MIRA
INFORM REPORT
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Report Date : |
23.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VASCULAR CONCEPTS LIMITED |
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Registered Office : |
Flat No. 201, Second Floor, Jyothi Apartments, 66, Nehru Place, New Delhi
– 110019 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.05.1992 |
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Com. Reg. No.: |
141596 |
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CIN No.: [Company
Identification No.] |
U33119DL2005PLC141596 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM01490G |
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PAN No.: [Permanent
Account No.] |
AAACM8353R |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer of
stents |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1100000 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. General
financial position is good. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
Flat No. 201, Second Floor, Jyothi Apartments, 66, Nehru Place, New
Delhi – 110019, India |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Pramod Kumar Nanda |
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Designation : |
Director |
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Address : |
573, 3rd Floor, Chirag Delhi – 110017, India |
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Date of Birth/Age : |
28.09.1932 |
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Date of Appointment : |
01.10.1992 |
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Name : |
Mr. Anurag Dubey |
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Designation : |
Non Executive Director |
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Address : |
C-3/3, Mangla Apartment, Plot No. 53, IP Extension, Patparganj, New
Delhi – 110092, India |
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Date of Birth/Age : |
05.04.1974 |
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Date of Appointment : |
20.07.2006 |
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Name : |
Mr. Swaminathan Mayuram Jayaraman |
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Designation : |
Executive Director |
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Address : |
No. 32-3-2 11th Cross 8th Main Malleshwaram
Bangalore – 560003, Karnataka, India |
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Date of Birth/Age : |
04.12.1964 |
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Date of Appointment : |
25.05.1992 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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99.97 |
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Other top fifty shareholders |
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0.03 |
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Total
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|
100 .00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
stents |
GENERAL
INFORMATION
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Bankers : |
State Bank of Mysore Dr Ambedkar VeedhiBranch, Bangalore – 560001, Karnataka, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
SVR and Associates Chartered Accountants |
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Address : |
S-3 II Floor Mangalam Chambers 25, K. H. Road, Bangalore – 560027,
Karnataka, India |
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Holding Company : |
Vascular Concepts Holdings Limited British Isles |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
157854 |
Equity Shares |
Rs. 100/- each |
Rs. 15.785
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
15.785 |
15.780 |
15.780 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
213.111 |
188.062 |
156.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
228.896 |
203.842 |
172.580 |
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LOAN FUNDS |
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1] Secured Loans |
38.745 |
18.409 |
15.113 |
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2] Unsecured Loans |
2.040 |
0.000 |
0.000 |
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TOTAL BORROWING |
40.785 |
18.409 |
15.113 |
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DEFERRED TAX LIABILITIES |
3.739 |
2.607 |
1.184 |
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TOTAL |
273.420 |
224.858 |
188.877 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
58.435 |
49.632 |
33.305 |
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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 |
79.718
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50.084 |
44.031 |
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Sundry Debtors |
271.086
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219.620 |
238.110 |
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Cash & Bank Balances |
41.752
|
29.316 |
45.680 |
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Other Current Assets |
8.080
|
3.927 |
4.888 |
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Loans & Advances |
3.131
|
3.841 |
6.198 |
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Total
Current Assets |
403.767
|
306.788 |
338.907 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
96.407
|
73.632 |
75.982 |
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Provisions |
92.375
|
59.655 |
109.943 |
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Total
Current Liabilities |
188.782
|
133.287 |
185.925 |
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Net Current Assets |
214.985
|
173.501 |
152.982 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.725 |
2.590 |
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TOTAL |
273.420 |
224.858 |
188.877 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
610.847 |
560.615 |
694.509 |
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Other Income |
4.485 |
13.983 |
10.095 |
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Total Income |
615.332 |
574.598 |
704.604 |
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Profit/(Loss) Before Tax |
56.520 |
58.526 |
142.046 |
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Provision for Taxation |
24.728 |
21.436 |
82.035 |
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Profit/(Loss) After Tax |
31.792 |
37.090 |
60.011 |
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Earnings in Foreign Currency : |
11.877 |
21.561 |
9.727 |
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Expenditures : |
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Purchases made for re-sale |
232.586 |
207.820 |
249.536 |
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Salaries, Wages, Bonus, etc. |
35.065 |
27.725 |
24.077 |
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Managerial Remuneration |
24.192 |
39.780 |
45.160 |
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Payment to Auditors |
0.100 |
0.168 |
0.165 |
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Interest |
3.602 |
4.524 |
6.049 |
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Insurance Expenses |
2.005 |
1.290 |
2.549 |
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Power & Fuel |
0.411 |
0.308 |
0.260 |
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Depreciation & Amortization |
5.657 |
3.232 |
2.325 |
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Other Expenditure |
255.195 |
231.226 |
232.437 |
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Total Expenditure |
558.813 |
516.073 |
562.558 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.17
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6.45 |
8.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.25
|
10.44 |
20.45 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.23
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16.42 |
38.16 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.29 |
0.82 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.00
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0.74 |
1.16 |
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Current Ratio (Current Asset/Current Liability) |
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2.14
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2.30 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
Registered office of the company has been shifted from B-6 Flat No 4
G Enclave, New Delhi – 48, India to the
present address w. e. f. 01.05.2006
Bankers Charges
Report as per Registry
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This form is for |
Modification of
charge |
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Charge identification
number of the modified |
80022358 |
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Corporate
identity number of the company |
U33119DL2005PLC141596 |
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Name of the
company |
VASCULAR CONCEPTS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat # 201, 2nd Floor, Jyothi Apartments, 66, Nehru Place,
New Delhi – 110019, India |
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Type of charge |
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Particular of
charge holder |
State Bank of
Mysore Dr Ambedkar
Veedhi Branch Bangalore –
560001, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
cash credit – Form No. 9 and 10 Agreement for establishing
letter of credit Letter of Deposit
of title Deeds Cheque purchase
limit – Form No. 8 |
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Date of
instrument Creating the charge |
15.03.2008 |
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Amount secured by
the charge |
Rs. 120.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit
[Stock] 12.75 % Cash Credit
[debts and assets] – 12.75 % Letter of credit Bank guarantee Cheque purchase Terms of
Repayment Letter of credit
– on demand Cash credit – on
demand Margin Cash Credit
[Stock] 25 % Cash Credit
[debts and assets] – 40 % Letter of credit
– 10 % Bank guarantee 25
% Cheque purchase -
Nil Extent and
Operation of the charge
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Short particulars
of the property charged |
Extension of
scope of mortgage by deposit of title deeds of immovable property of land and
building situated at Plot No. 7 C, Doddaballapur Indus Area, Bangalore |
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Date of latest
modification prior to the present modification |
10.01.2007 |
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Particulars of the
present modification |
The total charge
amount has been increased from Rs. 54.000 Millions to Rs. 120.000 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
65 |
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 |
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