MIRA
INFORM REPORT
|
Report Date : |
17.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
VINJOH
HEALTHCARE LIMITED |
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|
|
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Registered Office : |
Unit
6-7, Siddhi, Sagar Classic Industrial Complex, Setivali, Vasai (East),
Thane-401208, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
21.03.2003 |
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Com. Reg. No.: |
11-139654 |
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CIN No.: [Company
Identification No.] |
U33110MH2003PLC139654 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEV04602D |
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PAN No.: [Permanent
Account No.] |
AABCV6511D |
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Legal Form : |
Closely
held Public Limited Liability Company |
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Line of Business : |
To
take over partnership firm Vinjoh with all its assets and liabilities and as
such existing firm stand dissolved. To
manufacture, import, export and trading in life saving hospital disposable
and surgical equipments. |
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 : |
New
company |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new company and in the process of establishing itself. Directors are
however reported as experienced and respectable businessmen. Trade relations
are reported as fair. Payments are reported as usual correct and as per
commitments. The
company can be considered normal for small to mediocre business dealings with
slight caution initially. |
LOCATIONS
|
Registered Office/ Factory : |
Unit
6-7, Siddhi, Sagar Classic Industrial Complex, Setivali, Vasai (East),
Thane-401208, Maharashtra, India |
|
Tel. No.: |
91-250-2480845/
2480846 |
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Fax No.: |
91-250-2481811 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr.
Vinod Pillai |
|
Designation : |
Director |
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Address : |
B-1,
107, Akal Co-operative Housing Seciety, Andheri (East), Mumbai-400059,
Maharashtra |
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Date of Birth/Age : |
29.04.1968 |
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Date of Appointment : |
21.03.2003 |
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|
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Name : |
Mr.
Anil Johnson |
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Designation : |
Director |
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Address : |
D-202,
Dheeraj Regency, Borivali (East), Mumbai-400066, Maharashtra |
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Date of Birth/Age : |
06.02.1967 |
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Date of Appointment : |
21.03.2003 |
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Name : |
Mrs.
Jolly Pillai |
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Designation : |
Director |
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Address : |
B-1,
107, Akal Co-operative Housing Seciety, Andheri (East), Mumbai-400059,
Maharashtra |
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Date of Birth/Age : |
02.11.1973 |
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Date of Appointment : |
21.03.2003 |
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Name : |
Mrs.
Rosamma Johnson |
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Designation : |
Director |
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Address : |
D-202,
Dheeraj Regency, Borivali (East), Mumbai-400066, Maharashtra |
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Date of Birth/Age : |
10.04.1968 |
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Date of Appointment : |
21.03.2003 |
KEY EXECUTIVES
|
Name
: |
Palak
Desai & Company |
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Designation
: |
Company
Secretary |
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Date
of Appointment : |
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr.
Vinod Pillai |
12600 |
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Mr.
Anil Johnson |
12600 |
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Mrs.
Rosamma Johnson |
49750 |
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Mrs.
Jolly Pillai |
49750 |
|
Mr.
Velukrishna Pillai |
100 |
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Mr.
Thankachan Johnson |
100 |
|
Mr.
Radhamony Pillai |
100 |
BUSINESS DETAILS
|
Line of Business : |
To
take over partnership firm Vinjoh with all its assets and liabilities and as
such existing firm stand dissolved. To
manufacture, import, export and trading in life saving hospital disposable
and surgical equipments. |
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|
|
|
Products : |
Life
saving surgical equipments |
GENERAL
INFORMATION
|
Bankers : |
Janakalyan
Sahakari Bank Limited Central
Bank of India, J.B. Nagar Branch, Andheri (East),
Mumbai |
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Facilities : |
Secured Loans (Rs. In Millions) :
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Banking Relations : |
Satisfactory |
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Auditors : |
Kamal
Jain & Company Chartered
Accountants 9/5,
Manish Darshan, Andheri (East), Mumbai-400059 |
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Tel. No.: |
91-28213002/
28203555 |
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Mobile No.: |
91-9820066880 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
150000 |
Equity
Shares |
Rs.10/- each |
Rs.1.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
125000 |
Equity
Shares |
Rs.10/- each |
Rs.1.250 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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|
|
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1] Share Capital |
|
1.250 |
1.250 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(0.192) |
(0.183) |
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NETWORTH |
|
1.058 |
1.067 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
2.987 |
4.991 |
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2] Unsecured Loans |
|
0.998 |
0.008 |
|
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TOTAL BORROWING |
|
3.985 |
4.999 |
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DEFERRED TAX LIABILITIES |
|
0.246 |
0.207 |
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|
|
|
|
|
|
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TOTAL |
|
5.289 |
6.273 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.803 |
4.700 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.009 |
0.009 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
|
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Inventories |
|
1.889 |
3.109 |
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Sundry Debtors |
|
0.769 |
0.801 |
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Cash & Bank Balances |
|
0.537 |
0.075 |
|
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Other Current Assets |
|
0.101 |
0.092 |
|
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Loans & Advances |
|
0.602 |
0.275 |
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Total Current Assets |
|
3.898 |
4.352 |
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|
Less : CURRENT LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
|
1.698 |
2.127 |
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|
Provisions |
|
0.741 |
0.685 |
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Total Current Liabilities |
|
2.439 |
2.812 |
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Net Current Assets |
|
1.459 |
1.540 |
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MISCELLANEOUS EXPENSES |
|
0.018 |
0.024 |
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TOTAL |
|
5.289 |
6.273 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
9.178 |
8.938 |
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Profit/(Loss)
Before Tax |
|
0.029 |
0.027 |
|
Provision
for Taxation |
|
0.221 |
0.210 |
|
Profit/(Loss)
After Tax |
|
(0.192) |
(0.183) |
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|
|
|
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Total
Expenditure |
|
6.659 |
6.165 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
(2.09) |
(2.05) |
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Net
Profit Margin (PBT/Sales) |
(%) |
|
0.31 |
0.30 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
0.38 |
0.30 |
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Return
on Investment (ROI) (PBT/Networth) |
|
|
0.03 |
0.02 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
6.07 |
7.32 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.60 |
1.55 |
LOCAL AGENCY
FURTHER INFORMATION
Financial and Operating Results :
The
company has earned as profit of Rs.0.029 millions during the period under review.
Company’s
fixed assets include Air conditioner, Office equipments, Telephone, Plant and
Machinery and Furniture and Fixtures.
Form 8 Particular for creation or modification of
charges
|
Name of the company |
VINJOH HEALTH CARE LIMITED |
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Presented By |
Central Bank of India, J.B. Nagar Branch, Andheri (East), Mumbai |
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1) Date and description of instrument creating the change |
Recital of equitable mortgage by deposit of title deeds dated 25.07.2003. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.266 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 |
Equitable mortgage in favour of Bank by deposit of title deeds of Company’s immovable property: Bearing No.6, admeasuring 63.65 Sq. Mtrs. builtup area in the Industrial Building known as Siddhi on ground floor of Siddhi Sagar Classic, Industrial Complex, together with proportionate share of common area and facilities appurtenances to the said property in the land bearing S. No.6, Hissa No.1, (PT) of their building No.2 of village Sativali, Taluka Vasai, District Thane. All that industrial unit bearing No.7 admeasuring 58.48 Sq. Mtrs built up area in the industrial building known as Siddhi on ground floor of Siddhi Sagar Classic, Industrial Complex, together with proportionate share of common area and facilities appurtenances to the said property in the land bearing S. No.6, Hissa No.1, (PT) of their building No.2 of village Sativali, Taluka Vasai, District Thane is offered as security. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest as per bank rules. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India J.B. Nagar Branch, Andheri (East), Mumbai. |
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6) Date and brief description of instrument modifying the charge |
Memorandum of entry dated 29.11.2004. |
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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. |
Original charge was created in 25.07.2003 for Rs.5.266 millions in favour of Central Bank of, J.B. Nagar Branch, Mumbai. By present modification made on 29.11.2004 by memorandum of entry the bank has realigned the limit of Rs.3.000 millions by sanction of inter alia working capital limit OD Rs.2.000 millions and cash credit limit of Rs.1.000 millions. To that extent of charge is modified whereby the charge on company’s following immovable property to that extent. All that Industrial unit Bearing No.6, admeasuring 63.65 Sq. Mtrs. Built up area in the Industrial Building known as Siddhi on ground floor of Siddhi Sagar Classic, Industrial Complex, together with proportionate share |
|
Name of the company |
VINJOH HEALTH CARE LIMITED |
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Presented By |
Central Bank of India, J.B. Nagar Branch, Andheri (East), Mumbai |
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1) Date and description of instrument creating the change |
Agreement of hypothecation to secure demand cash credit against goods dated 10.07.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.3.000 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 |
All tangible movable property such as products stock in trade and good whether finished or raw or in process of manufacture and there from belonging to the borrowers which now or hereafter from time to time during the security shall brought in, stored or be in or about the premises, godown of the borrower at Unit No.6 and 7, Siddhi Sagar Classic Industrial Complex, Sativli, Vasai (East), District Thane. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Compound interest to a minimum of 3% p.a. or at such other rate as may from time to time be fixed by the bank with quarterly rests. Margin 25% that is to say the goods hypothecated to the bank at any particular time shall be of such market value that the amount then secured by the hypothecation does not exceed 75% of the market value less the excise duty. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India J.B. Nagar Branch, Andheri (East), Mumbai. |
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6) Date and brief description of instrument modifying the charge |
Supplemental deed of hypothecation dated 29.11.2004. |
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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. |
Original charge was created in 10.07.2003 for Rs.3.000 millions in favour of Central Bank of, J.B. Nagar Branch, Andheri (East), Mumbai. By present modification made on 29.11.2004 by supplemental deed of hypothecation the bank has realigned the limit of Rs.3.000 millions by sanction of inter alia working capital limit of Rs.2.000 millions and cash credit limit of Rs.1.000 millions. The present realigned limits are as under :
To that extent the charge is modified. |
|
Corporation identity number or foreign company registrations number of the company |
U33110MH2003PLC139654 |
|
Name of the company |
VINJOH
HEALTHCARE LIMITED |
|
Address |
Unit
6-7, Siddhi, Sagar Classic Industrial Complex, Setivali, Vasai (East),
Thane-401208, Maharashtra, India |
|
This Form is for |
Modification
of charge |
|
Type of Charges |
Hypothecation |
|
Particular of the charge holder |
Central Bank of India J.B. Nagar Branch, Andheri (East), Mumbai |
|
Brief of the instrument modifying the charge |
Supplemental deed of hypothecation |
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Modification charge Charge identification number of the charge to be modified |
Sr.000.18 dated 25.01.2005 |
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Particulars of the Present modification |
The limits are revised from 3.000 millions to 2.481 millions against stock and book debts. |
Website Details :
Introduction
Subject is
one name that holds immense credibility as a leading single use medical
products supplier. They are committed to provide quality health care solutions
being a manufacturer unit engaged in the making of Respiratory Care products,
Critical Care products and Anesthesia Care products. Since inception, their
company is exclusively engaged in supplying wide variety of single use medical
products to acclaimed hospitals and medical institutes. Their diverse range of
quality products coupled with on time deliveries and competitive prices have
earned them immense goodwill in their industry.
Their Products
They
manufacture huge variety of products that are famous for their trusted quality
and authenticity:
Oxygen Therapy Products
v Adult Oxygen Mask with Nose Clip
and 2mtr. Tubing
v Paediatric Oxygen Mask with Nose
Clip and 2mtr.Tubing
v Nasal Cannula – Adult -2mtr. Tubing
v Nasal Cannula – Adult -5mtr. Tubing
v Nasal Cannula – Paediatric -2mtr.
Tubing
v Nasal Cannula – Neo-Natal -2mtr.
Tubing
v Oxygen Recovery T Kit
v Oxygen Recovery T Kit with 2mtr.
Tubing
v Oxygen Recovery T Kit with 40% or
60% Venturi Valve and 2mtr. Tubing
v Adult Venturi Valve Mask Kit
v Paediatric Venturi Valve mask Kit
v Nebulizer/Aerosol Therapy
v 'NebMist' - Nebulizer Mouthpiece
Kit
v 'NebMist' - Adult Nebulizer Mask
Kit
v 'NebMist' - In-Line Nebulisation
Kit
v Cathetermounts
v Flexible Catheter Mount
v Flexible Catheter Mount with CO2
Ported Swivel elbow
v 15F-15M Double Swivel Elbow with
7.6mm Suction Port And non-popping cap
v 15F-15M Double Swivel Elbow with CO2
Port
v 22M/15F-15M Fixed Elbow Catheter
Mount with 7.6mm Port and non-popping cap
v 22M/15F-15M Fixed Elbow Catheter
Mount with CO2 Port
v 22M/15F-15M Fixed Elbow with 7.6mm
Suction Port and non-popping cap
v 22M/15F-15M Fixed Elbow with CO2
Port
v Respiratory Excerciser – Spirometer
v 'Respi-flo' - Three Ball Incentive
Spirometer
v 'Uni-flo' - Single Ball Incentive
Spirometer
v Breathing Filters
v HMEF Filter – Adult
v HMEF Filter – Paediatric
v HMEF Filter – Neo-natal
v Breathing Systems – Adult-22MM
v Plain Breathing System -22mm Adult
- 1.6 mtr.
v Plain Breathing System - 22mm Adult
- 1.6 mtr. with Monitoring Ports
v Breathing System with Single
Watertrap - 22mm Adult – 1.6 mtr.
v Breathing System with Double
Watertrap – 22mm Adult – 1.6 mtr.
v Plain Breathing System with Fixed
Elbow – 22mm Adult – 1.6 mtr.
v Breathing Systems – Paediatric-16MM
v Plain Breathing System - 16mm
Paediatric - 1.6 mtr.
v Plain Breathing System with Swivel
Elbow - 16mm Paediatric - 1.6 mtr.
v Plain Breathing System with Fixed
Elbow - 16mm Paediatric-1.6 mtr.
v Breathing System with Single
Watertrap - 16mm Paediatric – 1.6 mtr.
v Breathing System with Double
Watertrap - 16mm Paediatric – 1.6 mtr.
v Anaesthesia / Breathing
Systems-Adult
v Anaesthesia Circle System – 1.6
mtr.
Quality
Their quality
management system has been assessed and registered as meeting the requirements
of ISO 9001:2000. Their strong base infrastructure along with, stringent
quality control norms have helped them deliver the customers satisfactory
products at appropriate costs.
They cater to the needs of medical field which had direct connections with the
health and life of people hence they understand their responsibility and feel
answerable to their prestigious clients.
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.44.07 |
|
UK
Pound |
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.57.97 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
|