MIRA INFORM REPORT
|
Report Date : |
12th
June, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
MEDIKLIN
HEALTHCARE LIMITED |
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Formerly Known as: |
Gravure
Art & Health Care Products Limited |
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Registered Office : |
327
Pragati Premises, N M Joshi Marg, Mumbai – 400 011, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
30.05.1984 |
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Com. Reg. No.: |
11-33031 |
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CIN No.: [Company
Identification No.] |
U22219MH1984PTC033031 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM21580G |
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PAN No.: [Permanent
Account No.] |
AAACG1910C |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing
of Surgical & Hospital Disposable Products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow
but Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having moderate track. Profit margin is low. Trade
relations are fair. Payments are reported as slow by over 30 days. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
327
Pragati Premises, N M Joshi Marg, Mumbai – 400 011, Maharashtra, India |
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Tel. No.: |
91-22-23091013/
23091982 |
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Fax No.: |
91-22-23091959 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mrs.
Smita Ashok Shah |
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Designation : |
Chairman
& Managing Director |
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Address : |
C –
114, Dadar Paschim Apartment, Kashinath Dhuru Marg, Dadar, Mumbai – 400 028. |
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Date of Birth/Age : |
08.09.1953 |
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Date of Appointment : |
30.05.1984 |
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Name : |
Mr.
Kaushal Ashok Shah |
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Designation : |
Director |
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Address : |
C –
114, Dadar Paschim Apartment, Kashinath Dhuru Marg, Dadar, Mumbai – 400 028. |
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Date of Birth/Age : |
10.11.1976 |
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Date of Appointment : |
31.03.1995 |
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Name : |
Mrs.
Indumati Chandulal Parekh |
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Designation : |
Director |
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Address : |
67,
Nalanda, B / 62, Peddar Road, Mumbai – 400 026. |
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Date of Birth/Age : |
07.03.1959 |
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Date of Appointment : |
25.02.2001 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Shah
Ashok Smita |
747100 |
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Shah
Manharlal Ashok |
632900 |
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Shah
Ashok Kaushal |
100 |
|
Shaparia
Kaushik Harsha |
100 |
|
Jotwani
Sanjay Meena |
100 |
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Parekh
Chandulal Indumati |
200 |
|
Lokmat
News Paper Limited |
67500 |
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Unichem
Laboratorie |
67500 |
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Unichem
Exports Limiteds |
13500 |
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Sheth
Paresh |
50000 |
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Sheth
Ketan |
50000 |
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Prithvi
Prakashan Limited |
67500 |
|
M.
Manifold Private Limited |
200000 |
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Shah
Natvarlal Ashok |
11167 |
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Shah
Natvarlal Sandeep |
11167 |
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Shah
Natvarlal Jayendra |
11166 |
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Sheth
Harnish |
150000 |
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Viramrut
Investment Private Limited |
100000 |
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M. P.
Inveatment Private Limited |
225000 |
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TOTAL: |
2526500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of Surgical & Hospital Disposable Products. |
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Products : |
v
Caps v
Masks v
Gowns v
Footwear v
Drapes v
Aprons v
Kits v
Others |
GENERAL
INFORMATION
|
Suppliers : |
v
Kaval
Sales Corporation v
Jayco
Safely Products Private Limited v
Devparu
Surgico v
Binoy
International v
K.T.
International v
Manish
Enterprise v
Mastercraft
Packaging Industries v
Mehta
Twisters v
Modern
Art Printers v
Nilesh
Engineering Corporation v
Pest
Control (I) Private Limited v
Pidilite
Industrises Limited v
Pudumjee
Pulp & Paper Mills Limited v
Sadbhavana
Corporation v
Safewell
Box Packagings Private Limited v
Seal
– O – Pack v
Shobhan
Industries v
Sound
Enterprises v
Standard
Packaging v
Top
Printers |
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Customers : |
v
Alan
Medical & Laboratory Products v
Amman
Agencies v
Bharat
Medical & Surgical Products v
Bombay
Hospital v
Chatterji
Surgicals v
Devparv
Surgico v
H.
Ramaniklal & Company v
Keps
Pharma v
Krunal
Surgical & Company v
Lilawati
Hospital – Surgical Stores v
Lyallpur
Trader (Ludhiyana) v
Medivision v
Nilesh
Surgical v
Overnight
Marketing Private Limited v
P.G.
Pharmaceutical Private Limited v
Parnax
Lab Private Limited v
R.
N. Cooper Muncipal General Hospital v
Roentgen
Surgicals Private Limited v
Sohap
Pharma & Surgical Private Limited v
Southern
Surgical Private Limited v
Tamarugatam
Pharmaceutical Private Limited v
Vaishnavi
Equipments & Surgicals v
Yashna
Medisys Private Limited |
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No. of Employees : |
120 |
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Bankers : |
v
Indian
Overseas Bank v
Citi
Bank v
ICICI
Bank v
State
Bank of India v
Shamroa
Vithal Co – Operative Bank Limited v
HDFC
Limited |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
Shaparia
& Meht |
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Qualification: |
Charted
Accountant |
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Address: |
1/91,
Sagar Niwas, Bhaudaji Road No. 10, King Circle, Matunga. |
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Tel. No.: |
91-24098662/
77/ 86 |
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Fax No.: |
91-24013993 |
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E-Mail : |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2526500 |
Equity
Shares |
Rs. 10/- each |
Rs. 25.265 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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25.265 |
25.265 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2.721 |
2.721 |
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4] (Accumulated Losses) |
|
(5.151) |
(6.780) |
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NETWORTH |
|
22.835 |
21.206 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.937 |
4.361 |
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2] Unsecured Loans |
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4.137 |
3.440 |
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TOTAL BORROWING |
|
5.074 |
7.801 |
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DEFERRED TAX LIABILITIES |
|
0.718 |
0.718 |
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TOTAL |
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28.627 |
29.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.962 |
7.774 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
0.025 |
0.025 |
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DEFERREX TAX ASSETS |
|
10.156 |
10.156 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.988 |
2.241 |
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Sundry Debtors |
|
4.892 |
4.136 |
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Cash & Bank Balances |
|
1.376 |
1.383 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
6.560 |
6.658 |
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Total Current Assets |
|
15.816 |
14.418 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
4.332 |
2.669 |
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Provisions |
|
0.000 |
0.000 |
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Total Current Liabilities |
|
4.332 |
2.669 |
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Net Current Assets |
|
11.484 |
11.749 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.021 |
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TOTAL |
|
28.627 |
29.725 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
26.526 |
20.631 |
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Profit/(Loss)
Before Tax |
|
1.628 |
0.340 |
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Provision
for Taxation |
|
0.000 |
1.130 |
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Add:
Extra Ordinary Item |
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On
Waiver Write back of Bank Interest |
|
0.000 |
2.933 |
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Creditors
Written back |
|
0.000 |
2.831 |
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Profit/(Loss)
After Tax |
|
1.628 |
4.974 |
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Total
Expenditure |
|
24.897 |
20.290 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
6.14 |
24.11 |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
6.14 |
1.65 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
4.94 |
1.05 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.02 |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
|
0.41 |
0.49 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
1.38 |
1.23 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED
ASSETS:
Air
Conditioner, Computer, Electrical Installation, Vehicles, Furniture &
Fixture, Plant & <Machinery, Office Equipment, Exibihition Display
System, Loft (at Dadar), String Attaching Machine, Electronic Weighing Scale
etc.
AS
PER WEBSITE:
About Mediklin
Mission:
Looking into the future, they look to raising the bar for quality disposable
goods for both the Indian and the International market.Their Mission is to
become the Industry's leading Manufacturers and Distributers of the same...
By
providing superior quality products
By providing systems and solutions
By
creating cost effective opportunities for their customers.
Message from the director:
Dear Valued Customer,
I would like to introduce you to Mediklin Healthcare Limited - The House of
Disposables. Along with being the first and the most recognized brand for
surgical disposable products within India, Mediklin is also renowned in the
global market. The healthcare industry is their primary customer. However, with
the increase in awareness of the benefits of using disposable goods, their
customer base now includes industries such as the pharmaceutical, research
labs, chip manufacturing, hotel, etc. Today, Mediklin Healthcare Ltd., clearly
stands out as India's first and largest manufacturer of non-woven goods.
At
Mediklin, their efforts are focused on providing healthcare professionals and
patients the protection they need at the lowest cost. Therefore, Mediklin hosts
the full range of disposables needed for patient care, including face masks,
caps, gowns, footwear, aprons, bed-linens, HIV packs and drapes (including
gynaec drapes). Every product manufactured by us is designed along with
experienced medical professionals from Sweden, based on valuable inputs from
surgeons, doctors, paramedics and other staff involved directly in the
healthcare profession. They provide for flexibility in design and size based on
the input of the customer.
Equal
care is taken in designing and manufacturing of products for their other
customers. Scrubsuits and Coveralls have been specifically designed for their
Pharmaceutical and Chip Manufacturing industries respectively.
In
Mediklin, you will find a reliable partner with whom to conduct business. If
you have any further inquiries, they would be glad to address them. I look
forward to hearing from you.
Sincerely,
History:
Mediklin
Healthcare Ltd., was launched in 1994, as a closely held company. After 3 years
of extensive research in the field of disposable products, Mediklin decided to
venture into providing high grade surgical disposable garments. Mediklin was
the first to manufacture these kinds of products, and pioneered the effort of
introducing non-woven material in India.
Facilities & Locations:
Their main
office is located in Mumbai, Maharashtra, which is the hub of all commercial
activities in India. The factory is located in the industrialized zone of
Silvasa, which is in close proximity of Mumbai.
Mediklin Healthcare Ltd., has built its factory, embedding the technologies and
best practices of German and Dutch manufacturers. Equipped with
state-of-the-art machines for the production of disposable products, the
assembly line uses imported stitching machines to manufacture quality that is
incomparable. Mediklin Healthcare Ltd., has established and is committed to
manufacturing products that are aligned in quality and price, with the
International market.
Their Products
Mediklin
Healthcare Ltd. offers a wide variety of disposable products. They also
undertake manufacturing of disposable products as per the specifications of
their customers.
For a complete listing of their “off the shelf” product
Their Valued Customers:
Mediklin is
positioned to become a leading manufacturer of disposable products by providing
an array of superior quality products, systems and solutions that create cost
effective opportunities for their customers.
News
& Updates:
- Complete In-House Sterilization
Process: They currently house an ETO sterilizer within their facilities.
This is in line with their commitment towards providing quality products
to the healthcare industry. Having brought in the sterilization process,
they further increased their ability to track and control the movement of
their products. The end-customer is assured that they are getting the best
quality
- ISO9001 and
Marking Certification: They have been
successful in getting the ISO9001 and the Marking. They are streamlining their
process to increase efficiency in order to provide their customers the
best quality products at the lowest price possible. - Medica 2005: They will be taking part in
the Medica 2005 Fair in Dusseldorf, Germany. This fair held in November is
the largest global medical fair. They look towards providing customers
globally the two-fold benefits, quality and cost, that the Indian market
has been receiving. Following are the Stall details of Medica
2005:
Medica conference dates: 16 to 19 Nov2005.
Hall no.- 7. 1st floor. Stall no.: C-22
Products
v
Caps
v
Masks
v
Gowns
v
Footwear
v
Drapes
v
Aprons
v
Kits
v
Others
They also
make special disposables as per the clients design and specifications.
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.45.98 |
|
UK
Pound |
1 |
Rs.84.54 |
|
Euro |
1 |
Rs.57.82 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |