MIRA
INFORM REPORT
|
Report Date : |
09.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
INODA HEALTH KARE PRIVATE LIMITED |
|
|
|
|
Registered Office : |
# 14 A, Jakkamal Koil Street, Postal Audit Colony, Chinmaya Nagar,
Chennai – 600092, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
11.07.2005 |
|
|
|
|
Com. Reg. No.: |
18-56866 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24233TN2005PTC056866 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEI05452G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCI4513J |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of superior quality
Siddha and Ayurvedic Medicines. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
Maximum Credit Limit : |
USD 400 |
|
|
|
|
Status : |
Small Company |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
relatively small company having satisfactory track records. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
# 14 A, Jakkamal Koil Street, Postal Audit Colony, Chinmaya Nagar,
Chennai – 600092, Tamilnadu, India |
|
Tel. No.: |
91-44-27456243 / 24794101 |
|
Mobile No.: |
91-9941018515 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
E – 15, MMDA Industrial Complex, Maraimalai Nagar, Chennai – 603209,
Tamilnadu, India |
|
Tel. No.: |
91-44-27456243 / 27456283 |
DIRECTORS
|
Name : |
Mr. V. Meenakshisundaram |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. N. M. Sathammai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. V. Vadhirajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Balaji |
|
Designation : |
Director |
SHAREHOLDING
PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Directors and Relatives of Directors |
|
100.00 % |
|
|
|
|
|
Mr. V. Meenakshi Sundaram |
|
250 |
|
Ms. N. M. Sathammai |
|
250 |
|
Mr. S. V. Vadhirajan |
|
250 |
|
Mr. S. Balaji |
|
250 |
|
TOTAL |
|
1000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of superior quality
Siddha and Ayurvedic Medicines. |
|
|
|
|
Products : |
Siddha and
ayurvedic external liquids, oral liquids, ointments, capsules, powders and
herbal preparations for different ailments such as: Ø
Fortril Ø
Menstril Ø
Bronqil Ø
Doloril Cap Ø
Lipporil Ø
Pyloril Cap Ø
Livoril Ø
UTM Ø
Psoriaril Oil
Ø
Doloril Oil |
|
|
|
|
Exports : |
|
|
Countries : |
Middle East, European nations
and many other parts of the world |
GENERAL
INFORMATION
|
No. of Employees : |
17 |
|
|
|
|
Bankers : |
Union Bank of India Mount Road Branch, 152, Mount Road, Chennai – 600002, Tamilnadu, India
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Rajendran and Company Chartered Accountants |
|
Address : |
40/9B, Alagiri Nagar, Main Road, Vadapalani, Chennai – 600026,
Tamilnadu, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.000 |
|
|
LOAN FUNDS |
|
|
0.100 |
|
|
1] Secured Loans |
|
|
|
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.000 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.000 |
|
|
Other Current Assets |
|
|
0.100 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
0.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.000 |
|
|
Net Current Assets |
|
|
0.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.100 |
|
LOCAL AGENCY
FURTHER INFORMATION
To take over the existing business of Inoda Health Kare, a partnership
concern carried on by Mr. V. Meenakshisundaram, Mrs. N. M Sathammai, Mr. S. Vadhirajan,
Mr. S. Balaji, Mrs. V. Vasantha and M/s. Meena Health Care Private Limited at
No. 14, Jakkamal Koil Street, Postal Audit Colony, Chinmaya Nagar, Chennai –
600092, Tamilnadu, India which carry on the business and Manufacturing and
marketing of Ayurvedic and Sidha Medicines.
As Per Website
Ayurveda and Siddha are the two traditional and universally acclaimed
branches of Indian medical sciences, having a distinction in curing diseases by
the use of natural herbs. Inoda
Health Kare Private Limited,
is an accomplished manufacturer
and exporter
of a variety of siddha
and ayurvedic external liquids, oral liquids, ointments, capsules,
powders and herbal preparations for different ailments. The
entity is manufacturing medical products like fortril, menstril, bronqil, doloril cap, lipporil, pyloril
cap, livoril, UTM, psoriaril oil and doloril oil.
They promote research based proven formulations in the indigenous system for
the benefit of the medical profession, and the ultimate health care system. Their
company consumes standardized herbal extracts that are procured from companies
having WHO GMP Certification, and from those companies whose extraction
processes are highly validated and certified by the Govt. of India. They are
known in the global market for their impeccable quality. Moreover, these
extraordinary medicines don't have any side effects. They are capable of
producing 1 ton pharmaceutical formulations in a month.
Health and Hygiene
Their manufacturing process is carried out by employing modernized techniques
in order to deliver healthy and hygienic formulations to their valued clients.
They consume standardized herbal extracts that are purchased from the reputed
names of the market and as per the WHO GMP (World Health organization Good Manufacturing
Practices) Schedule-T guidelines.
Quality Assurance
Health is the most important asset of every human being. They maintain
stringent quality control measures right from the procurement of raw materials
to the dispatch of finished products. The products are formulated with highly
standardized Herbal Extracts and are procured from companies having WHO GMP
Certification, along with those companies whose extraction processes are highly
validated and are certified by the Govt. of India and are further clinically
tested. Every product is manufactured under the strict supervision by a team of
highly experienced quality inspectors that hardly leave even a marginal
possibility of quality degradation.
Packaging
Much emphasis is given to the packaging of the products. Their world class
packaging, helps preventing contamination and damage and also keeps the
freshness alive for months.
Infrastructure
They are equipped with an outstanding infrastructural backup. Their
manufacturing unit is loaded with an array of advanced machineries and a highly
qualified workforce in order to deliver the healthy and hygienic pharmaceutical
formulations. They possess an advanced laboratory that is equipped with the
latest testing equipments where every finished item is finally checked by their
highly qualified inspectors.
Short Description about Factory
Total area - (2 acres), Constructed area - 3200 Sq. ft.
Constructed as per GMP & Schedule-T Specifications
Bifurcated into 3 sections
(A) Capsules - Mixing Filling and Packing
(B) Liquids - Mixing Filling and
Packing (oral/external)
(C) Ointment - Mixing Filling and Packing.
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.43.15 |
|
UK Pound |
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
30 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|