MIRA
INFORM REPORT
|
Report Date : |
06.01.2007 |
IDENTIFICATION DETAILS
|
Name : |
MCO HOSPITAL AIDS
PRIVATE LIMITED |
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Registered Office : |
No. 32, 1st Main Road, Lower Palace Orchards, Bangalore –
560003, Karnataka, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
27.04.1983 |
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Com. Reg. No.: |
08-5283 |
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CIN
No.: [Company
Identification No.] |
U29297KA1983005283 |
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IEC No.: |
0790008041 |
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TAN No.: (Tax Deduction & Collection
Account No.) |
BLRM01578D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing,
Importing and Exporting of Surgical Sutures (both Absorbable and
Non-Absorbable). |
RATING
& COMMENTS
|
MIRA’s Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by
+30/60 days |
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Litigation : |
Clear |
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Comments : |
Subject is
a well-established company and having steady business. Profit margin is under
severe pressure. Payments are reported as slow by +30/60 days. However,
the company can be considered for normal business dealings at usual trade
terms and conditions with sight caution. Input for
this was parted by Mr. Chandrakant-Managing Director of the company. |
LOCATIONS
|
Registered/Marketing Office : |
No. 32, 1st Main Road, Lower Palace Orchards, Bangalore –
560003, Karnataka, India |
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Tel. No.: |
91-80-23442167/23440232/23466783 |
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Fax No.: |
91-80-23442165 |
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Mobile No.: |
91-9448281702 |
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E-Mail : |
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Area
: |
4000 Sq. ft |
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Location
: |
Rented |
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Factory 1 : |
278,
Bhairidevarkoppa, Post Box No. 23, Poona-Bangalore Highway, Hubli – 580 025,
Karnataka |
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Tel. No.: |
91-836-2372624/2375467 |
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E-Mail : |
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Area
: |
30000 Sq. ft |
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Location
: |
Owned |
DIRECTORS
|
Name : |
Mr. M. C.
Chandrakanth |
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Designation : |
Managing
Director |
|
Address : |
No. 32, I
Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.E. Civil
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Experience : |
30 Years |
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Date of Appointment : |
27.04.1983 |
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Name : |
Mr. Krishna
Moorthi Vakuda |
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Designation : |
Director |
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Address : |
No. 32, I
Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka |
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Date of Birth/Age : |
47 years |
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Qualification : |
B. Com. |
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Experience : |
25 years |
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Date of Appointment : |
25.01.1993 |
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Key
Executive
|
Name : |
Ms. Kavita
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Designation : |
Manager |
MAJOR
SHAREHOLDERS
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
Mr.
Chandrakant |
16,897 |
72.02 |
|
Chandrakant
(HUF) |
6,553 |
27.93 |
|
Mrs.
Pravathammag G. M. |
10 |
0.04 |
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Total |
23,460 |
100.00 |
BUSINESS
DETAILS
|
Line of Business : |
Manufacturing,
Importing and Exporting of Surgical Sutures (both Absorbable and
Non-Absorbable). |
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Products : |
v
Absorbable
Surgical Sutures v
Non-Absorbable
Surgical Sutures Generic
Names of the Principal Products / Services of the company are v
Hospital
Services v
Packing
Material Its’
products range include:- v
Stanned
Suture Chrmics v
Needle
Suture Chrmics v
Relyon
Poly Chrmics v
Relyon
Silk Chrmics v
Strings
Needles v
Strings
Standard |
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|
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|
Brand Names : |
v
REZYONCUT v
REZYOSILK v
REYONPOLY v
RGZYON v
REZYONGRTT v
RIZYONPAC v
RGZYON
PGA. |
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Exports to : |
Bangladesh and Srilanka |
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Imports from : |
Germany and Polyclyolic Aus Suture from Korea |
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Terms : |
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Selling
: |
Letter of Credit : 60 days |
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Purchasing
: |
Letter of
Credit : 60 days |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Absorbable
Surgical Sutures |
DZS/Month |
|
30000 |
10000 |
|
Non-Absorbable
Surgical Sutures |
DZS/Month |
|
9000 |
3000 |
GENERAL
INFORMATION
|
Suppliers : |
v
Samyang
Corporation, Korea v
Azmlenter
Prisgs, Dhaka |
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Customers : |
Wholesalers and Retailers It’s major
customers includes :- v
Public
Health Departments and Government Hospitals in India v
Private
Hospitals |
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No. of Employees : |
78 |
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Bankers : |
Union Bank
of India , SSI Branch, Yeshwanthpur, Bangalore – 560 022, Karnataka |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Maninan,
Suresh, Sunder & Vittal Chartered Accountants |
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Address: |
Agro
House, Anjuman Complex, Mission Road, Bangalore, Karnataka |
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Tel. No.: |
91-80-2238569 |
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Fax No.: |
91-80-2227402 |
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Associates/Subsidiaries : |
M.
Apothexe Private Limited RS 56/R/1
Chalmatti, Dharwad, Karnataka, India Line of Business - Pharmaceuticals Formulations |
CAPITAL
STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
40,000 |
Equity
Shares |
Rs.100/- Each |
Rs. 4.000 millions |
Issued, Subscribed & Paid-up
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23,460 |
Equity
Shares |
Rs.100/- Each |
Rs. 2.346 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
2.346 |
2.346 |
2.346 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.965 |
9.504 |
5.765 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
13.311 |
11.850 |
8.111 |
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LOAN FUNDS |
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|
1] Secured Loans |
7.246 |
7.539 |
9.547 |
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2] Unsecured Loans |
7.678 |
3.536 |
10.368 |
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TOTAL BORROWING
|
14.924 |
11.075 |
19.915 |
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DEFERRED TAX LIABILITIES |
0.117 |
0.090 |
0.186 |
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TOTAL
|
28.352 |
23.015 |
28.212 |
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APPLICATION OF
FUNDS
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FIXED ASSETS [Net
Block]
|
4.310 |
4.557 |
4.517 |
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Capital
work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.012 |
0.013 |
0.013 |
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DEFERREX TAX
ASSETS
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CURRENT ASSETS,
LOANS & ADVANCES
|
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Inventories
|
7.117
|
12.453 |
18.060 |
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Sundry Debtors
|
24.403
|
14.635 |
17.921 |
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Cash & Bank
Balances
|
0.837
|
0.622 |
6.179 |
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Loans &
Advances
|
11.233
|
6.296 |
3.646 |
Total
Current Assets
|
43.590
|
34.006 |
45.806 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities & Provisions
|
19.560
|
15.561 |
22.124 |
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Total
Current Liabilities
|
19.560
|
15.561 |
22.124 |
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Net Current Assets
|
24.030
|
18.445 |
23.682 |
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MISCELLANEOUS
EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
28.352 |
23.015 |
28.212 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover
[including other income]
|
48.625 |
38.370 |
50.458 |
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Profit/(Loss)
Before Tax
|
2.414 |
5.333 |
1.080 |
Provision for
Taxation
|
0.953 |
1.594 |
0.394 |
Profit/(Loss)
After Tax
|
1.461 |
3.739 |
0.686 |
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Export Value
|
NA |
0.118 |
2.393 |
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Import Value
|
NA |
7.443 |
11.595 |
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Total Expenditure
|
46.211 |
33.037 |
50.168 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
|
3.00
|
9.74 |
1.35 |
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Net
Profit Margin(PBT/Sales)
|
|
4.96
|
13.89 |
2.14 |
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Return
on Total Assets(PBT/Total Assets}
|
|
5.03
|
13.82 |
2.14 |
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Return
on Investment (ROI)(PBT/Networth)
|
|
0.18
|
0.45 |
0.13 |
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Debt Equity Ratio(Total Liability/Networth)
|
|
2.59
|
2.24 |
5.18 |
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Current Ratio(Current Asset/Current Liability)
|
|
2.22
|
2.18 |
2.07 |
LOCAL
AGENCY FURTHER INFORMATION
It is in trade terms with: -
v
Vani
Enterprises
E Kottayam, 10-3-3, Sambasivapet, Guntur-522001, Andhra Pradesh, India
Tel. No: - 91-863-2328053
v
Nirup
Pharma, New No 15, Old No P-2, Adyar Apartments, Kotturpuram, Chennai-600085,
Tamilnadu, India
Tel. No: - 91-44-24475858
v
Krishna
Enterprises, No 58, Adarsh Nagar, Narmada Road, Jabalpur, Madhya Pradesh, India
Tel. No: - 91-761-342937
v
Rosebay,
Dakka
v
Samyang
Corporation
v
SEDL
Fixed assets
v
Land
v
Building
v
Vehicles
v
Plant and
machinery
The company has been accredited with ISO 9001: 2000 Certification
CMT REPORT [Corruption,
Money laundering & Terrorism]
The Public Notice
information has been collected from various sources including but not limited
to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No records exist designating subject or
any of its beneficial owners, controlling shareholders or senior officers as
terrorist or terrorist organization or whom notice had been received that all
financial transactions involving their assets have been blocked or convicted,
found guilty or against whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No
records exist to suggest that subject is or was the subject of any formal or
informal allegations, prosecutions or other official proceeding for making any
prohibited payments or other improper payments to government officials for
engaging in prohibited transactions or with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal Records
No available information exist that suggest that subject or
any of its principals have been formally charged or convicted by a competent
governmental authority for any financial crime or under any formal
investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with Government :
No record exists to suggest that any director or indirect
owners, controlling shareholders, director, officer or employee of the company
is a government official or a family member or close business associate of a
Government official.
9] Compensation Package :
Our market survey revealed that the amount of compensation
sought by the subject is fair and reasonable and comparable to compensation
paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part
of its Due Diligence do provide comments on Corporate Governance to identify
management and governance. These factors often have been predictive and in some
cases have created vulnerabilities to credit deterioration.
Our Governance
Assessment focuses principally on the interactions between a company’s
management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject is not known
to have contravened any existing local laws, regulations or policies that
prohibit, restrict or otherwise affect the terms and conditions that could be
included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.44053 |
|
UK Pound |
1 |
Rs.86.29 |
|
Euro |
1 |
Rs.57.80 |
SCORE
& RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base
are regarded healthy. General unfavourable factors will not cause fatal
effect. Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |