MIRA
INFORM REPORT
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Report No. : |
350021 |
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Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
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Name : |
MEDISPRAY LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
Plot No. 344/345, Kundaim Industrial Estate, Kundaim – 403115, |
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Tel. No.: |
91-832-2395656 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.02.1992 |
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Com. Reg. No.: |
24-002801 |
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Capital
Investment / Paid-up Capital : |
Rs.0.510 Million |
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CIN No.: [Company Identification
No.] |
U52311GA1992PTC002801 |
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IEC No.: |
0397042132 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACM4153B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in Pharmaceuticals Bulk Drugs Like Tablets,
Capsules, Aerosols, etc. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 subsidiary of “Meditab Specialities Private Limited”. It
is An established company incorporated in the year 2002 having good track
record. Available financial indicates company strong financial risk profile
marked by healthy networth position along with debt free balance sheet and
decent profit margin of the company. Further, the rating also takes into consideration rich experience of
its promoters and strong operating efficiency of the company. Fundamentals of the company are strong and healthy. The rating also derives strength from its holding company and its
experienced management. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of strong holding support and sound financial base, 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.
EXTERNAL AGENCY RATING
Not Available
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
31-03-2015.
INFORMATION DENIED
Management non co-operative (91-832-2395656)
LOCATIONS
|
Registered Office : |
Plot No. 344/345, Kundaim Industrial Estate, Kundaim - 403115, Goa,
India |
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Tel. No.: |
91-832-2395656/2395184 |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
AS ON 11.09.2013
|
Name : |
Mr. Rajesh Dinkar Sawant |
|
Designation : |
Whole Time Director |
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Address : |
14, Okasa Residential Complex, Friends Colony, Kharpabadh,
Ponda-403401, Goa, India |
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Date of Birth/Age : |
23.12.1967 |
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Date of Appointment : |
01.12.2005 |
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Din No.: |
00380168 |
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|
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Name : |
Mr. Ijaj Abdulgani Khalif |
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Designation : |
Director |
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Address : |
F-1, Salfumiua Apartment, Near PWD Fatorda, Margao-403602, Goa, India |
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Date of Birth/Age : |
31.05.1968 |
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Date of Appointment : |
01.10.2010 |
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Din No.: |
00347230 |
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Name : |
Mr. Ramanujam Narayanan Ananthakrishnapuram |
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Designation : |
Director |
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Address : |
B-4/10, Manav Kalyan Society, Bangur Nagar, Goregaon (West),
Mumbai-400090, Maharashtra, India |
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Date of Birth/Age : |
04.06.1966 |
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Date of Appointment : |
04.11.2011 |
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Din No.: |
00017935 |
MAJOR SHAREHOLDERS
AS ON 11.09.2013
|
Names of Shareholders |
No. of Shares |
|
Meditab Specialities Private Limited, India |
51014 |
|
Hamied K Mustafa Jointly With Meditab Specialities Private Limited,
India |
1 |
|
Hamied M Kamil Jointly With Meditab Specialities Private Limited,
India |
1 |
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S Radhakrishnan Jointly With Meditab Specialities Private Limited,
India |
1 |
|
R. Gopalakrishnan Jointly With Meditab Specialities Private Limited,
India |
1 |
|
Sanghvi Arvind Mital Jointly With Meditab Specialities Private
Limited, India |
1 |
|
Athipotta Parameswaran Raman Jointly With Meditab Specialities Private
Limited, India |
1 |
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|
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Total |
51020 |
As on 11.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Pharmaceuticals Bulk Drugs Like Tablets,
Capsules, Aerosols, etc. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Auditors : |
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Name : |
V. Sankar Aiyer and Company Chartered Accountants |
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Address : |
2-C, Court Chambers, 35 New Marine Lines, Mumbai – 400020,
Maharashtra, India |
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PAN No.: |
AAAFV0781D |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Ultimate Holding
Company : |
· Cipla Limited |
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Holding Company : |
· Meditab Specialities Private Limited |
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Fellow Subsidiary
Company : |
· Sitec Labs Private Limited · Goldencross Pharma Private Limited · Cipla (Mauritius) Limited · Cipla (UK) Limited · Cipla Australia Pty. Limited · Cipla (EU) Limited · Four M Propack Private Limited · Meditab Holdings Limited · Meditab Pharmaceuticals South Africa (Pty) Limited · Meditab Specialities New Zealand Limited · Cipla Ilac Ticaret Anonim Sirketi · Cipla USA Inc. · Cipla Kenya Limited · Cipla Malaysia Sdn. Bhd. · Cipla Medpro South Africa (Pty) Limited · Cipla Holding B.V. · Cipla Europe NV · Cipla Quality Chemical Industries Limited (formerly Quality Chemical Industries Limited) · Celeris d.o.o. · Cipla Medpro Manufacturing Proprietary Limited · Inyanga Trading 386 Proprietary Limited · Xeragen Laboratories Proprietary Limited · Cipla Medpro Holdings Proprietary Limited · Cape to Cairo Exports Proprietary Limited · Cipla Agrimed Proprietary Limited · Cipla Dibcare Proprietary Limited · Cipla Health Care Proprietary Limited · Cipla Life Sciences Proprietary Limited · Cipla-Medpro Proprietary Limited · Cipla-Medpro Distribution Centre Proprietary Limited · Cipla Medpro ARV Proprietary Limited · Cipla Medpro Botswana Proprietary Limited · Cipla Medpro Cardio Respiratory Proprietary Limited · Cipla Medpro Research and Development Proprietary Limited · Cipla Nutrition Proprietary Limited · Cipla Personal Care Proprietary Limited · Cipla Vet Proprietary Limited · Gardian Cipla Proprietary Limited · Medpro Gen Proprietary Limited · Medpro Holdings Proprietary Limited · Medpro Pharmaceutica Proprietary Limited · Medpro Pharmaceutica Africa Proprietary Limited · Medpro-On-Line Proprietary Limited · Med Man Care Proprietary Limited ·
Smith and Couzin Proprietary Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
500000 |
Preferences Shares |
Rs.100/- each |
Rs.50.000 Million |
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TOTAL
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|
Rs.51.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
51020 |
Equity Shares |
Rs.10/- each
|
Rs.0.510
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
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(a) Share Capital |
0.510 |
0.510 |
0.510 |
|
(b) Reserves & Surplus |
822.090 |
603.480 |
411.272 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
822.600 |
603.990 |
411.782 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.476 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
4.875 |
4.722 |
2.923 |
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Total Non-current Liabilities (3) |
4.875 |
4.722 |
3.399 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
128.669 |
133.176 |
60.770 |
|
(c) Other current
liabilities |
5.180 |
43.243 |
22.583 |
|
(d) Short-term provisions |
0.305 |
0.764 |
0.376 |
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Total Current Liabilities (4) |
134.154 |
177.183 |
83.729 |
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TOTAL |
961.629 |
785.895 |
498.910 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
57.302 |
57.581 |
60.408 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
6.724 |
6.413 |
5.114 |
|
(iv)
Intangible assets under development |
2.070 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.751 |
2.896 |
3.048 |
|
(c) Deferred tax assets (net) |
0.669 |
0.522 |
0.000 |
|
(d) Long-term Loan and Advances |
89.224 |
92.834 |
133.002 |
|
(e) Other Non-current assets |
12.723 |
2.386 |
7.604 |
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Total Non-Current Assets |
171.463 |
162.632 |
209.176 |
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(2) Current assets |
|
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|
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(a) Current investments |
520.954 |
269.423 |
26.094 |
|
(b) Inventories |
81.085 |
114.543 |
61.067 |
|
(c) Trade receivables |
95.231 |
142.009 |
179.033 |
|
(d) Cash and cash
equivalents |
8.667 |
17.421 |
14.530 |
|
(e) Short-term loans and
advances |
84.229 |
79.867 |
9.010 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
790.166 |
623.263 |
289.734 |
|
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|
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TOTAL |
961.629 |
785.895 |
498.910 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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SALES |
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Other Income |
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TOTAL |
721.117 |
757.139 |
497.465 |
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Less |
EXPENSES |
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TOTAL |
409.053 |
465.930 |
333.936 |
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PROFIT BEFORE
TAX |
312.064 |
291.209 |
163.529 |
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Less |
TAX |
93.454 |
99.001 |
52.652 |
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PROFIT AFTER TAX
|
218.610 |
192.208 |
110.877 |
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
499.299 |
307.091 |
196.214 |
|
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|
|
BALANCE CARRIED
TO THE B/S |
717.909 |
499.299 |
307.091 |
|
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EARNINGS IN
FOREIGN CURRENCY |
483.399 |
525.532 |
160.621 |
|
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|
Earnings Per
Share (Rs.) |
4285.00 |
3767.31 |
217.21 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
341.291 |
348.848 |
140.278 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Return on Total Assets (PBT/Total Assets) |
(%) |
32.87 |
37.52 |
33.32 |
|
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.48 |
0.40 |
|
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|
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|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
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|
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|
|
Current Ratio (Current Asset/Current Liability) |
|
5.89 |
3.52 |
3.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
0.510 |
0.510 |
0.510 |
|
Reserves & Surplus |
411.272 |
603.480 |
822.090 |
|
Net worth |
411.782 |
603.990 |
822.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
497.465 |
757.139 |
721.117 |
|
|
|
52.199 |
(4.758) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Total Income |
497.465 |
757.139 |
721.117 |
|
Profit |
110.877 |
192.208 |
218.610 |
|
|
22.29% |
25.39% |
30.32% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NO CHARGES EXIST FOR
THE COMPANY
FIXED ASSETS
·
Land
·
Buildings
·
Plant and equipment
·
Furniture and Fixtures
·
Office equipment
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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
65 |
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.