MIRA
INFORM REPORT
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Report Date : |
09.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ALLENGERS MEDICAL SYSTEMS LIMITED |
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Formerly Known As : |
ALLENGERS MEDICAL PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Unit No. 202, Ansal’s |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.07.1992 |
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Com. Reg. No.: |
53-154688 |
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CIN No.: [Company
Identification No.] |
U33111DL1992PLC154688 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTLA10768C |
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PAN No.: [Permanent
Account No.] |
AABCA2332H |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer of X-Rays machines, C-Arm Image Intensifiers,
Lithotripter, Mobile Cath Lab and Mammography |
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 300000 |
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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 relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade relations
are reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Unit No. 202, Ansal’s |
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E-Mail : |
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Website : |
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Head Office : |
S.C.O. 212-214, Sector 34-A, |
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Tel. No.: |
91-172-3012287 / 3012285 / 2725695 |
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Fax No.: |
91-172-2621912 / 2708031 |
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European Representative: |
58, Avenue Du Parc De Woluwe , B - 1160 Bruxelles |
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Tel. No.: |
00/32.2.672.56.44 |
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Fax No.: |
00/32.2.662.29.92 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. R. S.
Kanwar |
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Designation : |
Managing Director |
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Address : |
Kanwar Complex, |
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Date of Birth/Age : |
03.09.1966 |
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Date of Appointment : |
01.01.2005 |
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Name : |
Mr. R. S. Kanwar |
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Designation : |
Executive Director, Int. Sales |
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Name : |
Mr. Sanjeev
K. Marjara |
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Designation : |
Executive
Director, Technical |
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Address : |
# 275, Sector 15 A, |
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Date of Birth/Age : |
30.12.1973 |
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Date of Appointment : |
01.01.2005 |
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Name : |
Mr. Arun
Sharma |
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Designation : |
Executive
Director, Works |
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Address : |
# 851, Sector 16, |
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Date of Birth/Age : |
17.05.1968 |
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Date of Appointment : |
01.01.2005 |
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Name : |
Mr. Suresh Sharma |
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Designation : |
Managing Director |
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Address : |
# 1802, Sector 34 D, |
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Date of Birth/Age : |
14.10.1957 |
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Date of Appointment : |
30.07.1992 |
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Name : |
Mr. R. K. Sehgal |
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Designation : |
Joint Managing Director |
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Address : |
# 351, Sector 15, |
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Date of Birth/Age : |
14.12.1960 |
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Date of Appointment : |
04.04.1994 |
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Name : |
Mr. Surinder Mohan |
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Designation : |
Director |
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Address : |
# 30/2D, Dayal Bagh, |
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Date of Birth/Age : |
23.08.1943 |
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Date of Appointment : |
25.02.2004 |
KEY EXECUTIVES
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Name : |
Ms. Suruchi Chhabra |
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Designation : |
Company Secretary |
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Address : |
H No. 1414, Sector 34 C, |
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Date of Birth/Age : |
17.02.1980 |
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Date of Appointment : |
27.11.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Suresh Sharma |
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136820 |
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Samidha Sharma |
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97250 |
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R K Sehgal |
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2250 |
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M. S. Sharma |
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1250 |
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Suma Finance and Investments Limited |
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15000 |
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Shrey Fincap Limited |
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10000 |
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Lakshya Res and Dev. Private Limited |
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23000 |
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Keshav Real Estate Private Limited |
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32000 |
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Oriental Impex Private Limited |
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37500 |
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Touchwood Agencies Private Limited |
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7000 |
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SRS Vijay Sales Private Limited |
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7000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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37.51 |
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Directors or relatives of directors |
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59.93 |
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Other top fifty shareholders |
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2.56 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of X-Rays machines, C-Arm Image Intensifiers,
Lithotripter, Mobile Cath Lab and Mammography |
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Products : |
·
Line Frequency
X-Rays ·
High Frequency X-Ray
Machines ·
High Frequency X-Ray
Machines Fixed ·
Line Frequency C-Arm
·
High Frequency C-Arm
·
Lithotripter ·
Mammography ·
Digital Subtraction
Angiography System ·
Mobile Cath Lab |
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Exports : |
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Countries : |
Asia, South East Asia, Middle East, Africa and |
GENERAL INFORMATION
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Customers : |
Worldwide
Clientle
Indian
Clientle
Corporate
Hospital
Medical
Colleges
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No. of Employees : |
450 |
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Bankers : |
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Banking Relations
: |
Satisfactory |
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Financial Institution : |
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Auditors : |
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Name : |
Kansal Singla and Associates Chartered Accountants |
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Address : |
503-04, Rattan Jyoti, 18, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550,000 |
Equity Shares |
Rs. 100/- each |
Rs. 55.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
550,000 |
Equity Shares |
Rs. 100/- each |
Rs. 55.000 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 |
44.654 |
39.054 |
31.404 |
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2] Share Application Money |
10.000 |
8.650 |
6.650 |
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3] Reserves & Surplus |
21.863 |
17.870 |
14.441 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
76.517 |
65.574 |
52.495 |
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LOAN FUNDS |
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1] Secured Loans |
31.361 |
25.698 |
11.721 |
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2] Unsecured Loans |
20.854 |
24.003 |
8.932 |
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TOTAL BORROWING |
52.215 |
49.701 |
20.653 |
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DEFERRED TAX LIABILITIES |
2.444 |
2.144 |
1.476 |
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TOTAL |
131.176 |
117.419 |
74.624 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.564 |
21.228 |
15.993 |
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Capital work-in-progress |
0.000 |
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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Inventories |
31.957
|
21.109 |
15.544 |
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Sundry Debtors |
129.302
|
120.147 |
99.391 |
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Cash & Bank Balances |
8.151
|
7.241 |
12.162 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
26.310
|
15.481 |
12.505 |
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Total
Current Assets |
195.720
|
163.978 |
139.602 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
94.108
|
67.787 |
80.971 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
94.108
|
67.787 |
80.971 |
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Net Current Assets |
101.612
|
96.191 |
58.631 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
131.176 |
117.419 |
74.624 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
334.058 |
299.813 |
313.506 |
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Other Income |
2.279 |
0.228 |
-- |
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Total Income |
336.337 |
300.041 |
313.506 |
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Profit/(Loss) Before Tax |
7.924 |
5.699 |
7.155 |
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Provision for Taxation |
3.798 |
2.170 |
1.925 |
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Profit/(Loss) After Tax |
4.126 |
3.529 |
5.230 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
32.715 |
11.271 |
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Imports : |
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Total Imports |
NA |
107.829 |
88.933 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
7.259 |
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Administrative Expenses |
0.000 |
0.000 |
18.149 |
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Raw Material Consumed |
240.080 |
214.751 |
231.996 |
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Increase/(Decrease) in Finished Goods |
[5.784] |
[3.569] |
0.000 |
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Salaries, Wages, Bonus, etc. |
27.718 |
23.228 |
0.000 |
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Managerial Remuneration |
2.032 |
1.056 |
0.000 |
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Payment to Auditors |
0.056 |
0.050 |
0.000 |
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Interest |
4.687 |
5.001 |
3.812 |
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Insurance Expenses |
0.650 |
0.452 |
0.000 |
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Power & Fuel |
1.486 |
1.161 |
0.000 |
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Depreciation & Amortization |
2.224 |
1.575 |
1.210 |
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Other Expenditure |
55.264 |
50.637 |
43.925 |
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Total Expenditure |
328.413 |
294.342 |
306.351 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
1.23
|
1.18 |
1.67 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.37
|
1.90 |
2.28 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.52
|
3.08 |
4.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.09 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.91
|
1.79 |
1.94 |
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Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.42 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
The Registered office of the company has been shifted from
SCO 71 Sector 20 C,
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Name of the company |
ALLENGERS
MEDICAL SYSTEMS LIMITED |
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Presented By |
Suresh Sharma,
Managing Director |
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1) Date and description of instrument creating the change |
2nd November,
1996 Hypothecation of Book Debts and Bills for Collection [Regd. on
01.12.1996] Modified on
15.09.2000 [Regd. on 22.09.2000] Modified on
05.04.2002 [Regd. on 29.04.2002] Modified on
12.03.2003 [Regd. on 27.03.2003] Modified on
16.09.2003 [Regd. on 30.09.2003] Modified on
17.09.2003 [Regd. on 30.09.2003] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Million
enhanced to Rs. 2.500 Million enhanced to Rs. 5.000 Million enhanced to Rs. 6.250
Millions reduced to Rs. 5.000 Millions enhanced to Rs. 7.500 Million |
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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 |
Sundry Debtors of
the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest
21.75 % p.a. Repayable on
demand |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank Sector 28, |
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6) Date and brief description of instrument modifying the charge |
Hypothecation of
Goods and Book Debts to secure cash credit facility, hypothecation f movable
assets forming part of block assets and equitable mortgage by deposit of
title deeds dated 17.11.2004 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Limit enhanced to
Rs. 15.000 Millions from Rs. 7.500 Millions additional limit shall be further
secured by extension of charge on the title deeds already deposited with
terms and conditions remain the same. |
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This form is for |
Modification of
charge |
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Charge identification
number of the charge to be modified |
80015715 |
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Corporate
identity number of the company |
U33111DL1992PLC154688 |
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Name of the
company |
ALLENGERS MEDICAL SYSTEMS LIMITED |
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Address of the
registered office or of the principal place of business in |
Unit No. 202, Ansal’s |
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Type of charge |
Movable Property |
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Particular of
charge holder |
Punjab National Bank S. C. F. 1/2/3, Sector 28 C, |
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Nature of
description of the instrument creating or modifying the charge |
Deed if hypothecation to secure L.C. on DA Basis |
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Date of instrument
Creating the charge |
20.09.2006 |
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Amount secured by
the charge |
Rs. 5.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 2 % over
prevailing BPLR rate Terms of
repayment Repayable on
demand Margin 10 % Extent operation
of the charge 100 % |
|
Particulars of
the present modification |
ILC / FLC [DA /
DP] limit enhanced from Rs. 15.000 Millions to Rs. 20.000 Millions other terms
and conditions remain unchanged. |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Computer
- Air
Conditioner
- Electric
Equipment
- Water Cooler
- Vehicles
- Office
Equipment
- Tube Well
AS PER WEBSITE
Profile
Since 1987, healthcare providers worldwide have relied on Allengers
Medical Systems Limited, for high-quality
medical technology, services and productivity solutions. No matter what
challenges your health system faces, you can always count on Allengers
to deliver the highest quality healthcare in shape of X-ray Machines,
C-Arm Image Intensifiers, Lithotripters (ESWL), Mammography and Mobile Cath
Lab.
They are continually developing new diagnostic imaging technology
that saves lives, and helping hospitals meet the growing demand for
high-quality, medical services at prices patients can afford. Their new product
introductions, growing services offerings & information technology comprise
their foundation for the next century. Use the links above to learn more about
their products and services. Allengers has strategically
positioned its sales & service, Set-ups Nationwide to provide responsive
local service to customers.
Presence
Their worldwide presence includes their dealer ventures in
35 different countries in Asia, Africa, South America, Middle East and South
East Asia through whom their large No. of Equipments are working successfully
in these countries.
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.39.55 |
|
|
1 |
Rs.80.44 |
|
Euro |
1 |
Rs.55.49 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
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 |
|
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. |
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 |
|