MIRA
INFORM REPORT
|
Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
INNVOL
MEDICAL INDIA LIMITED |
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Registered Office : |
2 – B,
III Main Road, Nehru Nagar, Adyar, Chennai – 600020, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
06.12.1995 |
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Com. Reg. No.: |
18-33752 |
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CIN No.: [Company
Identification No.] |
U24231TN1995PLC033752 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI02152D |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacture
and market a range of PVC bags for blood transfusions and infusion solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
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Status : |
Poor |
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Payment Behaviour : |
Delayed
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Litigation : |
Exist |
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Comments : |
The
company is in bad shape and not in operation since quite long. It has huge accumulated losses. Its payments are delayed. There are several cases pending against
the company for recovery. Present
management is trying to dispose the company and its assets along with
liabilities. However,
in the meantime, the company can be considered for any business dealings on
safe and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
2 – B,
III Main Road, Nehru Nagar, Adyar, Chennai – 600020, Tamilnadu, India |
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E-Mail : |
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Website
: |
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Factory
: |
387,
Walajau Road, Sriperaneadur, Kundam – 630604, Tamilnadu |
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Tel.
No.: |
91-44-24468880 |
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E-Mail
: |
DIRECTORS
|
Name : |
Mr. A.
C. Karthikeyan |
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Designation : |
Chairman
and Managing Director |
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Address : |
D – 1,
Alsa Deer Park, 101, Velachery Road, Chennai – 600032, Tamilnadu, India |
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Date of Birth/Age : |
47
years |
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Qualification : |
B. Sc
[Chemistry] and PGDBM [Business Management] |
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Experience : |
26
years |
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Date of Appointment : |
25.01.1996 |
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Previous Employment : |
Godrej
Soaps Limited, Mumbai [National Manager, Medical Diagnostics – Biotechnology] |
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Name : |
Mr. P.
R. Sundararajan |
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Designation : |
Director |
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Address : |
81, 4th
Cross Street, Kabaleeswara Nagar, Neelankarai, Chennai – 600041, Tamilnadu,
India |
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Name : |
Mr.
Deepak M. Moorjani |
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Designation : |
Director
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Address : |
9,
Agastya Nagar, Kilpauk, Chennai – 600010, Tamilnadu, India |
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Name : |
Mr. S.
Arvind |
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Designation : |
Director
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Address : |
No. 8,
Judge Jambulingam Road, Mylapore, Chennai – 600004, Tamilnadu, India |
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Date of Birth : |
06.08.2005 |
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DIN / PAN No. : |
00331182 |
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Name : |
Mr.
Mahesh Shastri |
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Designation : |
Additional
Director |
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Address : |
23460
Robinbrook Place, Diamond Bar, California 91765, U.S.A. |
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Date of Appointment : |
10.12.2005 |
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Name : |
Mr.
Sunil Shastri |
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Designation : |
Director
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Address : |
23460
Robinbrook Place, Diamond Bar, California 91765, U.S.A. |
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Date of Appointment : |
10.12.2005 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr. A.
C. Karthikeyan |
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1126330 |
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Ms.
Sheela Karthikeyan |
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100 |
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Mr.
Anil Kumar Mishra |
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3400 |
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Dr. A.
Thiruchitrambalam |
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9000 |
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Dr. V.
Seshiah |
|
50597 |
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Ms.
Kirti K.. Jain |
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2400 |
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Ms.
Prabha K. Jain |
|
1500 |
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Mrs.
Janobai |
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129131 |
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Dr. R.
Srinivasan |
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4726146 |
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Dr. S.
Arumugam |
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44200 |
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Dr.
Sarasa Arumugam |
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14200 |
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Tamil
Nadu Industrial Development Corporation Limited |
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960000 |
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Mr.
Deepak K. Moorjani |
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200000 |
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TOTAL |
|
7267004 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
and market a range of PVC bags for blood transfusions and infusion solutions. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
State
Bank of India |
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Facilities : |
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Banking Relations : |
Poor |
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Auditors : |
N.
Subramanian Chartered
Accountants, 81,
Greams Road, Chennai – 600006, Tamilnadu, India |
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Tel. No.: |
91-44-28292272/73 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
7280478 |
Equity
Shares |
Rs. 10/- each |
Rs. 72.804 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 [24 Months] |
31.03.2003 [6 Months] |
30.09.2002 [12 Months] |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
72.805 |
72.805 |
72.805 |
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2] Share Application Money |
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0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
0.000 |
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NETWORTH |
|
72.805 |
72.805 |
72.805 |
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LOAN FUNDS |
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1] Secured Loans |
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74.960 |
74.960 |
74.960 |
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2] Unsecured Loans |
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7.147 |
9.147 |
9.147 |
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TOTAL BORROWING |
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82.107 |
84.107 |
84.107 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
0.000 |
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TOTAL |
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154.912 |
156.912 |
156.912 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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75.907 |
90.072 |
208.120 |
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Capital work-in-progress |
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0.000 |
0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.408 |
0.408 |
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Sundry Debtors |
|
0.039 |
0.039 |
6.053 |
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Cash & Bank Balances |
|
0.006 |
0.005 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
0.367 |
0.661 |
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Total Current Assets |
|
0.820 |
1.113 |
6.053 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
14.981 |
17.307 |
57.261 |
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Provisions |
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0.000 |
0.000 |
0.000 |
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Total Current Liabilities |
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14.981 |
17.307 |
57.261 |
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Net Current Assets |
|
[14.161] |
[16.194] |
[51.208] |
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MISCELLANEOUS EXPENSES |
|
93.166 |
83.034 |
0.000 |
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TOTAL |
|
154.912 |
156.912 |
156.912 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 [24 Months] |
31.03.2003 [6 Months] |
30.09.2002 [12Months] |
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Sales Turnover [including other income] |
5.429 |
40.949 |
5.401 |
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Profit/(Loss)
Before Tax |
[10.132] |
17.689 |
[45.837] |
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Provision
for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
[10.132] |
17.689 |
[45.837] |
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Total
Expenditure |
15.561 |
23.260 |
51.238 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
[186.62]
|
43.19 |
848.67 |
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Net
Profit Margin (PBT/Sales) |
(%) |
[186.62]
|
43.19 |
848.67 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
[13.20]
|
16.47 |
[21.40] |
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Return
on Investment (ROI) (PBT/Networth) |
|
[0.13]
|
0.24 |
[0.62] |
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Debt
Equity Ratio (Total
Liability/Networth) |
|
1.33
|
1.39 |
1.94 |
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Current
Ratio (Current
Asset/Current Liability) |
|
0.05
|
0.06 |
0.10 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONS
:
The
company during the year was not able to operate the manufacturing facility due
to the physical possession of the factory by the financial institution. The
company however was actively keeping in touch with the existing customers as
well as pursuing the marketing activity hoping to revive the activities.
The
license issued by the customs for 100% EOU got expired on 05.07.2004 and the
company is liable to pay the customs duty of Rs. 55.200 millions along with 24%
interest from the year 1999 since the capital goods were imported during that
time. There were business groups who have shown the interest to take over completely
the assets of the company and to this effect they have submitted the proposals
to the financial institution.
The High
Court of Madras ordered for winding up the company on December 14, 2004. Subsequently the Managing Director of the
company filed an application for the stay of this order and the High Court of
Madras stayed the order of winding up on March 10, 2005 with a condition
instructing the company to deposit 50% of the amount due to the creditor. The Managing Director deposited the stipulated
amount in the court. Subsequently the
interim stay was made an absolute one.
The Debt
Recovery Tribunal – Chennai, on the application of State Bank of India for
recovery of dues from the company, passed an order on 24.1.2005, directing Dr.
R. Srinivasan, the NRI promoter of the company, to furnish Rs. 5.000 millions
as security failing which to impound the passport of Dr. R. Srinivasan.
The
company incurred an expenditure of Rs. 1.395 millions during the fifteen months
towards various administrative expenses.
Fixed
Assets
Land
& Land, Development, Borewell, Buildings, Plant & Machinery, Electrical
Installation, Office Equipment, Furniture & Fixtures and Computers
|
Name of the company |
INNVOL MEDICAL INDIA LIMITED |
|
Presented By |
Mr. A. C. Karthikeyan, Chairman & Managing Director |
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1) Date and description of instrument creating the change |
04.01.2006 – by deposit of Title Deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.379 millions |
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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 |
Deposit of property situated at 386-391 Kunnam Village along with building and movable and other assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As a loan convertible into shares at a future date interest @ 9% per annum payable on annual basis. The entire loan to be repayable/convertible as shares with in a period of 18 months |
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5) Name and Address and description of the person entitled to the charge. |
Mrs. Manisha Shastri 23460 Robinbrook Place, Diamond Bar, California 91765, U.S.A. |
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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 |
WEBSITE
DETAILS
Medical India Limited has been established to manufacture and
market a range of PVC bags for blood transfusions and infusion solutions. The Tamilnadu Industrial Development Corporation
Limited (TIDCO) has taken up equity participation in the Company.
Innvol's
facility in Sriperumbudur, near Chennai combines the best of international
technology with stringent cleanroom regulations to manufacture a world-class
product. These blood bags provide India not only with a high quality product,
but also find a ready export market in Europe, Southeast Asia & Africa.
Current market demand worldwide is estimated to be around 100 million units per
annum.
Innvol
manufactures five types of blood bag systems - single bag, double bag, triple
bag, transfer bag & quadruple bag. The plant has a licensed capacity of 3.6
million units each year.
Application
of Class 10000 Cleanroom environment during manufacturing, ensures a high and
consistent quality in all INNVOL products.
TOTAL QUALITY CENTRED MANAGEMANT IN EVERY RESPECT
The state-of-the-art Innvol plant at Sriperumbudur uses CE approved imported
machinery, equipment and raw materials to ensure world-class quality in its
products. Mandatory quality checks are carried out
at every stage of production as part of a customized Total Quality Centred
Management system. The facility is run by trained, technically qualified
personnel to produce high quality products by ISO specifications that conform
to the stringent requirements of the USA & EEC countries.
Products
Blood Bags
Single
bag, Double bag, Triple bag, Quadruple bag & Transfer bag
Made
from imported, calendared medical grade PVC granules & sheets
Sterilized
& ready-touse with anticoagulant solution
Manufactured
in Class 10000 Cleanroom environment
Total
Quality Centred management System
CE
approved equipment for the entire process
Manufactured
according to WHO-GMP regulations
Blood Banking Products
World Class Blood Banking Products
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 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.44.87 |
|
UK
Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.58.15 |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|