MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
RAVINDRANATH GE MEDICAL ASSOCIATES PRIVATE LIMITED |
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Registered Office : |
6 -1-1070 /1 to 4, Beside R R District Collector Office, Near Hotel Dwarka,
Lakdi Ka Pool, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
24.09.1998 |
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Com. Reg. No.: |
01 -30229 |
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CIN No.: [Company
Identification No.] |
U85110AP1998PTC030229 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDR00936F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in the business of providing Hospital Services. |
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 660000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed 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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
6 -1-1070 /1 to 4, Beside R R District Collector Office, Near Hotel Dwarka,
Lakdi Ka Pool, Hyderabad- 500 004, Andhra Pradesh, India |
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Tel. No.: |
91-40-23244444 |
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Mobile No.: |
91-94404 34567 |
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Fax No.: |
91-40-23244455 |
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E-mail: |
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Website : |
DIRECTORS
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Name : |
Dr. Ravindranath Kancherla |
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Designation : |
Chairman / Director |
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Address : |
Plot No. 303, Road No. 25, Jubilee Hills, |
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Date of Birth/Age : |
20.06.1954 |
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Date of Appointment : |
26.03.1999 |
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Name : |
Dr. Ramesh Kancherla |
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Designation : |
Director |
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Address : |
Flat no. 201, Meenakshi Royal Court, Road No. 4, Banjara Hills,
Hyderabad – 50 034, Andhra Pradesh, India |
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Date of Birth/Age : |
16.03.1962 |
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Date of Appointment : |
01.03.2001 |
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Name : |
Mr. S B Krishnan |
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Designation : |
Director |
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Address : |
A- 60 – DDA Flat, Munirka, |
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Date of Birth/Age : |
10.12.1940 |
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Date of Appointment : |
29.10.2001 |
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Name : |
Dr. Reeta K Thukral |
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Designation : |
Director |
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Address : |
37, Navodaya Colony, Yella Reddy Guda, Ameerpet, |
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Date of Birth/Age : |
06.10.1948 |
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Date of Appointment : |
23.01.2002 |
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Name : |
Mr. M. Yugandhar |
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Designation : |
Non Executive Director |
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Address : |
Flat No. 28 Block No. III, 20, Avenue Street No. 1, Banjara Hills, |
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Date of Birth/Age : |
10.07.1951 |
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Date of Appointment : |
22.07.2002 |
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Name : |
Mr. G S Srinivasan |
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Designation : |
Director |
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Address : |
Flat No. 41, H NO. 11-4-623/A, Vikas Sadan Ac Guards, |
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Date of Birth/Age : |
14.08.1957 |
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Date of Appointment : |
08.07.2003 |
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Name : |
Mr. Dinesh Chand Sharma |
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Designation : |
Nominee Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
|
No. of Shares |
|
Equity Share
Capital: |
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Dr. K Ravindranath |
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7092350 |
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Mrs. K Adi Lakshmi |
|
1210000 |
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Mr. K Prudvinath |
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1025000 |
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Mrs. K Lakshmi Sailaja |
|
825000 |
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Dr. K. Ramesh |
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250000 |
|
M/s. Global Hospital Limited |
|
2000000 |
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Mr. Jayaram Chowdary |
|
50000 |
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Dr. Reeta K Thukral |
|
499220 |
|
M/s. Lanco Infratech Private Limited |
|
300000 |
|
Dr. Upender Rao |
|
242050 |
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Dr. Syam S Chilukuri |
|
100000 |
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Dr. |
|
30100 |
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Dr. M Subramanyam |
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10000 |
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Dr. TVS Gopal |
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10000 |
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Dr. PBN Gopal |
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10000 |
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Dr. Krishna Prasad |
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10000 |
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Dr. T. Shyam Sunder |
|
10000 |
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Sub Total (a) |
|
13673720 |
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Preference Share
Capital: |
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Dr. Shailender Singh |
|
20000 |
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Dr. Alla Gokhale |
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20000 |
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Dr. Sumeet Sinha |
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5000 |
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Dr. S V Krishna Rao |
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5000 |
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Dr. V Rajasekhar |
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5000 |
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Sub Total (b) |
|
55000 |
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GRAND TOTAL
(a+b) |
|
142237200 |
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Category |
|
Percentage of
Holding |
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Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas corporate bodies or others |
|
5.425.42 |
|
Bodies corporate (not mentioned
above) |
|
16.82 |
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Directors or relatives of directors |
|
76.44 |
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Other top fifty (50)
shareholders (other than listed above) |
|
1.32 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing Hospital Services. |
GENERAL INFORMATION
|
Bankers : |
Union Bank of Saifabad, |
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Facilities : |
Secured Loans As
on 31.03.2005: |
Rs.
in millions |
|
10 % Optional Fully Convertible debentures issued to IDBI (Previous
year 16% Optional Fully Convertible Debentures) Interest accrued and due Term Loan from Technology Development Board – I Term Loan from Technology Development Board – II Term Loan from APSFC Term Loan from Banks Interest accrued and due Working Capital Loan from Banks Hire Purchase Loans Total |
25.000 0.000 89.250 48.000 0.000 38.033 0.000 30.585 0.544 231.412 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S V Rao Associates Chartered Accountants |
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Address : |
215, 216 Model House, Panjagutta, |
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Associates/Subsidiaries : |
v
M/s. Rainbow Children Medicare Private Limited v
M/s. Global Consumer Services Private Limited |
CAPITAL STRUCTURE
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
17500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 175.000 millions |
|
250000 |
Preference Shares |
Rs. 100.00 each |
Rs. 25.000 millions |
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Total |
|
Rs. 200.000 millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
13773720 |
Equity Shares |
Rs. 10.00 each |
Rs. 137.737 millions |
|
55000 |
Preference Shares |
Rs. 100.00 each |
Rs. 5.500
millions |
Debenture Breakup:
|
No. of Shares |
Type |
Value |
Amount |
|
166667 |
Fully convertible |
Rs. 100.00 each |
Rs. 16.667 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
142.237 |
142.237 |
142.237 |
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2] Share Application Money |
1.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
23.281 |
10.193 |
6.260 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
166.518 |
152.430 |
148.497 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
195.255 |
231.412 |
226.715 |
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2] Unsecured Loans |
25.000 |
0.000 |
20.000 |
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TOTAL BORROWING |
220.255 |
231.412 |
246.715 |
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DEFERRED TAX LIABILITIES |
16.076 |
18.734 |
0.000 |
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TOTAL |
402.849 |
402.576 |
388.212 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
317.913 |
335.385 |
336.481 |
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Capital work-in-progress |
36.590 |
0.000 |
0.000 |
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INVESTMENT |
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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|
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Inventories |
25.125
|
27.222 |
20.465 |
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Sundry Debtors |
71.864
|
61.682 |
29.511 |
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|
Cash & Bank Balances |
4.474
|
11.684 |
76.057 |
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Other Current Assets |
15.273
|
18.521 |
9.676 |
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Loans & Advances |
53.592
|
29.781 |
18.339 |
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Total
Current Assets |
170.328
|
148.890 |
154.048 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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|
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Current Liabilities |
115.724
|
93.776 |
116.129 |
|
|
Provisions |
6.258
|
0.000 |
0.000 |
|
Total
Current Liabilities |
121.982
|
93.776 |
116.129 |
|
|
Net Current Assets |
48.346
|
55.114 |
37.920 |
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MISCELLANEOUS EXPENSES |
0.000 |
12.077 |
13.811 |
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TOTAL |
402.849 |
402.576 |
388.212 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Hospital Receipts |
411.028 |
383.577 |
245.040 |
|
|
Other Income |
0.000 |
0.000 |
0.537 |
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Total Income |
411.028 |
383.577 |
245.577 |
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|
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Profit/(Loss) Before Tax |
12.458 |
24.558 |
2.505 |
|
|
Provision for Taxation |
0.630 |
20.625 |
0.195 |
|
|
Profit/(Loss) After Tax |
13.088 |
3.933 |
2.310 |
|
|
|
|
|
|
|
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Import Value |
0.000 |
0.000 |
4.217 |
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|
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Export Value |
0.000 |
0.000 |
5.128 |
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|
|
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Expenditures : |
|
|
|
|
|
|
Personnel Cost |
0.000 |
0.000 |
34.746 |
|
|
R & D Expenses |
0.000 |
0.000 |
1.233 |
|
|
Operational Expenses |
350.671 |
314.711 |
142.212 |
|
|
Administrative and Other Expenses |
0.000 |
0.000 |
28.233 |
|
|
Finance Charge |
0.000 |
0.000 |
17.122 |
|
|
Depreciation |
26.167 |
24.873 |
19.526 |
|
Total Expenditure |
376.838 |
339.584 |
243.072 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
3.18
|
1.03 |
0.94 |
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.03
|
6.40 |
1.02 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.55
|
5.07 |
0.51 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.16 |
0.02 |
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.06
|
2.13 |
2.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.59 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
RAVINDRANATH GE MEDICAL ASSOCIATES PRIVATE LIMITED |
|
Presented By |
Dr. K
Ravindranath, Managing Director (Name and
designation of the Official of the Company) |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation dated 28.03.2001 executed by Ravindranath GE Medical Associates Private Limited
(therein and herein after referred to as “the company”) in favour of the
Technology Development Board (therein and herein after referred to as “the
Lender”) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
The Term Loan of
Rs.102.000 millions (therein and herein after referred to as “the loan”)
Agreed to be lent an advance by the Lender to the Company together with
interest , additional interest, cost, charges, expenses and all other monies
payable by the Company to the lender in terms of the Loan Agreement dated
28.03.2001 and supplementary loan agreement dated 30.07.2003 between the
company of the First part and the lender of the other Part, a copy of which
is enclosed. |
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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 |
a) The whole of the
movable properties of the Company situated at Lakdikapool, Hyderabad
including the Company’s movable plant and machinery, machinery spares, tools
and accessories and other movable, both present and future (save and except
book debts) whether installed or not and whether now lying loose or in cases
or which are now lying or stored in or about or shall hereafter from time to
time during the continuance of the security be brought into or upon or be
stored or be in or about the Company’s factories, premises and godowns or
wherever else the same may be or be held by any party to the order or
disposition of the Company or in the course of transit or on high seas or on
order, or delivery, howsoever and where so ever in the possession of the
Company and either by way of substitution or addition. (therein and
hereinafter referred to as the said goods) short particulars whereof are
given in Annexure. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a) The charge
operates as security, inter alia, for the due repayment by the Company to the
Board of its Loan of Rs. 49.000 millions together with interest, additional
interest, costs, charges, expenses and all other moneys payable by the
company to Board in terms of the said Loan Agreement dated 12.03.2004 b) The charge in favour of the Board under the
said Deed of Hypothecation is subject t o the charge(s) created and /or to be
created by the Company in favour of its bankers on the Company’s stocks of
raw materials, semi-finished and finished goods and consumable stores and
book debts and such other movables as may be specifically permitted to secure
its working capital requirements in the ordinary course of business. c) The Company has undertaken to keep the said
goods hypothecated in marketable and good condition at its own costs and to
insure the same in the joint names of the Company and the Board. d) All the said goods hypothecated and all
realizations and insurance proceeds thereof and all documents in respect of
the said security are to be kept distinguishable and held as the exclusive
property of the Board. e) The security created under the said deed of
hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Technology
Development Board (Department of
Science and Technology) Technology Bhavan New |
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6) Date and brief description of instrument modifying the charge |
The Hypothecation
deed dated 12.03.2004, executed by the Company in favour of the Board in
respect of all the movable properties of the Company situated at Lakdikapool,
Hyderabad as security, inter alia, for the due repayment and discharge by the
Company to the Board of its Loan of Rs, 151.000 millions (i.e. Rs. 102.000
millions as per loan agreement dated 28.03.2001 and supplementary Loan
agreement dated 30.07.2003 and fresh Loan of Rs. 49.000 millions as per loan
agreement dated 12.03.2004 |
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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. |
The Board’s Loan
of Rs. 151.000 millions as per Loan agreement dated 28.03.2001 and supplementary
Loan agreement dated 30.07.2003 and fresh Loan of Rs. 49.000 millions as per
Loan agreement dated 12.03.2004) together with interest, additional interest,
liquidated damages, cost, charges, expenses and all other monies payable by
the Company to the Lender in terms of the said Loan agreement dated
12.03.2004. Being the original charge
is also secured by the Deed of Hypothecation dated 12.03.2004 in view of
Charge modified due to fresh loan assistance of Rs. 49.000 millions as per
second loan agreement dated 12.03.2004 alongwith first loan of Rs. 102.000
millions as per loan agreement dated 287.03.2001 and supplementary loan
agreement dated 30.07.2003, totaling to Rs. 151.000 millions on 12.03.2004 |
|
Corporate identity
number (CIN) Foreign company registration number |
U85110AP1998PTC030229 |
|
Name of the
Company |
RAVINDRANATH GE MEDICAL ASSOCIATES PRIVATE LIMITED |
|
Address |
6-1-1070/1 TO 4,
Beside R R District Collector Office,
Lakdikapool, |
|
This form is for |
Modification of
charge |
|
Type of Charge |
Hypothecation |
|
Whether
consortium finance is involved |
No |
|
Particulars of
the charge holder |
Union Bank of Saifabad, |
|
Amount secured by
the charge |
Rs. 150.200
millions |
|
Brief of the
principal terms and conditions |
1) Term Loan
Agreement 2) Hypothecation
Agreement |
|
Description of
the property charged indicating |
Plant and
Machinery |
|
Brif description
of the instrument modifying the charge under section |
Memorandum of
confirmation of pari passu arrangement to share the securities created by
company in favour of Technology Development Board Industrial Development bank
of India, Union Bank of India (UBI) |
|
Date of
Instrument |
15.11.2005 |
|
Particular of the
present modification |
The security created/
(to be) by the company on all its properties to secure term loan of Rs.
151.000 millions (out of 150.000 millions availed till date0 is now shared on
pari passu rights by TDB, IDBI and UBI |
Fixed Assets
v Buildings
v Medical Equipment
v Plant and Machinery
v Office Equipment
v Furniture and Fixtures
v Computers
v Vehicles
Contingent Liabilities
|
Particulars |
2004-05 (Rs. in
Millions) |
2003 – 04 (Rs. in Millions |
|
On account of LCs |
0.000 |
24.333 |
|
Dividend on Cumulative Redeemable Preference
Shares |
83.200 |
28.200 |
Leasing
The Company has taken buildings on Operating
Lease. The Lease payments have been
charged to Profit and Loss Account considering the lease arrangements that are in
the nature of Operating Lease as defined by AS 19.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 40.93 |
|
|
1 |
Rs. 80.76 |
|
Euro |
1 |
Rs. 54.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
47 |
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 |
|