MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AGAPPE DIAGNOSTICS LIMITED |
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Registered Office : |
212/213, Vora Plaza, B – Wing, Navghar, Vasai (East),
Thane – 401 210, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.06.1998 |
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Com. Reg. No.: |
11-115413 |
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CIN No.: [Company
Identification No.] |
U24239MH1998PLC115413 |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacture of Liquid Diagnostic Reagents |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 94000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Their
trade relations are reported as fair. General financial position is
satisfactory. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
212/213, Vora Plaza, B – Wing, Navghar, Vasai (East),
Thane – 401 210, Maharashtra, India |
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Tel. No.: |
91-22-22392306 |
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E-Mail : |
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Factory : |
Pattimattom [PO], District Ernakulam – 638562, Kerala, India |
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Tel. No.: |
91-484-2689992 |
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Fax No.: |
91-484-2689666 |
DIRECTORS
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Name : |
Mr. John Thomas |
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Designation : |
Director |
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Address : |
B – 33 Mayur Sector III, Shrishti Housing Complex, Mira Road, Thane,
Maharashtra |
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Date of Birth/Age : |
23.11.1968 |
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Date of Appointment : |
18.06.1998 |
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Name : |
Mr. Mechanka Yokakki Yohannan |
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Designation : |
Director |
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Address : |
Mechankara, kadayiruppu, Kolencherry, Kerala |
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Date of Birth/Age : |
06.05.1930 |
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Date of Appointment : |
18.06.1998 |
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Name : |
Ms. Sangeeta Joseph |
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Designation : |
Director |
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Address : |
205/A, Florence CHS Limited, Off Link Road, Kjandarpoda,
Dahisar (West), Mumbai – 400 068, Maharashtra, India |
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Date of Birth/Age : |
10.01.1971 |
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Date of Appointment : |
15.12.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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John Thomas |
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387500 |
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Mechankara Y Yohannan |
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412499 |
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John Joseph |
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387501 |
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Mary Baby Meleth |
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62500 |
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Total |
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1250000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacture of Liquid Diagnostic Reagents |
GENERAL
INFORMATION
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No. of Employees : |
About 120 |
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Bankers : |
The South Indian Bank Limited Eloor Buildings, 1st Floor, Kolenchery, Ernakulam - 682311,
Kerala |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Joseph Mendonsa and Company Chartered Accountants |
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Address : |
Shop No. 1, Anand Co-operative Housing Society, Teli Galli
Cross Lane, Andheri (East), Mumbai – 400 069 |
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Tel. No.: |
91-22-28310404 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity shares |
Rs. 10/- each |
Rs. 30.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity shares |
Rs. 10/- each |
Rs. 12.500
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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12.500 |
12.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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10.970 |
3.992 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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23.470 |
16.492 |
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LOAN FUNDS |
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1] Secured Loans |
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14.849 |
7.761 |
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2] Unsecured Loans |
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1.065 |
0.000 |
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TOTAL BORROWING |
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15.914 |
7.761 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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39.384 |
24.253 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.036 |
15.443 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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12.590 |
9.397 |
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Sundry Debtors |
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19.315 |
13.693 |
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Cash & Bank Balances |
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0.663 |
1.007 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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5.065 |
2.555 |
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Total
Current Assets |
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37.633 |
26.652 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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22.874 |
16.353 |
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Provisions |
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3.678 |
1.790 |
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Total
Current Liabilities |
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26.552 |
18.143 |
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Net Current Assets |
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11.081 |
8.509 |
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MISCELLANEOUS EXPENSES |
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0.267 |
0.301 |
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TOTAL |
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39.384 |
24.253 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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84.749 |
63.280 |
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Other Income |
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0.115 |
0.116 |
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Total Income |
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84.864 |
63.396 |
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Profit/(Loss) Before Tax |
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9.610 |
5.983 |
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Provision for Taxation |
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3.545 |
2.000 |
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Profit/(Loss) After Tax |
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6.065 |
3.983 |
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Expenditures : |
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Purchases made for re-sale |
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33.837 |
29.902 |
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Increase/(Decrease) in Finished Goods |
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[3.193] |
[3.208] |
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Salaries, Wages, Bonus, etc. |
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11.864 |
7.990 |
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Managerial Remuneration |
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0.838 |
0.768 |
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Interest |
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1.221 |
0.738 |
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Insurance Expenses |
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0.081 |
0.072 |
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Power & Fuel |
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0.746 |
0.542 |
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Depreciation & Amortization |
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0.958 |
0.499 |
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Other Expenditure |
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28.903 |
20.113 |
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Total Expenditure |
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75.255 |
57.416 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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7.15 |
6.28 |
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Net Profit Margin (PBT/Sales) |
(%) |
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11.34 |
9.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.63 |
14.21 |
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Return on Investment (ROI) (PBT/Networth) |
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0.41 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.81 |
1.57 |
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Current Ratio (Current Asset/Current Liability) |
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1.42 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from 205, Florence CHS Limited, Off Link Road, Kjandarpoda, Dahisar
(West), Mumbai – 400 068, Maharashtra, India to the present address w.e.f.
10.02.2005
Business
Manufacture and marketing of liquid diagnostic reagents
basically used in the field of blood testing and used in pathological
laboratories, hospitals for the diagnosis of diseases, to engage in importing
dye enzymatic diagnostic from abroad and market them in India under the Agappe
brand name and also to deal in alkaline phosphate, alpha amyase, gamma – GT,
etc.
Bankers Charges
Report as per Registry
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Name of the company |
AGAPPE
DIAGNOSTICS LIMITED |
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Presented By |
Mr. Thomas John |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Assets to Secure CCOL, DC import LC term loan limits of Rs. 8.500
Millions executed on 28.05.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.500
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 |
Hypothecation of
Goods, Genuine trade Cheques, machinery and 256 ½ percents of land with
building there on acquired on 28.05.2003 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The rate of
interest will be 9 % above SIB PLR with a minimum of 9 % p.a. with quarterly
rates. Extent and
operation of charge 100 % Other term and
conditions as per sanction letter enclosed. |
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5) Name and Address and description of the person entitled to the charge. |
The South Indian Bank Limited Eloor Buildings, 1st Floor, Kolenchery, Ernakulam - 682311,
Kerala |
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6) Date and brief description of instrument modifying the charge |
Agreement of Hypothecation
dated 21.06.2005 instrument of hypothecation of book debts dated 21.06.2005 |
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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. |
The Existing
Charge of Rs. 8.500 is further enhanced to Rs. 11.000 Millions and rate of
Interest has been increased 9 % to 9.5 % other terms and conditions being as
same as mentioned in the sanction letter. |
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This form is for |
Modification of
charge |
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Charge
identification number of the charge to be modified |
80015929 |
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Corporate
identity number of the company |
U24239MH1998PLC115413 |
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Name of the
company |
AGAPPE DIAGNOSTICS LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
212/213, Vora Plaza, B – Wing, Navghar, Vasai (East),
Thane – 401 210, Maharashtra |
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Type of charge |
Immovable Property |
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Particular of
charge holder |
The South Indian Bank Limited Eloor Buildings, 1st Floor, Kolenchery, Ernakulam - 682311,
Kerala |
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Nature of
description of the instrument creating or modifying the charge |
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Date of instrument
Creating the charge |
19.10.2007 |
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Amount secured by
the charge |
Rs. 55.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CCOL : BPLR 4 % at
present 11 % with monthly rests 4 FSL’s – BPLR +
TP – 3.50 %, Presently 12 % Terms of
repayment CCOL – In one
year DC – Non
realization of Cheque ILC – Import LC
Tenor at sight FSL for Rs. 2.500
Millions – Monthly Rs. 0.045 Million FSL for Rs. 4.000
Millions – 60 equal monthly instalments, Interest to be serviced extra FSL for Rs. 2.500
Millions – 60 equal monthly instalments, Interest to be serviced extra FSL for Rs. 3.000
Millions – each including interest Margin CCOL and ILC 25 %
FSL 25 % Extent operation
of the charge EM of land adm 10
cents in Sy. No. 44/1B/2 and 44/1A, Resy. No. 140/11/1 and 140/11/2, Block
No. 34 and 2 Acres 46.500 cents in Sy. No. 44/1B/2 and 44/1A, Resy. No.
140/11/1 and 140/11/2, Block No. 34 and63.454 cents in Resy No. 166/3/2 and
166/3/3 of Pattimattom Village, Kunnathunand Taluk together with all building
present and future. |
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Short particulars
of the property charged |
EM of land adm 10
cents in Sy. No. 44/1B/2 and 44/1A, Resy. No. 140/11/1 and 140/11/2, Block
No. 34 and 2 Acres 46.500 cents in Sy. No. 44/1B/2 and 44/1A, Resy. No.
140/11/1 and 140/11/2, Block No. 34 and63.454 cents in Resy No. 166/3/2 and
166/3/3 of Pattimattom Village, Kunnathunand Taluk together with all building
present and future. |
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Date of latest
modification prior to the present modification |
26.07.2007 |
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Particulars of
the present modification |
The existing
limit of Rs. 32.000 Millions increased to Rs. 55.000 Millions |
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.39.41 |
|
UK Pound |
1 |
Rs.79.81 |
|
Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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. |
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 |
|