MIRA
INFORM REPORT
|
Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
SPAN DIAGNOSTICS LIMITED |
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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) : |
31.03.2013 |
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Date of
Incorporation : |
31.03.1980 |
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Com. Reg. No.: |
04-003710 |
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Capital
Investment / Paid-up Capital : |
Rs.72.760 millions |
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CIN No.: [Company Identification
No.] |
L24299GJ1980PLC003710 |
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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 Exchanges. |
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Line of Business
: |
Manufacturing, Marketing and Trading of Diagnostics Reagents, Diagnostics Instruments and Allied Products. |
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No. of Employees
: |
523 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1150000 |
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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 record.
There appears some dip in the profitability of the company during current
year. However, networth of the company is satisfactory. Trade relations are
reported as fair. Business is active. Payments are reported to be usually
correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
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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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Cash Credit: “BBB-” |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
01.04.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Letter of Credit: “A3” |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
01.04.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Head
Office/ Factory 1 : |
173-B, New Industrial Estate, Road No. 6-G, Udyog Nagar, Udhna, Surat – 394 210, Gujarat, India |
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Tel. No.: |
91-261-2277211 / 143 / 2679583 / 2274528 |
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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,
Surat, India. |
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Tel. No.: |
91-261-239 7712 /
13 / 14 / 15 |
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Fax No.: |
91-261-239 7719 |
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Regional
Offices: |
Mumbai 303, Town Center, Andheri Kurla Road, Near Mital Industrial, Andheri (East), Mumbai - 400 059. Tel. No.: 91-22-564 90232 Ghaziabad C-71, Shalimar Garden, Extension - II, Shahibabad, Ghaziabad - 201005. Tel. No.: 91-120-262 5078 Bangalore 23, Malikarjuna Swamy Temple Road, Nettakalappa Circle, Basavanagudi, Bangalore - 560 004. Tel. No. : 91-80-2662 0116 Kolkata Lake Town Complex, Shivam Appartment, Block D:: 862(986/1), Jessore
Road, Kolkata - 700 055. Tel. No.: 91-33-25223304,55346886 Delhi 6, School Lane, 2nd Floor, Rear Block, Opposite Hotel ‘The
Lalit’, Delhi – 110001, India Tel. No.: 91-11-23323253 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. N.Gopalaswami |
|
Designation : |
Chairman |
|
Address : |
61 A Adarsh Society, Athwalines. Surat – 395001, Gujarat, India |
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Date of Birth/Age : |
25.09.1941 |
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Date of Appointment : |
17.09.2005 |
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DIN : |
00026472 |
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Name : |
Mr. Veeral P.Desai |
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Designation : |
Managing Director |
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Address : |
61 A Adarsh Society, Athwalines, Surat - 395001, Gujarat, India |
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Date of Birth/Age : |
07.05.1968 |
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Date of Appointment : |
01.07.2003 |
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DIN : |
00029219 |
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Name : |
Dr. Pradip K. Desai |
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Designation : |
Whole-time Director |
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Address : |
61 A Adarsh Society, Athwalines, Surat - 395001, Gujarat, India |
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Date of Birth/Age : |
22.09.1939 |
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Qualification : |
Md (Path) |
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Date of Appointment : |
31.03.1980 |
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DIN : |
00026451 |
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Name : |
Ms. Lata P. Desai |
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Designation : |
Director |
|
Address : |
61 A Adarsh Society, Athwalines. Surat – 395001, Gujarat, India |
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Date of Birth/Age : |
25.09.1941 |
|
Date of Appointment : |
17.09.2005 |
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DIN : |
00026472 |
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|
|
|
Name : |
Dr. Sushil K. Shah |
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Designation : |
Director |
|
Address : |
71, Apurva Apartments , 5, Napean Sea Road,, Mumbai – 400036, Maharashtra, India |
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Date of Birth/Age : |
29.12.1946 |
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Qualification : |
MD Pathology |
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Date of Appointment : |
21.09.2003 |
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DIN : |
00179918 |
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Other Directorship : |
· Sudharma Metropolis Health Services Private Limited Industrial Bhavan (Worli) Limited Metropolis Healthcare Limited Golwikar Metropolis Health Services (India) Private
Limited KRD Real Estate Private Limited Final Diagnosis Private Limited Sanket Metropolis Health Services (India) Private Limited Metropolis Helathcare (Jodhpur) Private Limited Mulay Metropolis Health Care Private Limited Micron Metropolis Healthcare Private Limited Metropolis Healthcare (Chandigarh) Private Limited Mettropolis Wellness Products Private Limited Ekopath Metropolis Lab Services Private Limited Metropolis health Product Retail Private Limited |
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|
Name : |
Mr. Shyamal Ghosh |
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Designation : |
Director |
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Address : |
A-203, Nayantara, Cbip.Coop.Group Housing, Society, Plot No.8, Sector-7, Dwarka, New Delhi – 110075, India |
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Date of Birth/Age : |
03.05.1942 |
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Qualification : |
Master Degree in Economics, M.P.A Programme of Woodrow Wilson School, Retired IAS Officer |
|
Date of Appointment : |
28.10.2006 |
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DIN : |
00267341 |
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Other Directorship : |
· Burn Standard Company Limited Spentix Industries Limited National Multi Commodity Exchange of India Limited |
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|
Name : |
Mr. Kamlesh Patel |
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Designation : |
Director |
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Address : |
1002, 10th Floor, Prayag Flats, Athwalines, Surat – 395007, Gujarat, India |
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Date of Birth/Age : |
01.09.1956 |
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Date of Appointment : |
28.06.2008 |
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DIN : |
01521972 |
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Name : |
Dr. Pranav S. Desai |
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Designation : |
Director |
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Address : |
Sudha Bunglow, "Near Trimurti Apartment, Jamunanagar Bus Stop Ghod Dod Road, Surat – 395007, Gujarat, India |
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Date of Birth/Age : |
30.03.1972 |
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Date of Appointment : |
26.06.2006 |
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DIN : |
00026541 |
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Name : |
Mr. Sanjay N. Mehta |
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Designation : |
Director |
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Address : |
6, Vatika, 14, Baptista Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
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Date of Birth/Age : |
20.10.1950 |
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Date of Appointment : |
21.08.2004 |
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DIN : |
00002817 |
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Name : |
Mr.S.Sundaresan |
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Designation : |
Director |
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Address : |
C 403, 4th Floor, Panchasheel, Heights,Mahavir Nagar,Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
27.03.1946 |
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Date of Appointment : |
23.06.2007 |
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DIN : |
01660891 |
KEY EXECUTIVES
|
Name : |
Mitesh G. Rana |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
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|
3108388 |
42.72 |
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|
76040 |
1.05 |
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|
3184428 |
43.77 |
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|
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|
30000 |
0.41 |
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|
30000 |
0.41 |
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Total
shareholding of Promoter and Promoter Group (A) |
3214428 |
44.18 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
241146 |
3.31 |
|
|
|
|
|
|
1255957 |
17.26 |
|
|
1081734 |
14.87 |
|
|
1482735 |
20.38 |
|
|
24251 |
0.33 |
|
|
1336185 |
18.36 |
|
|
122299 |
1.68 |
|
|
4061572 |
55.82 |
|
Total Public
shareholding (B) |
4061572 |
55.82 |
|
Total (A)+(B) |
7276000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
7276000 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturing, Marketing and Trading of Diagnostics Reagents, Diagnostics Instruments and Allied Products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
523 (Approximately) |
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Bankers : |
· State Bank of India, Ind. Finance Branch Marble Arch, Race Cource Circle, Baroda – 390007, Gujarat, India ·
IDBI Bank Limited, 2nd Floor, Ess En House,
Ghod Dod Road, Opposite Kotak House, Surat – 395007, Gujarat, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS Term Loan from banks other than Vehicle Loans are secured by hypothecation of plant and machineries, some of moveable properties of the company, equitable mortgage of some of the immovable properties of the company. Vehicle loans of Rs. 0.313 Millions (Previous Year: Rs. 0.683 Million) are secured by hypothecation of respective vehicles. Term Loan from other parties and deferred payment liabilities are secured by hypothecation of moveable assets including Plant and Machinery and equipments which has been procured though utilization of earmarked funds and intangibles which will be generated from projects. Secured Loans are guaranteed by some of the Directors of the company. Deposits includes deposits from Related Parties of Rs. 8.953 Millions (Previous year Rs.7.190 Millions) carrying rate of interest as per standard norms of deposits. SHORT TERM
BORROWINGS Working Capital Loan are secured by hypothecation of Current Assets and collaterally secured by the personal guarantees of promoter Directors, equitable mortgage of some of the immovable properties of the Company . The Interest rate in INR portion varies from 13.5% to 14.5%. Short Term Loan from Related Party is at 12%. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
703, Venus Atlantis, 100 Ft. Road, Prahlad Nagar,Ahmedabad – 380015, Gujarat, India |
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|
|
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Subsidiary : |
· Span Biotherapeutics Private Limited Span Biotronics Private Limited |
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|
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|
Joint Venture : |
· Span Nihon Kohden Diagnostics Private Limited Span Diagnostics SA(Pty.) Limited |
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|
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Other Related
party: |
· Span Diagnostics SARL Quest Biochemicals Private Limited Desai Agri Bio-tech Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/-each |
Rs.150.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,276,000 |
Equity Shares |
Rs.10/-each |
Rs.72.760
Millions |
|
|
|
|
|
Of the above 3,638,000 Equity shares of Rs.10/- each have been allotted as fully paid-up bonus shares in year 2010-11 by capitalising Rs.36.380 Millions out of Securities premium.
The details of shareholders
holding more than 5% shares.
|
Name of Shareholder |
As at 31-03-2013 |
|
|
No. of Shares Held |
% of Holding |
|
|
Pradipkumar Keshavlal Desai |
1,306,480 |
17.96 |
|
Lataben P. Desai |
717,060 |
9.86 |
|
Natvarlal Shivabhai Patel |
554,920 |
7.63 |
|
Veeral Pradipkumar Desai |
5,24,632 |
7.21 |
The reconciliation of
the number of shares outstanding is set out below
|
Particulars |
As at
31-03-2013 No. of Shares |
|
Equity Shares outstanding at the beginning of the year |
7,276,000 |
|
Add: Shares Issued during the year |
-- |
|
Less : Shares bought back during the year. |
-- |
|
Equity Shares outstanding at the end of the year. |
7,276,000 |
There was no increase in Capital During the current year. However, during the year 2010-11, 165,250 equity shares each of Rs. 10 were issued on a preferential basis by the company at a premium of Rs. 29.97 each aggregating to Rs. 6.605 Millions. Further 3,638,000 equity shares of Rs. 10 each were issued in the year 2010-11 as bonus shares in ratio of 1:1 by capitalising securities premium which in aggregate amounts to Rs. 36.380 Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
72.760 |
72.760 |
72.760 |
|
(b) Reserves & Surplus |
216.022 |
210.888 |
198.646 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
288.782 |
283.648 |
271.406 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
137.498 |
102.457 |
70.008 |
|
(b) Deferred tax liabilities (Net) |
33.406 |
25.445 |
12.973 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
6.849 |
5.813 |
4.895 |
|
Total Non-current Liabilities (3) |
177.753 |
133.715 |
87.876 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
190.086 |
150.187 |
97.957 |
|
(b) Trade payables |
50.559 |
61.849 |
61.562 |
|
(c) Other current
liabilities |
155.633 |
120.065 |
101.566 |
|
(d) Short-term provisions |
23.345 |
7.822 |
19.383 |
|
Total Current Liabilities (4) |
419.623 |
339.923 |
280.468 |
|
|
|
|
|
|
TOTAL |
886.158 |
757.286 |
639.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
293.596 |
175.477 |
165.516 |
|
(ii) Intangible Assets |
85.693 |
49.444 |
31.663 |
|
(iii) Capital work-in-progress |
21.649 |
72.594 |
21.970 |
|
(iv)
Intangible assets under development |
56.900 |
58.520 |
48.004 |
|
(b) Non-current Investments |
7.005 |
7.005 |
7.002 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.330 |
26.174 |
3.715 |
|
(e) Other Non-current assets |
6.609 |
8.144 |
2.988 |
|
Total Non-Current Assets |
505.782 |
397.358 |
280.858 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
141.278 |
167.297 |
149.010 |
|
(c) Trade receivables |
191.995 |
132.253 |
101.102 |
|
(d) Cash and cash
equivalents |
18.643 |
12.909 |
87.434 |
|
(e) Short-term loans and
advances |
28.460 |
47.469 |
21.346 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
380.376 |
359.928 |
358.892 |
|
|
|
|
|
|
TOTAL |
886.158 |
757.286 |
639.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
789.603 |
586.808 |
837.926 |
|
|
|
Other Income |
10.656 |
10.212 |
6.696 |
|
|
|
TOTAL (A) |
800.259 |
597.020 |
844.622 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
262.210 |
199.062 |
228.767 |
|
|
|
Purchase of Stock-in-Trade |
28.323 |
40.565 |
131.740 |
|
|
|
Employee Benefits Expense |
154.505 |
130.708 |
125.564 |
|
|
|
Other Expenses |
253.817 |
187.586 |
225.452 |
|
|
|
Changes in Inventories of Finished Goods, Work-in- Progress and Stock-in-Trade |
15.801 |
(8.830) |
9.785 |
|
|
|
Exceptional Items |
0.000 |
(29.072) |
0.000 |
|
|
|
TOTAL (B) |
714.656 |
520.019 |
721.308 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
85.603 |
77.001 |
123.314 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.771 |
25.224 |
32.798 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
47.832 |
51.777 |
90.516 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
30.385 |
27.063 |
23.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
17.447 |
24.714 |
67.172 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.085 |
12.472 |
20.951 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
9.362 |
12.242 |
46.221 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
123.114 |
112.092 |
79.350 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
3.638 |
0.000 |
7.276 |
|
|
|
Dividend Distribution Tax |
0.590 |
0.000 |
1.180 |
|
|
|
Dividend for earlier year (including distribution Tax) |
0.000 |
0.000 |
0.448 |
|
|
|
Transfer to General Reserve |
0.000 |
1.220 |
4.575 |
|
|
BALANCE CARRIED TO
THE B/S |
128.248 |
123.114 |
112.092 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods calculated of F.O.B. basis |
89.824 |
80.028 |
43.697 |
|
|
TOTAL EARNINGS |
89.824 |
80.028 |
43.697 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Packing Materials |
101.721 |
101.478 |
71.146 |
|
|
|
Goods for resale |
25.375 |
25.734 |
60.496 |
|
|
|
Capital Goods |
2.205 |
7.064 |
7.895 |
|
|
|
Consumable Store |
3.404 |
6.063 |
5.580 |
|
|
TOTAL IMPORTS |
132.705 |
140.339 |
145.117 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.29 |
1.68 |
6.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
150.100 |
|
Total Expenditure |
|
|
155.100 |
|
PBIDT (Excl OI) |
|
|
(04.900) |
|
Other Income |
|
|
01.800 |
|
Operating Profit |
|
|
(03.100) |
|
Interest |
|
|
09.600 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(12.700) |
|
Depreciation |
|
|
10.700 |
|
Profit Before Tax |
|
|
(23.400) |
|
Tax |
|
|
03.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(26.800) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(26.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.17
|
2.05 |
5.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.21
|
4.21 |
8.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.18
|
3.99 |
11.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.09 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.13
|
0.89 |
0.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
1.06 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10305519 |
21/12/2012 * |
415,600,000.00 |
STATE BANK OF INDIA - LEAD BANK |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B65080657 |
|
2 |
10247228 |
21/10/2010 |
10,300,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
BLOCK 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
A97333942 |
|
3 |
10248895 |
20/12/2012 * |
415,600,000.00 |
STATE BANK OF INDIA - LEAD BANK |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - 390007, GUJARAT, INDIA |
B65081127 |
|
4 |
10293813 |
08/07/2010 |
24,923,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI - 110003, INDIA |
A93504546 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits |
32.525 |
25.167 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
2.300 |
0.000 |
|
Total |
34.825 |
25.167 |
CORPORATE INFORMATION
Subject is Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on Bombay Stock Exchange in India. The Company is engaged in the business of manufacturing, marketing and trading of diagnostics reagents, diagnostics instruments and allied products. The Company caters to both domestic and international markets. The Company also provides annual maintenance service for diagnostics instruments. It has various certifications like WHO-GMP, ISO 13485:2003 and ISO 9001:2000 and CE registration for almost 200 products thereby complying with globally accepted quality standards.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE, DEVELOPMENT AND OUTLOOK
As per industry experts the Diagnostics Market in India is witnessing around 13 to 15% growth. Further looking at segment-wise growth Infectious disease and life style related diseases diagnosis are still the growth driver. Also Molecular diagnostics and Tissue diagnostics segment is growing at an impressive rate. Span is one of the leading players in Diagnostics Industry in India, operating mainly in infectious diseases and Clinical Chemistry segment.
The growth can be attributed to the factors such as increasing scope and awareness about diagnostics, improved
diagnostics tools, etc.
Further High prevalence of life style related diseases such as Diabetes, Cancer, Cardiac disease and incidences of communicable and infectious diseases like HIV/AIDS, Malaria, Typhoid are still cause of concern. Thus, the scope of growth for the Indian diagnostic sector is still bright. The future prospect of Diagnostics Industry looks promising and Span being one of the leaders in this segment bound to benefit from it.
OPERATIONS' REVIEW
During FY 2012-13 revenue from operations for the year increased to Rs. 789.600 Millions (Rs. 586.800 Millionsin 2011-12) showing a growth of around 35% over previous year. During the year, Company has executed government order aggregating to around Rs. 220.000 Millions under domestic Government programs to fight AIDS.
During FY 2012-13 as planned, Company has made significant investments in building the world class facilities capable of complying with the international standards of quality. The project is near completion with validation of important area continuing before commencing the commercial production. This will give newer opportunities to the Company in participating in global tenders and securing higher volume of growth in coming years. In addition it will also improve overall capacity, efficiency and process control during production.
During last 4 years Company has made major investments in Research and Development activity. In the coming year many new products shall be launched including instrument developed in house and novel and state-of-the art HIV and TB test.
SUBSIDIARIES AND
JOINT VENTURES
SPAN BIOTRONICS
PRIVATE LIMITED (SBPL)
Span Biotronics Private Limited (SBPL) is a 95.34% Subsidiary of Span
Diagnostics Limited (SPAN) working on analysis, design, development, prototyping,
testing and validation of lab automation need of SPAN 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 SBPLwill be commercialised during the current year.
SBPLhas closed its books of accounts as at March 31, 2013 with a Profit
After Tax (PAT) of Rs. 4.418 Millions.
SPAN BIOTHERAPEUTICS
PRIVATE LIMITED
Span Biotherapeutics Private Limited Is currently at formative stage and
no major activity was carried during the year.
SPAN DIAGNOSTICS
SOUTH AFRICA (PTY) LIMITED
To accelerate its future growth, the company has formed a joint venture Company during year 2011-12 with Reindus Health (Pty) Limited for focusing on market developments of Span's product in SADC region, covering 14 countries of Southern African continent.
SPAN NIHON KOHDEN
DIAGNOSTICS PRIVATE LIMITED (SNKD)
A joint venture Company between Nihon Kohden Corporation, Japan and Span
Diagnostics Limited, India, started
its operation from December 2008 and since then continues to manufacture
high quality reagents for Hematology
Analysers for distribution and sale in India
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Taxes |
|
|
|
(1) Sales tax |
|
|
|
Demands under contest (Net of Tax) |
0.406 |
0.406 |
|
C-Form Pending (Net of Tax) |
1.439 |
0.753 |
|
(2) Income tax |
|
|
|
Demands under dispute |
21.608 |
21.608 |
|
|
|
|
|
Claims against the Company not acknowledged as Debts |
3.928 |
6.338 |
|
|
|
|
|
On account of guarantees given by the bank on behalf of the company in favor of customs and others. |
48.160 |
42.201 |
|
|
|
|
|
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 31-03-2013 aggregating of US$ 10946 if not fulfilled may result in custom duty liability of (Net of tax) |
0.000 |
0.070 |
|
|
|
|
|
The Company has imported material under the Advance uthorization Scheme of the Government of India, at concessional rates of customs duty by undertaking obligations to export certain quantity of specified products, For the future outstanding export obligations quantity under the Scheme as at 31-03-2013, which if not fulfilled may result in custom duty liability of (Net of tax) |
0.049 |
0.201 |
FIXED ASSETS
v
Tangible
Fixed Assets
Leasehold
Land
Free
hold Land
Buildings
and Roads
Plant
and Machineries
Electrical
Installations
Cold
Rooms/Storages
Loose
Tools, Moulds,
Utilities
and other
Equipments
Laboratory
Equipments
R
& D Equipments
Furniture
& Fixtures
Computers
Office
Equipments
Vehicle
v
Intangible Assets
Goodwill
Technical
Know how
Software
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 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 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.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
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 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.