MIRA INFORM REPORT
|
Report Date : |
3RD May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
MCO
HOSPITAL AIDS PRIVATE LIMITED |
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Registered Office : |
No. 32, 1st Main Road, Lower Palace
Orchards, Bangalore – 560003, Karnataka, India |
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Country : |
India
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27th April, 1983 |
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Com. Reg. No.: |
08-5283 |
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IEC No.: |
0790008041 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
BLRM01578D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing,
Importing and Exporting of Surgical Sutures (both Absorbable and
Non-Absorbable). |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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 : |
Satisfactory |
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Payment Behaviour : |
Slow
by +30/60 days |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established company and having steady business. Profit margin is
under severe pressure. Payments are reported as slow by +30/60 days. However,
the company can be considered for normal business dealings at usual trade
terms and conditions with sight caution. Input
for this was parted by Mr. Chandrakant-Managing Director of the company. |
LOCATIONS
|
Registered/Marketing
Office : |
No. 32, 1st Main Road, Lower Palace
Orchards, Bangalore – 560003, Karnataka, India |
|
Tel. No.: |
91-80-23442167/23440232/23466783 |
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Fax No.: |
91-80-23442165 |
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Mobile No.: |
91-9448281702 |
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E-Mail : |
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Area : |
4000
Sq. ft |
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Location : |
Rented
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Factory 1 : |
278,
Bhairidevarkoppa, Post Box No. 23, Poona-Bangalore Highway, Hubli – 580 025,
Karnataka |
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Tel. No.: |
91-836-2372624/2375467 |
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E-Mail : |
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Area : |
30000
Sq. ft |
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Location : |
Owned
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DIRECTORS
|
Name : |
Mr.
M. C. Chandrakanth |
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Designation : |
Managing
Director |
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Address : |
No.
32, I Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka |
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Date of Birth/Age : |
57
Years |
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Qualification : |
B.E.
Civil |
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Experience : |
30
Years |
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Date of Appointment : |
27th
April, 1983 |
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Name : |
Mr.
Krishna Moorthi Vakuda |
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Designation : |
Director |
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Address : |
No.
32, I Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka |
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Date of Birth/Age : |
47
years |
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Qualification : |
B.
Com. |
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Experience : |
25
years |
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Date of Appointment : |
25th
January, 1993 |
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Name : |
Ms.
Kavita |
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Designation : |
Manager |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Chandrakant |
16,897 |
|
Chandrakant
(HUF) |
6,553 |
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Mrs.
Pravathammag G. M. |
10 |
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Total |
23,460 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Importing and Exporting of Surgical Sutures (both Absorbable and
Non-Absorbable). |
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Products : |
v
Absorbable Surgical Sutures v
Non-Absorbable Surgical Sutures Generic
Names of the Principal Products / Services of the company are v
Hospital Services v
Packing Material Its’
products range include:- v
Stanned Suture Chrmics v
Needle Suture Chrmics v
Relyon Poly Chrmics v
Relyon Silk Chrmics v
Strings Needles v
Strings Standard |
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Brand Names : |
v
REZYONCUT v
REZYOSILK v
REYONPOLY v
RGZYON v
REZYONGRTT v
RIZYONPAC v
RGZYON PGA. |
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Exports to : |
Bangladesh and Srilanka |
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Imports from : |
Germany and Polyclyolic Aus Suture from Korea |
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Terms : |
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Selling : |
L/C (60 days). |
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Purchasing : |
L/C
(60 days) |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Absorbable
Surgical Sutures |
DZS/Month |
|
30000 |
10000 |
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Non-Absorbable
Surgical Sutures |
DZS/Month |
|
9000 |
3000 |
GENERAL INFORMATION
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Suppliers : |
v
Samyang Corporation, Korea v
Azmlenter Prisgs, Dhaka |
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Customers : |
Wholesalers and Retailers It’s
major customers includes :- v
Public Health Departments and Government Hospitals in India v
Private Hospitals |
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No. of Employees : |
78 |
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Bankers : |
Union
Bank of India , SSI Branch, Yeshwanthpur, Bangalore – 560 022, Karnataka |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors : |
Maninan,
Suresh, Sunder & Vittal Chartered Accountants |
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Address: |
Agro
House, Anjuman Complex, Mission Road, Bangalore, Karnataka |
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Tel. No.: |
91-80-2238569 |
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Fax No.: |
91-80-2227402 |
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Associates/Subsidiaries
: |
M.
Apothexe Private Limited RS
56/R/1 Chalmatti, Dharwad, Karnataka, India Line of Business - Pharmaceuticals Formulations |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000 |
Equity
Shares |
Rs.100/- Each |
Rs. 4.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,460 |
Equity
Shares |
Rs.100/- Each |
Rs. 2.346 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.346 |
2.346 |
2.346 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.965 |
9.504 |
5.765 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
13.311 |
11.850 |
8.111 |
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LOAN FUNDS |
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1] Secured Loans |
7.246 |
7.539 |
9.547 |
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2] Unsecured Loans |
7.678 |
3.536 |
10.368 |
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TOTAL
BORROWING
|
14.924 |
11.075 |
19.915 |
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DEFERRED TAX LIABILITIES |
0.117 |
0.090 |
0.186 |
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TOTAL
|
28.352 |
23.015 |
28.212 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
4.310 |
4.557 |
4.517 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.012 |
0.013 |
0.013 |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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7.117
|
12.453 |
18.060 |
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Sundry Debtors
|
24.403
|
14.635 |
17.921 |
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Cash & Bank Balances
|
0.837
|
0.622 |
6.179 |
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Loans & Advances
|
11.233
|
6.296 |
3.646 |
Total Current Assets
|
43.590
|
34.006 |
45.806 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities & Provisions
|
19.560
|
15.561 |
22.124 |
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Total Current Liabilities
|
19.560
|
15.561 |
22.124 |
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Net Current
Assets
|
24.030
|
18.445 |
23.682 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
28.352 |
23.015 |
28.212 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
48.625 |
38.370 |
50.458 |
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Profit/(Loss) Before Tax
|
2.414 |
5.333 |
1.080 |
Provision for Taxation
|
0.953 |
1.594 |
0.394 |
Profit/(Loss) After Tax
|
1.461 |
3.739 |
0.686 |
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Export Value
|
NA |
0.118 |
2.393 |
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Import Value
|
NA |
7.443 |
11.595 |
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Total Expenditure
|
46.211 |
33.037 |
50.168 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
3.00
|
9.74 |
1.35 |
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Net Profit Margin
(PBT/Sales) |
(%) |
4.96
|
13.89 |
2.14 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
5.03
|
13.82 |
2.14 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.18
|
0.45 |
0.13 |
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Debt Equity Ratio
(Total Liability/Networth) |
|
2.59
|
2.24 |
5.18 |
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Current Ratio
(Current Asset/Current
Liability) |
|
2.22
|
2.18 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade
terms with: -
v
Vani
Enterprises
E Kottayam, 10-3-3, Sambasivapet, Guntur-522001,
Andhra Pradesh, India
Tel. No: - 91-863-2328053
v
Nirup
Pharma, New No 15, Old No P-2, Adyar Apartments, Kotturpuram, Chennai-600085,
Tamilnadu, India
Tel. No: - 91-44-24475858
v
Krishna
Enterprises, No 58, Adarsh Nagar, Narmada Road, Jabalpur, Madhya Pradesh, India
Tel. No: - 91-761-342937
v
Rosebay,
Dakka
v
Samyang
Corporation
v
SEDL
Fixed assets
v
Land
v
Building
v
Vehicles
v
Plant
and machinery
The company has been accredited with ISO 9001: 2000
Certification
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.44.97 |
|
UK
Pound |
1 |
Rs.82.51 |
|
Euro |
1 |
Rs.56.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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
|
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 |