MIRA
INFORM REPORT
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Report Date : |
01.10.2007 |
IDENTIFICATION DETAILS
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Name : |
SIORA SURGICALS PRIVATE LIMITED |
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Registered Office : |
1649, 2nd Floor, main Bazar, Paharganj, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.06.1990 |
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Com. Reg. No.: |
55-040387 |
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CIN No.: [Company
Identification No.] |
U74899DL1990PTC040387 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS12063C |
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PAN No.: [Permanent
Account No.] |
AAACS0806R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of surgical instruments and Implants, |
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 41000 |
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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. 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
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Registered Office : |
1649, 2nd Floor, Main Bazar, Paharganj, |
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Tel. No.: |
91-11-23583853/ 23584947/23582148 |
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Fax No.: |
91-11-2358497 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Anuj Dureja |
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Designation : |
Director |
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Address : |
B -19, Rangmahal Society, Saraswat Vihar, |
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Date of Birth/Age : |
04.08.1961 |
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Date of Appointment : |
04.06.1990 |
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Name : |
Mrs. Anita Dureja |
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Designation : |
Director |
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Address : |
B -19, Rangmahal Society, Saraswat Vihar, |
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Date of Birth/Age : |
17.08.1966 |
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Date of Appointment : |
30.09.1992 |
KEY EXECUTIVES
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Name : |
Jain and Associates |
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Designation : |
Company Secretary |
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Address: |
7370, 1st Floor, Ram Nagar, |
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Tel. No.: |
91-11-23531678 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Anuj Dereja |
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6584 |
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Mrs. Kamal Dureja |
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4 |
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Mrs. Anita Dureja |
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9200 |
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Category |
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Percentage
of Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of surgical instruments and Implants, |
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Products : |
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Exports to: |
More than 40 countries
spanning all continents of the globe |
GENERAL INFORMATION
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Bankers : |
v
ABN Amro Bank NV v
ICICI Bank Limited |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sanjeeva Narayan Chartered Accountants |
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Address : |
103, Pratap Bhawan, Bahadur Shah Zafar Marg, |
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Standard Certification: |
v
CE Certification v
ISO 13485: 2003 Accreditation |
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Associates/Subsidiaries : |
Siora Exports Legal Status: Sole Proprietory Concern Name of Proprietor: Mr. Anuj Dureja |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 100.00 each |
Rs. 6.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5364 |
Equity Shares |
Rs. 100.00 each |
Rs. 5.036
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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5.036 |
1.679 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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5.264 |
4.603 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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10.300 |
6.282 |
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LOAN FUNDS |
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1] Secured Loans |
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4.876 |
3.542 |
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2] Unsecured Loans |
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3.021 |
1.476 |
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TOTAL BORROWING |
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7.897 |
5.018 |
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DEFERRED TAX LIABILITIES |
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0.210 |
0.250 |
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TOTAL |
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18.407 |
11.550 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.683 |
2.245 |
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Capital work-in-progress |
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9.965 |
8.581 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.948 |
1.210 |
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Sundry Debtors |
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6.653 |
2.906 |
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Cash & Bank Balances |
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1.012 |
2.015 |
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Other Current Assets |
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0.075 |
0.056 |
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Loans & Advances |
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3.735 |
1.940 |
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Total
Current Assets |
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14.423 |
8.127 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.221 |
5.487 |
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Provisions |
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4.445 |
1.920 |
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Total
Current Liabilities |
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8.666 |
7.407 |
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Net Current Assets |
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5.757 |
0.720 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.004 |
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TOTAL |
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18.407 |
11.550 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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35.952 |
25.785 |
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Other Income |
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0.332 |
0.081 |
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Total Income |
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36.284 |
25.866 |
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Profit/(Loss) Before Tax |
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6.504 |
3.591 |
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Provision for Taxation |
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2.485 |
1.393 |
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Profit/(Loss) After Tax |
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4.019 |
2.198 |
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Expenditures : |
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Manufacturing Expenses |
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24.731 |
17.590 |
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Other Administrative Expenses |
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6.198 |
5.200 |
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Preliminary Expenses Written off |
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0.002 |
0.002 |
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Financial Charges |
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0.060 |
0.099 |
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Depreciation |
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0.484 |
0.485 |
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Total Expenditure |
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31.475 |
23.376 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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11.08 |
8.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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18.09 |
13.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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38.02 |
34.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.63 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.61 |
1.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.66 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Diagnosis of many physical disabilities or ailments would never be easy had there been no pharmaceutical equipments to detect or aid in treating them. Subject has been a leading player catering to the pharmaceutical machinery industry with a range of quality equipments since the year 1985. They are a renowned manufacturer and exporter of a wide range of orthopedic appliances and equipment such as Wires and Pins, Bone Cutting Instruments, Plaster Cutting Instruments, Bone Plates, Bone Screws, Nails, etc. They have always pushed the technological limits and have provided the finest equipment to their customers providing true value for their money.
They are backed by a team of highly qualified and diligent professionals, who
have vast industry experience with them. Moreover, they initiate periodic
market surveys, which enable us in providing products that are in sync with
current market requirements. Their manufacturing process has been
adapted to the international standards of reliability and safety and this
ensures that all their products are manufactured at par with the international
parameters. They provide excellent after sales services leaving no room for
customer grievances. Besides, they make sure that the ordered consignments are
delivered to the desired destination, within the stipulated time period. The
premium quality of their products has enabled us to capture a wide customer
base stretching across the globe.
The company's products are marketed through a network of distributors and dealers in
Quality Assurance
Subject is a quality driven company, the manufacturing unit being set up as per
WHO-GMP standard. Their
production methods adhere to all national and international standards
relevant to the pharmaceutical industry. The Orthopaedic Implants manufactured
at their unit are CE certified
and the quality systems have been
audited to ISO 13485: 2003 standards. The quality control
measures begin at the very initial stage of procurement of raw materials.
Besides, they maintain a sterilized atmosphere to ensure clean and hygienic
production. All the instruments manufactured by us are cleaned as well as
disinfected. They have a team of designers and medical professionals, who
create products in tandem with the current requirements of the customers.
Infrastructure
They are empowered by modern infrastructure with a state-of-the-art manufacturing
plant. Subject is headed by professionals who have in depth knowledge and
understanding of the pharmaceutical industry. The technology employed in the
processing and manufacture of the end products has been integrated in the most
professional manner so that quality standards are not compromised and they meet
global standards and customer expectations. Their hi-tech machinery enables us
to produce huge quantity of instruments and equipments and this is a clear
testimony of the fact that they are capable of executing bulk orders. The
knowledge and experience that they have in the export business ensures hassle
free shipments and clearances by the authorities. They are based in
Primary Competitive Advantages
v Manufacturing unit being set up as per WHO-GMP standard
v High quality
v Cost effective solutions
v Timely delivery
v
Network of distributors and dealers in
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.73 |
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1 |
Rs. 81.37 |
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Euro |
1 |
Rs. 56.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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