MIRA
INFORM REPORT
|
Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
SRL LIMITED [w.e.f.06.07.2012] |
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Formerly Known
As : |
SUPER RELIGARE LABORATORIES LIMITED [w.e.f.28.08.2008] SRL RANBAXY LIMITED SPECIALTY RANBAXY PRIVATE LIMITED |
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Registered
Office : |
Plot No. D-3, A Wing, 2nd Floor, District Centre, Saket, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.07.1995 |
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Com. Reg. No.: |
55-070603 |
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Capital
Investment / Paid-up Capital : |
Rs. 844.635
Millions |
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CIN No.: [Company Identification
No.] |
U74899DL1995PLC070603 |
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PAN No.: [Permanent Account No.] |
AAACS2809J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged
in the business of establishing, maintaining and managing clinical reference
laboratories, to provide testing, diagnostics and prognostics monitoring/
screening tests on human beings and also provides laboratory support services
for clinical research studies. |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 29000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company seems to be sound. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based – Cash Credit = A |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
September 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based – Short Term Loans = A1 |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
September 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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-11-42295333]
LOCATIONS
|
Registered Office : |
Plot No. D-3, A Wing, 2nd Floor, District Centre, Saket, New Delhi –
110017, India |
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Tel. No.: |
91-11-42295333 |
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Fax No.: |
91-11-42295395 |
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E-Mail : |
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Website : |
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Corporate Office : |
GP-26, Maruti Industrial Estate, Udyog Vihar, Sector 18, Gurgaon –
122015, Haryana, India |
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Tel. No.: |
91-124-3001243/ 3001209 |
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Delhi Office : |
Vasant Vihar, 8 Palam Marg, New Delhi – 110057, India |
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Tel. No.: |
91-11-42295333 |
DIRECTORS
AS ON 20.09.2013
|
Name : |
Mr. Sanjeev Krishan Chaudhry |
|
Designation : |
Managing director |
|
Address : |
Garden Homes 21,
Celebrity Homes, Palam Vihar, Gurgaon – 122017, Haryana, India |
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Date of Birth/Age : |
19.03.1959 |
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Qualification : |
PhD (Business Administration, Masters in Economics) |
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Experience : |
33 Years |
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Date of Appointment : |
04.02.2011 |
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PAN No.: |
AACPC0321Q |
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DIN No.: |
00015077 |
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|
|
Name : |
Mr. Shivinder Mohan Singh |
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Designation : |
Director |
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Address : |
House No. 1, South End Lane, New Delhi – 110011, India |
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Date of Birth/Age : |
21.07.1975 |
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Qualification : |
Master's Degree in Business Admn From Duke Univ, USA |
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Date of Appointment : |
07.05.2002 |
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PAN No.: |
AAKPS4318M |
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DIN No.: |
00042910 |
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Name : |
Mr. Malvinder Mohan Singh |
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Designation : |
Director |
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Address : |
Vistas - 26, Maulsari
Avenue, Westend, Green Farm, Rajokri, New Delhi – 110038, India |
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Date of Birth/Age : |
27.11.1972 |
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Qualification : |
Master's Degree in Business Admn From Duke Univ, USA |
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Date of Appointment : |
24.11.1999 |
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PAN No.: |
AABPS2552G |
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DIN No.: |
00042981 |
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Name : |
Mr. Harpal Singh |
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Designation : |
Director |
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Address : |
B-10, Anand Niketan, New Delhi – 110021, India |
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Date of Birth/Age : |
11.09.1949 |
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Qualification : |
Master's Degree in Public Affairs from California State
Univ, Hayward, California USA |
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Date of Appointment : |
07.05.2002 |
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DIN No.: |
00078224 |
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|
Name : |
Mr. Sunil Naraindas Godhwani |
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Designation : |
Director |
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Address : |
A-2, Inayat Farm,
Asola, Fatehpur Beri, Po – Mehrauli, New Delhi – 110030, India |
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Date of Birth/Age : |
10.12.1960 |
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Qualification : |
Master's Degree in Indl. Engg and Finance from Polytechnic
Institute of New York |
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Date of Appointment : |
12.06.2007 |
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DIN No.: |
00174831 |
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Name : |
Mr. Aditya Vij |
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Designation : |
Director |
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Address : |
3.27, Second Floor, Shanti Niketan, New Delhi – 110021, India |
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Date of Birth/Age : |
24.10.1958 |
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Qualification : |
CA |
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Date of Appointment : |
23.05.2012 |
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DIN No.: |
03200194 |
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Name : |
Mr. Achal Ghai |
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Designation : |
Director |
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Address : |
Villa 6, Cluster
40, Jumeirah Islands, P. O. Box No. 18264, Dubai, 018264, United Arab
Emirates |
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Date of Birth/Age : |
30.08.1963 |
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Qualification : |
MBA |
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Date of Appointment : |
10.08.2011 |
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DIN No.: |
00312672 |
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Name : |
Mr. Mahendra Swarup |
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Designation : |
Alternate director |
|
Address : |
10.05.1953 |
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Date of Birth/Age : |
C-7, Paschimi Marg, Vasant Vihar, New Delhi – 110057, India |
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Qualification : |
MBA |
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Date of Appointment : |
08.05.2013 |
|
DIN No.: |
01213634 |
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|
Name : |
Mr. Srinivas Chidambaram |
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Designation : |
Director |
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Address : |
S - 283, Ground Floor,
Greater Kailash, Part - II, New Delhi – 110048, India |
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Date of Birth/Age : |
21.05.1966 |
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Qualification : |
CA |
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Date of Appointment : |
23.07.2012 |
|
DIN No.: |
00514665 |
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|
Name : |
Brian William Tempest |
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Designation : |
Director |
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Address : |
South Park Farm,
Grayswood Road, Haslemere, Surrey, GU272J, United Kingdom |
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Date of Birth/Age : |
13.06.1947 |
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Qualification : |
Phd From Lancaster Univ |
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Date of Appointment : |
04.02.2011 |
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DIN No.: |
00101235 |
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Name : |
Mr. Preetinder Singh Joshi |
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Designation : |
Director |
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Address : |
Maharaj Sawan Singh, Charitable Hospital, Beas -143201, Punjab, India |
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Date of Birth/Age : |
17.11.1947 |
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Qualification : |
Master's Degree in Cardiology and General Medicine |
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Date of Appointment : |
04.02.2011 |
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DIN No.: |
00109974 |
KEY EXECUTIVES
|
Name : |
Mr. Ankush Agarwal |
|
Designation : |
Secretary |
|
Address : |
M – 7, Saket, New Delhi – 110017, India |
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Date of Birth/Age : |
10.09.1978 |
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Date of Appointment : |
21.11.2007 |
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PAN No.: |
AKPPA0277J |
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|
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|
Name : |
Mr. Sanjeev Vashishta |
|
Designation : |
Chief Executive Officer |
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|
Name : |
Dr. B. R. Das |
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Designation : |
President - Research and Innovation |
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|
Name : |
Mr. Kiran C. Vaidya |
|
Designation : |
Chief Operating Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.09.2013
|
Names of Equity Shareholders |
|
No. of Shares |
|
Fortis Healthcare Limited, India |
|
42749217 |
|
Avigo PE Investments Limited, Mauritius |
|
6310315 |
|
Logos Holding Company Private Limited, India |
|
4449772 |
|
Prime Trust, India |
|
2000000 |
|
*IL& FS Trust Company Limited, India |
|
1691542 |
|
Malav Holdings Private Limited, India |
|
150000 |
|
Shivi Holdings Private Limited, India |
|
150000 |
|
Spring Healthcare Private Limited, Mauritius |
|
597015 |
|
Sabre Capital (Mauritius) Limited, Mauritius |
|
199005 |
|
IL& FS Trust Company Limited (Dr. Avinash Achyut Phadke) |
|
615000 |
|
IL& FS Trust Company Limited (Dr. Subhendu Roy) |
|
615000 |
|
IL& FS Trust Company Limited (Dr. Bhavin Govindji Jankharia) |
|
200000 |
|
IL& FS Trust Company Limited (Dr. Anita Maria Borges) |
|
50000 |
|
IL& FS Trust Company Limited (Dr. Hemlata Madhav Purandare) |
|
20000 |
|
|
|
|
|
Total |
|
59796866 |
|
Names of Compulsorily
Convertible Preference Shareholders |
|
No. of Shares |
|
International Finance Corporation, USA |
|
4000000 |
|
NYLIM Jacob Ballas India Fund III LLC, Mauritius |
|
8333333 |
|
|
|
|
|
Total |
|
12333333 |
Note:
* Trustee of Spring Healthcare India Trust.
AS ON 20.09.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
11.88 |
|
Bodies
corporate |
79.43 |
|
Others
|
8.69 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged
in the business of establishing, maintaining and managing clinical reference
laboratories, to provide testing, diagnostics and prognostics monitoring/
screening tests on human beings and also provides laboratory support services
for clinical research studies. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · Kotak Mahindra Bank Limited 15-16, UGF, Ambadeep Building, 14 K G Marg, New Delhi -
110001, Delhi, India |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
· IDBI Trusteeship Services Limited Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai - 400001, Maharashtra, India · GE Capital Services India Aifcs Building, 1st Floor, 1, Rafi Marg, New Delhi -
110001, Delhi, India |
|
|
|
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Auditors : |
|
|
Name : |
S R Batliboi and Company LLP Chartered Accountants |
|
Address : |
Golf View, Corporate Tower B, Sector-42, Sector Road,
Gurgaon - 122002, Haryana, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ADTPC8611R |
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Holding company
: |
Fortis Healthcare Limited |
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Subsidiary
company : |
SRL Diagnostics Private Limited |
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|
Joint venture : |
SRL Diagnostics (Nepal) Private Limited |
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|
Enterprises
which are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Aegon Religare Life Insurance Company Limited [U66010MH2007PLC169110] Bar Chem Dion Global Solutions Limited [L74899DL1994PLC058032] Escorts Heart Institute And Research Centre Limited
[U85110CH2000PLC023744] Escorts Heart And Super Speciality Hospital Limited
[U85110DL2003PLC120016] Escorts Heart And Super Speciality Institute Limited
[U85110HR1998PLC048142] Escorts Hospital And Research Centre Limited
[U85110HR1997PLC048256] Fortis C-Doc Healthcare Limited [U85110DL2010PLC208379] Fortis Clinical Research Limited [U73100DL2005PLC134482] Fortis Global Healthcare Limited [U74140DL2009PLC195148] Fortis Health Management Limited [U85110DL2008PLC176412] Fortis Hospital Management Limited [U85110DL2008PLC176522] Fortis Hospitals Limited [U93000DL2009PLC222166] Fortis Malar Hospitals Limited [L85110TN1989PLC017232] Hiranandani Healthcare Private Limited
[U85100MH2005PTC154823] International Hospital Limited [U74999HR1994PLC048225] Kanishka Healthcare Limited [U85100HR1988PLC048080] Krishna Institute Of Medical Sciences Limited
[U55101AP1973PLC040558] Lalitha Healthcare Private Limited [U85110KA2005PTC035863] REL Infrafacilities Limited [U45200DL2007PLC158928] Religare Health Insurance Company Limited
[U66000DL2007PLC161503] RGAM Corporation Private Limited [U67120TN2004PTC053155] Quality Healthcare Medical Services Ltd Ligare Aviation Limited [U63040DL1996PLC166014] Religare Capital Markets Limited [U51909DL2007PLC159042] Religare Enterprises Limited [L74899DL1984PLC146935] Religare Finvest Limited [U74999DL1995PLC064132] Religare Securities Limited [U65910DL1986PTC151115] HealthFore Technologies Limited [L72300DL2009PLC190552] Ligare Travels Limited [U74899DL1989PLC036140] Ligare Voyages Limited [U62100DL2006PLC149800] RHC Holding Private Limited [U67190DL2007PTC162322] Sunrise Medicare Private Limited [U74899DL1983PTC014923] DDRC SRL Diagnostics Private Limited
[U85190MH2006PTC161480] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61,333,334 |
Equity Shares |
Rs. 10/- each |
Rs. 613.333 Millions |
|
10,000,000 |
Non-Cumulative Redeemable Preference Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
12,333,333 |
Compulsorily Convertible Preference Shares |
Rs. 20/- each |
Rs. 246.667 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 960.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59,796,866 |
Equity Shares |
Rs. 10/- each |
Rs. 597.968
Millions |
|
12,333,333 |
Compulsorily Convertible Preference Shares |
Rs. 20/- each |
Rs. 246.667 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 844.635 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 |
844.635 |
697.969 |
619.990 |
|
(b) Reserves & Surplus |
6448.219 |
4006.996 |
2915.917 |
|
(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) |
7292.854 |
4704.965 |
3535.907 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1521.773 |
2179.907 |
2522.409 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
16.029 |
40.123 |
11.745 |
|
(d) long-term
provisions |
31.281 |
22.578 |
12.606 |
|
Total Non-current
Liabilities (3) |
1569.083 |
2242.608 |
2546.760 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
134.191 |
252.684 |
882.071 |
|
(b)
Trade payables |
331.008 |
324.026 |
240.866 |
|
(c)
Other current liabilities |
787.038 |
803.515 |
506.908 |
|
(d) Short-term
provisions |
21.268 |
12.979 |
10.102 |
|
Total Current
Liabilities (4) |
1273.505 |
1393.204 |
1639.947 |
|
|
|
|
|
|
TOTAL |
10135.442 |
8340.777 |
7722.614 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1203.312 |
973.931 |
792.310 |
|
(ii)
Intangible Assets |
34.325 |
30.732 |
21.051 |
|
(iii)
Capital work-in-progress |
2.453 |
285.350 |
353.700 |
|
(iv)
Intangible assets under development |
64.390 |
23.494 |
0.000 |
|
(b) Non-current Investments |
3912.441 |
3912.441 |
3912.441 |
|
(c) Deferred tax assets (net) |
64.187 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3770.696 |
519.703 |
402.020 |
|
(e) Other
Non-current assets |
7.022 |
6.323 |
7.466 |
|
Total Non-Current
Assets |
9058.826 |
5751.974 |
5488.988 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
160.941 |
140.062 |
117.138 |
|
(c)
Trade receivables |
536.472 |
507.902 |
380.861 |
|
(d) Cash
and cash equivalents |
59.981 |
50.612 |
60.676 |
|
(e)
Short-term loans and advances |
317.674 |
1883.094 |
1618.893 |
|
(f)
Other current assets |
1.548 |
7.133 |
56.058 |
|
Total
Current Assets |
1076.616 |
2588.803 |
2233.626 |
|
|
|
|
|
|
TOTAL |
10135.442 |
8340.777 |
7722.614 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3618.314 |
2766.141 |
2242.543 |
|
|
|
Other Income |
262.000 |
323.259 |
224.198 |
|
|
|
TOTAL (A) |
3880.314 |
3089.400 |
2466.741 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1198.877 |
948.103 |
855.271 |
|
|
|
Purchases of Stock-in-Trade |
226.754 |
99.092 |
0.000 |
|
|
|
Employees benefits expense |
835.318 |
675.595 |
531.137 |
|
|
|
Other expenses |
1086.439 |
963.699 |
874.508 |
|
|
|
TOTAL (B) |
3347.388 |
2686.489 |
2260.916 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
[LOSS] BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
532.926 |
402.911 |
205.825 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
133.573 |
343.903 |
245.675 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
[LOSS] BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
399.353 |
59.008 |
(39.850) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
253.567 |
192.972 |
150.546 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
BEFORE TAX (E-F) (G) |
145.786 |
(133.964) |
(190.396) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.923 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ [LOSS]
AFTER TAX (G-H) (I) |
139.863 |
(133.964) |
(190.396) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of services rendered |
23.600 |
29.722 |
72.537 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
32.402 |
20.744 |
22.114 |
|
|
|
Materials |
0.294 |
0.841 |
2.016 |
|
|
TOTAL IMPORTS |
32.696 |
21.585 |
24.130 |
|
|
|
|
|
|
|
|
|
|
Earnings/ [Loss]
Per Share (Rs.) |
|
|
|
|
|
|
Basic
|
2.34 |
(2.27) |
(4.78) |
|
|
|
Diluted |
1.90 |
(2.27) |
(4.78) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.60 |
(4.34) |
(7.72) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.03 |
(4.84) |
(8.49) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.39 |
(3.25) |
(5.51) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.03) |
(0.05) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23 |
0.52 |
0.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
1.86 |
1.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
619.990 |
697.969 |
844.635 |
|
Reserves & Surplus |
2915.917 |
4006.996 |
6448.219 |
|
Net
worth |
3535.907 |
4704.965 |
7292.854 |
|
|
|
|
|
|
long-term borrowings |
2522.409 |
2179.907 |
1521.773 |
|
Short term borrowings |
882.071 |
252.684 |
134.191 |
|
Total
borrowings |
3404.480 |
2432.591 |
1655.964 |
|
Debt/Equity ratio |
0.963 |
0.517 |
0.227 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2242.543 |
2766.141 |
3618.314 |
|
|
|
23.348 |
30.807 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2242.543 |
2766.141 |
3618.314 |
|
Profit/ [Loss] |
(190.396) |
(133.964) |
139.863 |
|
|
(8.49%) |
(4.84%) |
3.87% |
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 |
No |
|
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 |
Yes |
|
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 |
10414390 |
15/01/2014 * |
1,500,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B95535522 |
|
2 |
10325028 |
27/07/2012 * |
120,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
15-16 UPPER GROUND
FLOOR, AMBADEEP BUILDING, 14, |
B45177060 |
|
3 |
10320386 |
15/11/2011 |
58,681,500.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B26475558 |
|
4 |
10253040 |
19/10/2010 |
125,500,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
A99899221 |
|
5 |
10115038 |
14/08/2013 * |
340,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B84238344 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Debentures |
0.000 |
1650.000 |
|
SHORT TERM BORROWINGS |
|
|
|
Other loans and advances |
0.000 |
33.800 |
|
|
|
|
|
Total |
0.000 |
1683.800 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 3rd
Floor, 6 Devika Tower, Nehru Place, New Delhi – 110019, India to the present
address w.e.f.01.01.2010.
GENERAL INFORMATION
SRL Limited
(Formerly Super Religare Laboratories Limited) ("the Company") is a
public company domiciled in India and incorporated under provisions of the
Companies Act, 1956. The Company is in the business of establishing,
maintaining and managing clinical reference laboratories, to provide testing,
diagnostics and prognostics monitoring/ screening tests on human beings. The
Company also provides laboratory support services for clinical research
studies.
STANDALONE BASIS
During the financial year ended March 31, 2013; the Company
has recorded total income of Rs 3880.310 Millions, which is 25.60 % higher than
the previous financial year’s total income of Rs 3089.400 Millions. The Profit
before Tax stood at Rs 145.790 Millions which is 208.83% higher as compared to
the loss of Rs (133.960) Millions in the previous financial year. During the
current financial year, Company has created Debenture Redemption Reserve of Rs
119.820 Millions as compared to the corresponding previous year’s reserve of Rs
Nil. Deficit carried to the Balance Sheet for the fiscal year is Rs (531.790)
Millions which is 3.63% lower as compared to the corresponding previous year’s
deficit of Rs. (551.810) Millions. EBIDTA of the Company for the period under
review is Rs. 532.930 Millions (i.e. after deducting prior period expenses of
Rs. 1.007 Millions) which is 32.27% higher as compared to previous year’s
EBIDTA of Rs. 402.910 Millions (i.e. after deducting prior period expenses of
Rs. 2.270 Millions).
FUTURE OUTLOOK
The future outlook for the Company continues to be bright
and encouraging. The Company has maintained its market leadership both in terms
of geographic expansion and the expansion of the test menu, both in Lab
Medicine and Radio Imaging. The continued modernization of healthcare services
in India will ensure that the Company is successful in leveraging its
geographic and scientific leadership by offering its services to patients,
doctors and customers in all parts of India and in all overseas markets that
Company serves. The Company is cognizant of the fact that consumer perception
in diagnostics industry is as good as the experience of every single user of
the services. To ensure that every patient and customer and every prescribing
doctor is happy with the SRL experience, the Company continues to invest in
training of employees and partners at all times. The Company has always been
proud of its immensely talented and motivated pool of employees and this
remains the source of greatest strength for ensuring continued growth and
success in the future.
OPERATIONS
The Company is the leading diagnostic laboratory network in
India, successfully delivering global Standard Diagnostic services, both in the
field of Laboratory Medicine and Radio Imaging. As on June 30, 2013 the
Company’s laboratory network extends to 241 Laboratories (which includes Owned
Labs, Franchisee Labs, Fortis Labs, Other Hospital Labs, International Labs and
Wellness Centers) and over 4000 Collection Points. The Company, being committed
to quality, has highest number of accredited labs - 29 labs accredited by the
NABL (ISO 15189:2007) and 4 labs accredited by CAP.
AWARD AND RECOGNITION
During the period, the Company was awarded ‘The Best Use of Technology by a Diagnostic Service provider’ for their CLIMS Cloud application at the e-India Health Summit 2012 under the "Innovative Use of Technology by a Diagnostic Service Provider" category.
The Company was also conferred with the FICCI 2012 special jury recognition award for Operational Excellence - Private Sector.
Further, for second consecutive year, SRL entered into LIMCA Book of for launching, e-Pathology, Food Intolerance Test for first time in India and for being the first lab in India to achieve NABL accreditation.
FIXED ASSETS:
· Plant and equipment
Other
plant and equipment
Furniture
and fixtures
Vehicles
Motor
vehicles
Office
equipment
Computer
equipments
Leasehold
improvements
Computer
equipments
Recipes,
formulae, models, designs and prototypes
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 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. 61.25 |
|
|
1 |
Rs. 103.02 |
|
Euro |
1 |
Rs. 81.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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.