehra |
|
37261 |
|
Narendra Lallubhai Mehta |
|
35782 |
As on 17.07.2010
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie’s Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
19.42 |
|
Bodies corporate |
4.06 |
|
Directors or relatives of Directors |
48.41 |
|
Other top fifty shareholders |
13.20 |
|
Others |
14.91 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in Manufacturing of Diagnostic
Reagents, etc. |
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|
||||||||
|
Products : |
v Diagnostics Reagents v Diagnostics Products / Instruments and other Accessories v
Bacteriological Products
|
PRODUCTION STATUS As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Diagnostics Reagents |
Litrs |
400000 |
400000 |
245273 |
|
Elisa Kit for Aids |
Litrs |
120000 |
120000 |
1511 |
|
Agglutinating Sera |
Litrs |
15000 |
15000 |
6052 |
|
Becteriological Products |
Litrs |
15000 |
15000 |
13289 |
|
Rapid Immuno Diagnostics tests |
Lacs test |
510 |
510 |
223.40 |
·
Licenced Capacity : As per Industrial Enterpreneur Memorandum filed with
Government of India. In respect of the
products presently manufactured by the company
- Annual Installed capacity being a
techincal matter, it is as certified by the production manager and
accepted by the auditors
GENERAL INFORMATION
|
No. of Employees : |
541 [Approximately] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Other Institute
: |
Department Of Biotechnology, 6-8th Floor, Block No. 2, CGO Complex,
Lodhi Road,, New |
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|
|
|
Auditors : |
|
|
Name : |
Y. B. Desai and Associates Chartered Accountants, |
|
Address : |
1/573, Gajanand Chambers, Mahallow, Near |
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|
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Related Parties : |
|
|
|
·
Desai Metropolis Health Services Private Limited
CIN :
U33125mh2006PTC165417 |
|
|
|
|
|
CIN : U33100GJ2008PTC053641 |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000 |
Equity Shares |
Rs.10/-each |
Rs.50.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,472,450 |
Equity Shares |
Rs.10/-each |
Rs.34.728
millions |
|
|
|
|
|
Of the above 1,387,500
Equity shares of Rs.10/- each have been allotted as fully paid-up bonus shares
by capitalizing Rs.3,875,000 out of General reserve & Rs.10,000,000 out of
Revaluation Reserve and 206,250 Equity shares issued pursuant to scheme of Amalgamation
with Span Biological Private Limited and Span Biotech Private Limited.
As on 17.07.2010
Authorised Capital
: Rs. 150.000 millions
Issued, Subscribed &
Paid-up Capital : Rs.72.760 millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
34.728 |
33.075 |
31.500 |
|
|
2] Share Application Money |
1.651 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
192.757 |
144.067 |
125.625 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
229.136 |
177.142 |
157.125 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
181.772 |
254.418 |
200.022 |
|
|
2] Unsecured Loans |
45.387 |
47.865 |
51.043 |
|
|
TOTAL BORROWING |
227.159 |
302.283 |
251.065 |
|
|
DEFERRED TAX LIABILITIES |
14.322 |
15.062 |
9.679 |
|
|
|
|
|
|
|
|
TOTAL |
470.617 |
494.487 |
417.869 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
193.558 |
189.743 |
146.242 |
|
|
Capital work-in-progress |
36.375 |
11.704 |
40.857 |
|
|
|
|
|
|
|
|
INVESTMENT |
6.902 |
9.377 |
5.083 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
188.382
|
168.876 |
178.498 |
|
|
Sundry Debtors |
180.315
|
200.732 |
119.841 |
|
|
Cash & Bank Balances |
26.674
|
25.127 |
34.364 |
|
|
Other Current Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans & Advances |
42.398
|
37.308 |
44.839 |
|
Total
Current Assets |
437.769
|
432.043 |
377.542 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
147.366
|
111.870 |
105.556 |
|
|
Other Current Liabilities |
45.490
|
40.239 |
42.550 |
|
|
Provisions |
11.131
|
[3.729] |
4.251 |
|
Total
Current Liabilities |
203.987
|
148.380 |
152.357 |
|
|
Net Current Assets |
233.782
|
283.663 |
225.185 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.502 |
|
|
|
|
|
|
|
|
TOTAL |
470.617 |
494.487 |
417.869 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
778.816 |
663.750 |
597.433 |
|
|
|
Other Income |
28.949 |
15.549 |
30.726 |
|
|
|
TOTAL (A) |
807.765 |
679.299 |
628.159 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed and purchase of goods |
347.580 |
307.902 |
284.667 |
|
|
|
Manufacturing and other expenses |
323.784 |
290.214 |
251.110 |
|
|
|
Increase/(Decrease) in stock |
7.608 |
2.900 |
[0.518] |
|
|
|
TOTAL (B) |
678.972 |
601.016 |
535.259 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
128.793 |
78.283 |
92.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.128 |
36.834 |
28.139 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
97.665 |
41.449 |
64.761 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.859 |
18.208 |
14.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
BEFORE TAX (E-F) (G) |
76.806 |
23.241 |
50.296 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
24.260 |
11.023 |
20.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT / LOSS
AFTER TAX (G-I) (J) |
52.546 |
12.218 |
29.966 |
|
|
|
|
|
|
|
|
|
|
Tax adjustment of earlier year |
1.425 |
[2.935] |
0.032 |
|
|
|
|
|
|
|
|
|
|
Prior Period Adjustments |
[0.075] |
1.446 |
[0.360] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
41.112 |
33.883 |
13.866 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5.500 |
3.500 |
2.250 |
|
|
|
Proposed Dividend |
8.682 |
0.000 |
6.300 |
|
|
|
Dividend Distribution Tax |
1.476 |
0.000 |
1.071 |
|
|
BALANCE CARRIED
TO THE B/S |
79.350 |
41.112 |
33.883 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
54.620 |
129.335 |
44.763 |
|
|
TOTAL EARNINGS |
54.620 |
129.335 |
44.763 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packing Materials |
108.527 |
93.590 |
75.063 |
|
|
|
Goods for resale |
66.565 |
83.369 |
99.202 |
|
|
|
Capital Goods |
8.095 |
3.526 |
5.421 |
|
|
|
Consumable Stores |
5.197 |
3.050 |
1.777 |
|
|
TOTAL IMPORTS |
188.384 |
183.535 |
181.463 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.89 |
3.40 |
9.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.50
|
1.80 |
4.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.86
|
3.50 |
8.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.16
|
3.74 |
9.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.13 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.88
|
2.54 |
2.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15
|
2.91 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors :
|
Particulars |
31.03.2010 Rs. in Millions |
31.03.2009 Rs. in Millions |
31.03.2008 Rs. in Millions |
|
|
|
|
|
|
Sundry Creditors |
147.366 |
111.870 |
105.556 |
|
|
|
|
|
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry outlook
The in-vitro
Diagnostic industry in
As growth opportunities
in the developed countries are limited, focus on
Operations review
Sales and Other
income for the year increased to Rs.818.728 millions (Rs.695.614 millions in
2008-09) showing a growth of 17.70% over previous year. During the year, the
company has executed tenders aggregating to Rs.280.000 millions under various
domestic and international programs to fight AIDS and Malaria.
During this year the
company has registered an all time high sales as well as profit. This reflects
improved performance of the company particularly on account of increase in productivity
and optimization of cost. Considering increase in demand of the product,
pending orders on hand and with stringent regulatory norms, company will be
required to make significant capital expense during the coming year. Company
has also made significant gain in the new products launched during last 2 years
and look forward to continue the momentum.
The company
continues to get valued support from government by getting opportunity to
participate in their programs. This trend is likely to be continued in year
2010-11 with orders currently on hand worth Rs.240.000 millions.
Subsidiaries and Joint Ventures
Span Biotronics Private Limited (SBPL)
Span Biotronics
Private Limited (SBPL) is a 95.34% subsidiary of Span Diagnostics Limited (SDL)
working on analysis, design, development, prototyping, testing and validation
of lab automation need of SDL and is also engaged in new product development
independently. A multidisciplinary team of engineers and scientists are jointly
making efforts to launch indigenous technologies, which will be used as modules
and commercialized in many products. Product developed by SBPL will be
comercialised during the current year.
SBPL has closed its
books of accounts as at 31stMarch 2010 with a Profit After Tax (PAT) of 10014
Euro.
Span Diagnostics S.A.R.L. (France) (SARL)
During the year,
company has divested its investment in Span Diagnostics S.A.R.L. to consolidate
its R and D in
Span Diagnostics F.Z.C., Sharjah (FZC
Company also has
divested its investment and closed its opertaion in Sharjah venture, as it was
not found economically viable as a logistic hub.
Span Nihon Kohden Diagnostics Private Limited
(SNKD)
Ajoint venture
company between Nihon Kohden Corporation,
Contingent
Liabilities:
Amounts In
Millions
|
Particular
|
31.03.2010
|
31.03.2009
|
|
Contingent Liabilities not provided for in
respect of |
|
|
|
Sales tax: Demands under contest (Net of Tax) C-Form Pending (Net of Tax) |
0.397 0.544 |
1.820 0.167 |
|
Disputed Liquidated Damages with respect to
institutional customers (Net of Tax) |
0.423
|
0.000
|
|
Excise Demand under dispute (Net of Tax) |
0.083
|
0.083
|
|
Claims against the Company not acknowledged
as Debts |
6.205
|
6.335
|
|
On account of guarantees given by the bank
on behalf of the company in favour of customs and others. |
31.933
|
22.344
|
|
The Company has imported capital goods
under the Export Promotion Capital Goods Scheme of the Government of India at
concessional rates of customs duty by undertaking obligations to export.
Future outstanding export obligations under the Scheme as on 31-03-2010
aggregating of USD 76,944.10 if not fulfilled may result in custom duty
liability of (Net of tax) |
0.298
|
0.429
|
|
The Company has imported material under the
Advance Authorization Scheme of the Government of India, at concessional
rates of customs duty by undertaking obligations to export certain quantity
of specified products. Future outstanding export obligations quantity under
the Scheme as at 31-03-2010, which if not fulfilled may result in custom duty
liability of (Net of tax) |
11.657
|
0.000
|
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
L24299GJ1980PLC003710 |
|
Name of the
company |
SPAN DIAGNOSTICS
LIMITED |
|
Address of the
registered office or of the principal place of business in |
173/B, New
Industrial Estate, Road No. 6G, Udhna, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Department Of Biotechnology, 6-8th Floor, Block No. 2, CGO Complex,
Lodhi Road,, New |
|
Nature of
instrument creating charge |
Deed Of
Hypothecation Dated 8th July, 2010 Read With The Original Agreeent Executed
Between The Department Of Biotechnology And Span Diagnostics Limited |
|
Date of
instrument Creating the charge |
08.07.2010 |
|
Amount secured by
the charge |
Rs.24.923
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate Of Interest
- 5% P.A. Upto Rs.100.000 millions And 6% Excedding Rs.100.000 millions Terms Of
Repayment - Ten Equal Half Yearly Installments Payable One Year After Closure
Of The Project Margin – 26.903% Extent And
Operation Of The Charge - Any And All Equipment, Apparatus Machineries,
Machineries Spares, Tools And Other Accessories, Goods And/Or The Other
Movable Property And/Or Other Immovable Property Of Span Diagnostics Limited,
Acquired For The Project Through Contribution By Span Diagnostics Limited
And/Or By The Dbt Shall Be Hypothecated To Dbt To A Value Equivalent To Rs.
24.923 millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Any And All Equipment,
Apparatus Machineries, Machineries Spares, Tools And Other Accessories, Goods
And/Or The Other Movable Property And/Or Other Immovable Property Of Span
Diagnostics Limited, Acquired For The Project Through Contribution By Span
Diagnostics Limited And/Or By The Dbt Shall Be Hypothecated To Dbt |
Unaudited
Financial Results for the Quarter Ended 30.06.2011
Rs. in Millions
|
Particular |
Three months
ended |
Accounting Year
ended |
|
|
|
30.06.2011 Unaudited |
30.06.2010 Unaudited |
31.03.2011 Audited |
|
|
|
|
|
|
Sales / Income from Operations |
138.782 |
193.350 |
831.571 |
|
Less: Excise
duty on sales |
1.299 |
1.148 |
6.357 |
|
Net Sales |
137.483 |
192.202 |
825.214 |
|
Other Operating
Income |
2.212 |
3.100 |
12.712 |
|
Total Income |
139.695 |
195.302 |
837.926 |
|
|
|
|
|
|
Expenditure |
|
|
|
|
a. (Increase)/Decrease in stock in trade and work in progress |
9.522 |
[6.174] |
9.785 |
|
b. Consumption of raw materials |
38.617 |
83.650 |
228.767 |
|
c. Purchase of traded goods |
13.267 |
15.855 |
131.740 |
|
d. Employee Cost |
32.981 |
30.946 |
123.933 |
|
e. Depreciation / Amortisation |
5.776 |
5.240 |
23.344 |
|
f. Foreign Exchange – [Gain]/Loss |
0.208 |
[0.320] |
[0.788] |
|
g. Other expenditure |
48.427 |
53.156 |
227.084 |
|
Total Expenditure |
148.798 |
182.353 |
743.865 |
|
Profit from Operations before Other Income,
Interest and Exceptional Items |
[9.103] |
12.949 |
94.061 |
|
Other Income |
2.740 |
1.148 |
5.908 |
|
Profit before Interest & Exceptional Items |
[6.363] |
14.097 |
99.969 |
|
Interest (Net) |
6.863 |
7.255 |
32.798 |
|
Profit/ (Loss) after interest but before
Exceptional Items |
[13.226] |
6.842 |
67.171 |
|
Exceptional
Items – Income |
29.072 |
0.000 |
0.000 |
|
Profit /Loss from Ordinary Activities before tax |
15.846 |
6.842 |
67.171 |
|
Tax Expense : |
|
|
|
|
Provision for Current Tax |
3.420 |
2.250 |
22.300 |
|
Provision for Deferred tax |
[0.587] |
[0.390] |
[1.349] |
|
Net Profit /Loss for the period |
13.013 |
4.982 |
46.220 |
|
Paid-up equity
share capital (Face Value of Rs.2/- each ) |
72.760 |
34.727 |
72.760 |
|
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
- |
- |
198.646 |
|
Earnings Per
Share (EPS) |
|
|
|
|
-Basic (Rs.) |
1.79 |
1.38 |
6.36 |
|
-Diluted (Rs.) |
1.79 |
1.37 |
6.36 |
|
|
|
|
|
|
EPS for the
quarter (not annualized) |
|
|
|
|
Public
shareholding |
|
|
|
|
-Number of
shares |
4061572 |
2030986 |
4062992 |
|
-Percentage of shareholding |
55.82% |
58.48% |
55.84% |
|
|
|
|
|
|
Promoters and promoter group shareholding |
|
|
|
|
a.
Pledged/Encumbered |
|
|
|
|
Number Of shares |
- |
- |
- |
|
Percentage Of Shares
(as a %of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
Percentage Of
Shares (as a % of the total share capital of the company) |
- |
- |
- |
|
|
|
|
|
|
b.
Non-encumbered |
|
|
|
|
Number Of shares |
3214428 |
1441764 |
3213008 |
|
Percentage Of
Shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
Percentage Of
Shares (as a % of the total share capital of the company) |
44.18% |
41.52% |
44.16% |
Note:
- The
Company has allotted Bonus Share In the ratio of 1:1 by capitalization of
share premium account on 30th July 2010.
- The
above financial results have been reviewed by the Audit Committee on
06.08.2011 and approved by the Board of Directors at their meeting held on
06.08.2011.
- Exceptional
Item for the three months ended June 30, 2011 in standalone accounts
represents profit on sale of hematology analyzers business.
- The
consolidated financial results of the company include Financials of
Subsidiaries : Span Biotherapeutics Private Limited and Joint Venture :
Span Nihon Kohden Diagnostics Private Limited [SNKD].
- The
company operates in a single segment- Diagnostic Products.
- During
the quarter, two investor complaint was received and addressed
satisfactorily. There was no complaints pending at the beginning or at the
end of the quarter.
- The
Statutory Auditors have carried out a limited review of standalone results
only.
- The
figures of the previous year/period have been regrouped / reclassified
wherever necessary.
FIXED ASSETS :
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Computer
- Office
Equipments
- Electrical
Installations
- Vehicles
- Technical
Know-how
- Cold Rooms/Storages
- Loose Tools, Moulds, Utilities and other Equipments
- Laboratory Equipments
- R and
D Equipments
AS PER WEBSITE
Business Description
Span Diagnostics Limited (Span) is an India-based company. It is engaged in the manufacture and marketing of diagnostic reagents, which are utilized in clinical pathology laboratories. The company operates through three business divisions: The Span PDP (Popular Diagnostic Products Division) is involved in the research, development, manufacturing and marketing of reagents to address HIV, Hepatitis-B, Hepatitis-C, Malaria, Syphilis, Typhoid, Tuberculosis, Filaria, Rheumatology and Blood grouping and typing antisera. Its Span ID (Instrument Division) division is focused on clinical pathology laboratories, hospitals, physicians, and research institutes. Its product portfolio consists of biochemistry analysers, ELISA system, hematology analyzers and Chemiluminescence’s. The Cogent (Clinical Chemistry Products Division) is engaged in the management of the clinical laboratories and hospitals in the areas of Biochemistry, Stains and Indicators and readymade analytical reagents. For the nine months ended 31 December 2010, Span Diagnostics Limited's revenues increased 26% to RS642.8M. Net income totaled RS38.2M, up from RS9.1M. Revenues reflect increased income from operations and higher other operating income. Net income also reflects higher operating profit margins. Span Diagnostics Limited is engaged in the development of products related to pathology and clinical laboratories.
Press Release
Span Diagnostics Ltd To Hive Off Hematology Analyser Business And Transferring Operation Of Division To Nihon Kohden Corporation's Nihon Kohden India Pvt. Ltd.
Apr 19, 2011
Span Diagnostics Ltd announced that the Board of Directors of the Company at
its meeting held on April 19, 2011, decided in pursuance of its long term
strategy, to hive off its Hematology Analyser business, transferring the
operation of the division to Nihon Kohden India Pvt. Ltd. a wholly owned Indian
subsidiary of Nihon Kohden Corporation, Japan, subject to terms and condition
mutually decided and as set out in the Business Transfer Agreement. The
Transaction will be done by way of transfer of Business assets related to
aforesaid Business inclusive of inventory, goodwill etc. for a sale
consideration of INR4.10 Crore (INR40.99 Million). This sale of Business will
be subject to consent of the shareholders through Postal Ballot for which
notices are being issued. The business transfer agreement was executed on April
19, 2011 by the parties thereto.
Press Release
Dividend Payment Date
Accord Fintech (
[What follows is the full text of the news story.]
Press Release
Span Diagnostics declares dividend payment date
Accord Fintech (
[What follows is the full text of the news story.]
Press Release
Span Diagnostics gets approval to hive off its Hematology Analyser biz
Accord Fintech (
[What follows is the full text of the news story.]
India, April 19 -- Span Diagnostics has received its board's approval to hive off its Hematology Analyser business, transferring the operation of the division to Nihon Kohden India, a wholly owned Indian subsidiary of Nihon Kohden Corporation, Japan, subject to terms and condition mutually decided and as set out in the business transfer agreement. The approval was granted at its meeting held on April 19, 2011 and this decision was taken in pursuance of its long term strategy. The transaction will be done by way of transfer of business assets related to aforesaid business inclusive of inventory, goodwill etc. for a sale consideration of Rs 4.10 crore. This sale of business will be subject to consent of the shareholders through postal ballot for which notices are being issued. The business transfer agreement was executed on April 19, 2011 by the parties thereto.Span Diagnostics is a pioneer and trend setter of high quality products for pathology & clinical laboratories in the Indian diagnostics industry. It is a globally acknowledged and fastest growing diagnostic company with a successful track record of over 3 decades having Asia's one of the largest state-of-the-art ISO-9001:2000, WHO cGMP accredited advanced manufacturing facilities with ISO 13485 & CE accredited products.ďż˝ Published by HT Syndication with permission from Accord Fintech.
Press Release
Span Diagnostics Limited Files Patent Application for a Rapid Comb Test for Confirmation of HCV Antibodies in the Human Blood Serum and Plasma Based on Immunodot Technology
Indian Patent News
02 March 2011
[What follows is the full text of the article.]
Span Diagnostics Limited filed the patent application on March 3, 2005. The patent application number is 243/MUM/2005 A. The international classification numbers are G01N33/558 and G01N33/563.
According to the Controller General of Patents, Designs & Trade Marks, "The present invention provides a device for rapid confirmatory testing of HCV in a comb format comprising: a test comb with at least six teeth, four teeth coated with HCV antigens, and two teeth for positive and negative control, and said teeth are coated with protein A solution for control."
About the Company
Span Diagnostics Limited (Span) is an India-based company. The Company is engaged in the manufacture of recombinant antigens for treponema, leishmania and filarial. It also manufactures lateral flow test for tuberculosis antigen/ antibody. The company operates in the diagnostic products segment. The Company's subsidiaries include Span Biotronics Private Limited, Span Diagnostics S.A.R.L., Span Diagnostics F.Z.C. and Span Nihon Kohden Diagnostics Private Limited.
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.45.93 |
|
|
1 |
Rs.74.27 |
|
Euro |
1 |
Rs.64.97 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.