MIRA
INFORM REPORT
|
Report Date : |
10th
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
GOA
MEDICARE DEVICES PRIVATE LIMITED |
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Registered Office : |
642,
Ashiyan KTC Kadamba Depot Road, Alto Porvorim, Bardez, Goa – 405521,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
23.07.2004 |
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Com. Reg. No.: |
24-3563 |
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CIN No.: [Company
Identification No.] |
U24231GA2004PTC003563 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG04459A |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturing
of Medical Equipment (Disposable Syringes) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
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Maximum Credit Limit : |
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Status : |
New
Company |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and nothing could be said about its track records. Its
payments are reported as correct project is under implementation. The
company can be considered for any business dealings on safe and secured trade
terms and conditions, initially. |
LOCATIONS
|
Registered Office |
642,
Ashiyan KTC Kadamba Depot Road, Alto Porvorim, Bardez, Goa – 405521,
Maharashtra |
|
Tel. No.: |
91-832-2414980 |
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Mobile No.: |
91-9822388578 |
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Fax No.: |
91-832-2414981 |
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Email: |
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Factory |
Plot
No. M – 1, Phase IIIB, Verna Industrial Estate, Salcete, Goa |
DIRECTORS
|
Name : |
Mr.
Abdul R. Shaikh |
|
Designation : |
Managing
Director |
|
Address : |
642,
Ashiyan KTC Kadamba Depot Road, Alto Porvorim, Bardez, Goa – 405521,
Maharashtra |
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Date of Birth/Age : |
04.03.1945 |
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Date of Appointment : |
23.07.2004 |
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|
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Name : |
Mr.
Altaf R. Shaikh |
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Designation : |
Director
|
|
Address : |
642,
Ashiyan KTC Kadamba Depot Road, Alto Porvorim, Bardez, Goa – 405521,
Maharashtra |
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Date of Birth/Age : |
16.11.1967 |
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Experience: |
35Years
|
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Date of Appointment : |
23.07.2004 |
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Name : |
Mrs.
Heena R. Shaikh |
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Designation : |
Director
|
|
Address : |
642,
Ashiyan KTC Kadamba Depot Road, Alto Porvorim, Bardez, Goa – 405521,
Maharashtra |
|
Date of Birth/Age : |
18.10.1978 |
|
Experience: |
8
Years |
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Date of Appointment : |
23.07.2004 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Abdul Gafoor Shaikh |
340 |
|
Mr.
Altaf Abdul Shaikh |
330 |
|
Ms.
Heena Abdul Shaikh |
330 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Medical Equipment (Disposable Syringes) |
GENERAL
INFORMATION
|
No. of Employees: |
60 |
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|
|
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Bankers : |
v
Bank
of India, Panaji, Goa v
UTI
Bank, Panjam, Goa v
HDFC
Bank, Porvorim, Goa |
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|
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
S
Gajendrababu Chartered
Accountant |
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Address: |
C/13,
Mira Flores, III Floor, St. Inez, Panaji, Goa – 403002 |
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Qualification |
M.
Com, Graduate, C.W.A., A.C.A. |
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Mobile No.: |
91-9822125872 |
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Associates/Subsidiaries : |
Konkan
Paraffin Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.100 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1000 |
Equity
Shares |
Rs. 100/- Each |
Rs. 0.100 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
|
|
0.100 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
|
|
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
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|
7.466 |
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TOTAL BORROWING |
|
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7.466 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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7.566 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.703 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
|
|
0.019 |
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Cash & Bank Balances |
|
|
0.582 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
|
|
4.990 |
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Total Current Assets |
|
|
5.591 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
|
|
0.010 |
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|
Provisions |
|
|
0.008 |
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Total Current Liabilities |
|
|
0.018 |
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Net Current Assets |
|
|
5.573 |
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MISCELLANEOUS EXPENSES |
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|
0.290 |
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TOTAL |
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|
7.566 |
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PROFIT
& LOSS ACCOUNT
As the
company had not gone into operation profit and loss account is not prepared
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2005 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
|
74.84 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
|
310.01 |
LOCAL AGENCY
FURTHER INFORMATION
Review
of Operation
The
company is in the construction stage and there were no sales done during the
year. The project is expected to be completed by January 2006 and commercial
production is planned to commence by March 2006.
The
project is under constriction stage and all expenses are regarded as
pre-operative expenditure.
Fixed
Assets
v
Land
v
Office
Equipment
Introduction:
Goa
Medicare Devices Private Limited (GMD), is a 100% Export Orinted Unit registerd
with the Ministry of Commerce, government of India and Development
Commissioner, SEEPZ, Mumbai. GMD is a relatively new company and is the group
company of M/S Kokan Paraffin Private Limited
About
Konkan Paraffin Private Limited:
Konkan
Paraffin Private Limited (KPPL) is a private limited company registered under
the companies act 1956.Incorporated in 1999. the company has 3 directors
namely;
v Mr. Abdul Rauf Shaikh
v Mrs. Heena R. Shaikh
v
Mr.
Altaf R. Shaikh
The company is primarily engaged in the manufacturer of Petrochemicals for the last 5 years. The company currently manufactures Organic Composite Solvents (OCS) OCS is a solvent used in the manufacture of paints, thinners, lacquers, varnishes, colour lacquers, textile, ink and amongst others. The company has a significant presence in the field and at present supplies its product to over 6 State in India.
The company has a Fractional Distillation facility with full fledge storage area; spread over 73000 sq. ft. the plant has a capacity to manufacture 1500 MT. of material per month. The company has around 20 People on its direct payroll and around 30 people are employed indirectly. The company has shown tremendous growth over the period of years and the average sale per month for the last 5 years has been in excess of 12.500 Millions per month. The year 2005-06 saw annual sale exceed 200.000 Millions/ annual. The capital of the company is Rs. 5.100 Millions.
Their
Bankers:- UTI Bank Limited, Panjim
Branch
HDFC Bank, Porvorim Branch
About Goa Medicare Devices Private
Limited:
Goa Medicare Devices Private Limited registered under the companies act 1956. The company has 3 directors namely:-
v Mr. Abdul Rauf Shaikh
v Mrs. Heena R. Shaikh
v
Mr.
Altaf R. Shaikh
GMD is a
relatively new company with same promoters/directors that of KPPL. It is a
group company of KPPL. The company is in its final construction stage and has
been set up to manufacture PLASTIC MOULDED MEDICAL DISPOSABLES, namely Disposable
Syringes. The company will manufacture 2 part disposable syringes to be
exported to Africa, Middle East and Europe. The company has already entered a 5
years contract with 2 African based companies, one Europe based trading company
and are in advanced negotiation with 3 Middle East Medical trading companies.
Apart from Disposable Syringes, the company plans to introduce slowly various
other disposable like I.V. Sets, E.T. Seta, Blood Bags etc.
The
state of the art plant will acquire ISO certification, CE Mark for the product
and WHO-GMP certification shortly after commencing commercial production. The
plant is initially installed with a capacity of 51 Millions pieces/ Annum.
This capacity will be gradually doubled in due course of time. The capital
of the company as on 31.03.2006 is Rs. 6.000 Millions. The company has so
far employed 8 people on its payroll. Once the company begins its manufacturing
activities it will engage more than 60 people on its payroll.
Their
Bankers:- Bank of India, Panjim Branch
About
the Directors:
Mr.
Abdul Rauf Shaikh:
A
Matriculate, he has immense knowledge in the field of chemical/petrochemical.
With an experience of over 35 years, he has a very strong base in trading
activity. He is the group chairman and currently overseeing all activities of
both the companies. The Managing Director of both companies directly report and
brief him regularly of the company activities and work on his advice. Before
manufacturing activities he was involved in trading of chemicals.
Mrs.
Heena R. Shaikh:
She has
done her 12th commerce and engaged in the administration departments
of the group company. She handles all administration /HR activities of the
companies. She has 8 years of experince in the above field and currently is the director on the board
Mr.
Altaf R. Shaikh:
B’ Com
with specialization in Business Management and International Business Mr. Altaf
is the Managing Director of the companies. He is responsible for the day to day
activities of both companies. All personnel report to him of all the functions/
activities of the company and he in turn reports to the chairman. He has 6
years experience and is handling amongst other activities, production, Sales
department.
|
Name of the company |
GOA
MEDICARE DEVICES PRIVATE LIMITED |
|
Presented By |
Mr. Altaf Abdul Shaikh |
|
1) Date and description of instrument creating the change |
Agreement of term loan and hypothecation of movable assets , goods, property, plant and machinery. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan – Rs. 30.000 Millions Cash Credit – Rs. 6.700 Millions Inland Guarantee Limit – Rs. 1.000 Millions Total - Rs. 37.700 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Term loan – hypothecation of plant and machinery, equipment, furniture and fixture Cash credit – hypothecation of stocks Inland Guarantee – Clean Charge Equitable mortgage known as Plot No. M – 1, Phase IIIB, Verma Industrial Estate, Salcete, Goa |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
First charge by way of hypothecation of assets described against item and such assets of the nature mentioned against item as are or may at any time be in the possession or power of the company to secure term loan of Rs. 30.000 cash credit of Rs. 6.700 and inland guarantee of Rs. 1.000 at the interest rate of 2.00% with monthly rests or at such other rate as may be notified to the company be the bank to size and realize. |
|
5) Name and Address and description of the person entitled to the charge. |
Bank
of India, Panaji – Goa |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
CMT REPORT [Corruption, Money
laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.92 |
|
UK
Pound |
1 |
Rs.84.62 |
|
Euro |
1 |
Rs.58.03 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
- |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
- |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
TOTAL |
|
17 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |