MIRA
INFORM REPORT
|
Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
SUTURE INDIA PRIVATE LIMITED |
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Registered Office : |
No. 472-D, 13th
Cross, 4th Phase, Peenya Industrial Area, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.12.1992 |
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Com. Reg. No.: |
013831 |
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CIN No.: [Company
Identification No.] |
U03311KA1992PTC013831 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRS02607D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufactures and exporters of surgical sutures |
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 530000 |
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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 well-established company having satisfactory track records. Trade relations are fair. General financial position is Satisfactory. Payments are usually correct and as per the commitments. The concern can be considered normal for business dealings at usual trade terms and conditions |
LOCATIONS
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Registered Office / Head Office: |
No. 472-D, 13th
Cross, 4th Phase, Peenya Industrial Area, |
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Tel. No.: |
91-80-51272102/51272103/21272104 / 41868000 |
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Fax No.: |
91-80-51171056 |
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E-Mail : |
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Website : |
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Area : |
(Including Head Office and Factory) 30000 Sq. fts |
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Location : |
Owned |
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Warehouse: |
At |
DIRECTORS
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Name : |
Mr. Latter Gopalan Chandrasekar |
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Designation : |
Managing Director |
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Address: |
B 1- 6, Datta Prasad society # 260, 10th Main,
Malleswaram, |
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Date of Birth/Age : |
08.10.1958 |
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Date of Appointment : |
10.12.1992 |
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Name : |
Mr. Sivaraman Subramanian |
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Designation : |
Director |
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Address: |
B – 405, Raheja Residency, Koramangala, |
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Date of Birth/Age : |
14.03.1963 |
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Date of Appointment : |
10.12.1992 |
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Name : |
Mr. Natarajan Ganeshan |
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Designation : |
Director |
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Address: |
A -11, Sobha Emerald, Jakkur Village, Yelahanka Hobli, Bangalore – 560 064, Karnataka, India |
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Date of Birth/Age : |
01.08.1952 |
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Date of Appointment : |
24.02.1997 |
KEY EXECUTIVES
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Name : |
Mr. G Rajendran |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Chandrasekar L. G. |
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96,160 |
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Mrs. Chandrasekar |
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64,080 |
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Mr. Subramanian S. |
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64,510 |
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Mrs. Indira G. |
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7,500 |
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Mr. Venkatraman |
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11000 |
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Mr. S. Rajangam |
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12100 |
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Mr. G. Natarajan |
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7900 |
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Ms. Hema Sundaram |
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7500 |
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Others |
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1010 |
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Total |
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271,760 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and exporters of
surgical sutures |
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Products : |
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Brand Names : |
TRUGUT, TRULON, TRUBOND, TRULENE
And TRUSILK. |
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Exports to : |
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Imports : |
It Imports 40% of Its’ Raw
Materials from |
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Terms : |
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Selling : |
Against Advance Payment, L/C or
Cash Terms. |
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Purchasing : |
Against C.I.F. L/C, Local (30-45
Days) or Credit (30 Days) Terms. |
PRODUCTION STATUS
|
Particulars |
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Unit |
Actual
Production |
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Surgical Sutures USP |
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Dozens |
267347 |
GENERAL INFORMATION
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Customers : |
Family Welfare Department, Karnataka |
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No. of Employees : |
120 |
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Bankers : |
·
State Bank of Peenya,
·
Bank of APMC
Yard, Yeswantpur, |
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Facilities : |
Overdraft facility of Rs. 4.124
millions and car loan Facility of Rs. 0.737 million
from it’s bankers |
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Auditors : |
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Name : |
Murali Associates Chartered Accountants |
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Address : |
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Tel. No.: |
91-80-23463272 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,00,000 |
Equity Shares |
Rs.10.00 each |
Rs. 4.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,71,760 |
Equity Shares |
Rs.10.00 each |
Rs. 2.717 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 |
2.718 |
2.717 |
2.717 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
131.823 |
92.278 |
64.266 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
134.541 |
94.995 |
66.983 |
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LOAN FUNDS |
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1] Secured Loans |
44.874 |
17.455 |
10.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
44.874 |
17.455 |
10.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
179.415 |
112.450 |
76.983 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
146.453 |
43.034 |
35.989 |
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Capital work-in-progress |
3.050 |
26.322 |
6.846 |
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INVESTMENT |
0.110 |
9.284 |
0.022 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
32.920
|
25.484 |
17.270 |
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Sundry Debtors |
36.492
|
28.757 |
26.364 |
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Cash & Bank Balances |
10.036
|
4.549 |
9.829 |
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Other Current Assets |
0.096
|
0.004 |
6.145 |
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Loans & Advances |
28.553
|
23.920 |
15.962 |
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Total
Current Assets |
108.097
|
82.714 |
75.570 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
44.399
|
30.405 |
41.444 |
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Provisions |
33.895
|
18.500 |
0.000 |
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Total
Current Liabilities |
78.294
|
48.905 |
41.444 |
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Net Current Assets |
29.802
|
33.810 |
34.128 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
179.415 |
112.450 |
76.983 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
293.364 |
-- |
153.364 |
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Other Income |
0.000 |
-- |
0.000 |
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Total Income |
293.364 |
|
153.364 |
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Profit/(Loss) Before Tax |
73.440 |
- |
520.496 |
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Provision for Taxation |
21.500 |
- |
184.959 |
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Profit/(Loss) After Tax |
51.940 |
- |
335.537 |
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FOB Value |
71.836 |
47.443 |
NA |
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Expenditures: |
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Total Expenses |
206.312 |
- |
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Financial
Charges |
2.878 |
- |
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Depreciation |
10.734 |
- |
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Total Expenditure |
219.924 |
- |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
17.70
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NA |
218.78 |
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Net Profit Margin (PBT/Sales) |
(%) |
25.03
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NA |
339.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
288.51
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NA |
466.57 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
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NA |
7.77 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.92
|
0.70 |
0.77 |
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Current Ratio (Current Asset/Current Liability) |
|
1.38
|
1.69 |
1.82 |
LOCAL AGENCY FURTHER INFORMATION
|
Name of the company |
M/s. SUTURE INDIA PRIVATE LIMITED |
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Presented By |
Bank of APMC Yard,
Yeswantpur Branch, M/s. Suture India
Private Limited |
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1) Date and description of instrument creating the change |
11.10.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 10.000
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 |
Hypothecation and
charge by way of First Charge Whole of the
Borrower’s Stocks, both Present and Future and including but without
prejudice to the generality of the foregoing words, all stocks of Raw
materials, work-in-process, Semi Finished Goods and Finished Goods such as
Packing Materials and Stores etc. whatsoever and wheresoever situate and / or
in transit whether now belonging to or that may at any time during the
continuance of this security belong to the Borrower or that may be held by
any party anywhere to the order and disposition of the Borrower. All the Present
and Future Book Debts, Outstanding, Monies Receivables, Claims, Bills,
Contracts, Engagements and Securities which are now due and owing or which
may at any time hereafter during the continuance of this Security become due
and owing to the Borrower in the course of its business by any person, firm,
company or body corporate or by the Government Body or Authority whatsoever
including those relating to the assets leased out and / or given on higher
purchase basis. All the Tangible
Movable Machinery and Plant and Cranes, Boats and Crafts and the Movables,
Both Present and Future and the Furniture, Fixtures and Fittings and Office
Equipments whether installed or not whether lying loose in cases which are
now lying or stored in or about or shall be brought into or be stored or be
in or upon or about the Borrower’s premises and godowns or wherever else the
same may be or be held by any party to the order or disposition of the
Borrower (including those on lease or higher purchase) relating or pertaining
to the Borrower’s works at No. 118, Peenya Industrial Area, Bangalore – 560
058. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
2% Over BOBTPLR with a minimum of 13.5% per annum with periodical rests and /
or at such rate/s and rests as may be specified by the Bank from time to
time. Penal Interest: 2% per annum. Margin: 40 % Repayment: 20
Monthly Installments of Rs. 0.500 million each commencing from January 2004 |
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5) Name and Address and description of the person entitled to the charge. |
Bank of APMC Yard,
Yeshwanthpur Branch, |
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6) Date and brief description of instrument modifying the charge |
Date: 13.10.2003 Equitable
Mortgage by Deposit of Title Deeds – Memorandum of Entry confirming Deposit
of Title Deed enclosed. |
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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. |
By the above, the
Company has provided the Security of its Immovable Properties comprising of
land and Building (built / to be built) situated at Plot No. 472 – D, Peenya
Industrial Area in Sy. No. 46, Yeshwanthpur, Hobli, Bangalore North Taluka,
Bangalore District measuring an extent of 7343.75 Sq. mtrs. To cover the
entire credit facilities of Rs. 10.000 millions by way of First Charge |
The company has been accredited
with ISO 2000 certification.
It is in trade terms with: -
Ř
Ř
Ř
Ř
International
Dispensary Association, The
Ř
Pear
Ř
Tnmc, Chennai,
Tamilnadu
Ř
Major hospitals &
health organizations in
The company’s fixed assets of important
value include land, buildings, plant and machinery and vehicles.
Web site details attached:
Sutures India Pvt. Ltd. is a manufacturer-exporter of all types of
surgical sutures. Sutures are exported to over 30 countries in Europe,
In the Indian market the Company employs over 75 sales personnel & supplies
its products to reputed hospitals & nursing homes through over 500
distributors. The company supplies its produce to union Govt., all state Govt.,
local Govt. hospitals either through tenders or prescription sales.
Products
Our exhaustive range of products includes:
- Sutures:
- Accuplus BP Monitors :
- Accuplus BP Monitor - SA 21 Semi-Auto Arm Digital Blood Pressure Monitor
- Accuplus BP Monitor - AA 21 Auto Arm Blood Digital Pressure
Monitor
- Accuplus BP Monitor - WT 500 Wrist Digital Blood Pressure Monitor
- Tapes :
- Skin Staplers :
- " DERMATOR " Skin staplers
- Mesh :
- " TRULENE " Monofilament
Polypropylene mesh for Hernia repair
Advantages:
In addition to sutures, the Company also manufactures drilled end stainless
steel atraumatic suture needles & as such is in a position to provide:
- Excellent
quality of the surgical needled sutures.
- Any suture
needle combination.
- Economical
price.
- Delivery
within 30 days.
- Adopts
"International pack colour coding" for suture.
- Offers OEM
brands.
- Supplies suture
materials in bulk to surgical suture manufacturers.
- Supplies
drilled end needles in bulk to surgical suture manufacturers.
- Offer samples
for trials.
- Offer samples
& special prices for tenders.
- Brief &
detailed technical files available for registration with health
authorities in the country of import.
- All sutures
comply with internal standards which are at least 10% higher than USP
standards for Tensile strength & Needle pull.
- Company
adopts the norms of EN550 for sterility protocols.
- All sutures
are attached to drilled end ribbed needles for better grip in needle
holder during surgery
Microporous Adhesive Paper Tapes
HIPORE is a medical grade Surgical Tape,
backed by non woven fabric made of 100% viscose & uniformly coated with
hypoallergenic adhesive.
Application: " HIPORE is suitable for long term gauze, dressing
fixation, for securing intravenous needles, medical devices, electrodes &
tubing on skin.
Advantages: "HIPORE being hypoallergenic can be safely used on
sensitive parts of the body, also on infants & people with allergy. The
tape is comfortable, easy to tear, radio transparent, is permeable to air &
water, Preventing maceration of skin
STANDARD
SIZES
|
Size |
Cardboard Box |
No. of Boxes /
Carton |
|
1/2" x 10 Yard* |
24 Rolls / Box |
24 Boxes |
|
1" x 10 Yard* |
12 Rolls / Box |
24 Boxes |
|
2" x 10 Yard |
6 Rolls / Box |
24 Boxes |
|
3" x 10 Yard |
4 Rolls / Box |
24 Boxes |
*Contains 1 cutter per box
Also available with cutters - 1/2" 24 cutters/box
& 1" 12 cutters/box & 6M length
Packing:
- 24 boxes are packed in carton dimension of 37 x 32 x
26cms weighing* 8kgs.
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. 40.84 |
|
|
1 |
Rs. 80.47 |
|
Euro |
1 |
Rs. 54.32 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|