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MIRA
INFORM REPORT
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Report Date : |
25.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
VEEKAY SURGICALS (PRIVATE) LIMITED |
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Registered Office : |
708 Indra Prakash Building, 21 Barakhamba Road, New Delhi – 110001,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
08.10.2002 |
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Com. Reg. No.: |
55-117261 |
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CIN No.: [Company
Identification No.] |
U24236DL2002PTC117261 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELV03626A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Disposables Syringes. |
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 270000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track records.
Trade relations are fair. Financial position is satisfactory. Payments are
usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. K. D. Sharma |
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Designation : |
Export Department |
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Date : |
07.07.2008 |
LOCATIONS
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Registered Office : |
708 Indra Prakash Building, 21 Barakhamba Road, New Delhi – 110001,
India |
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Tel. No.: |
91-11-41519313 |
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Fax No.: |
91-11-23731822/ 41518313 |
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E-Mail : |
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Website : |
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Area : |
800 sq. ft. |
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Location : |
Rented |
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Corporate Office: |
602 – Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India |
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Fax No.: |
91-11-23731822 |
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Factory 1 : |
Opposite Gouchi Octroi Post, Sohna Road, Sector – 25, Faridabad –
121004, Haryana, India |
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Tel. No.: |
91-129-3294085 |
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Fax No.: |
91-129-2231220 |
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Area : |
250 sq. ft. |
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Location : |
Rented |
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Factory 2 : |
Plot No. D-8, Industrial Area, Bahadrabad, Haridwar, Uttarakhand,
India |
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E-Mail : |
91-1334-235032 |
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Area : |
2000 sq. ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mrs. Vimal Kumar Khemka |
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Designation : |
Director |
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Address : |
C-29, Shivalik, New Delhi - 110017, India |
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Date of Birth/Age : |
10.08.1961 |
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Qualification : |
Graduate |
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Date of Appointment : |
27.09.2003 |
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Name : |
Mrs. Bhagwati Prasad Khemka |
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Designation : |
Director |
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Address : |
C-29, Shivalik, New Delhi - 110017, India |
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Date of Birth/Age : |
30.06.1934 |
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Date of Appointment : |
25.09.2006 |
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Name : |
Mr. Vishnu Kumar Sureka |
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Designation : |
Director |
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Address : |
M-14 B NDSE – Part – II, New Delhi, India |
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Date of Birth/Age : |
23.09.1950 |
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Date of Appointment : |
27.09.2003 |
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Name : |
Mr. Binay Kumar Khemka |
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Designation : |
Director |
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Date of Birth/Age : |
09.11.1956 |
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Other Directorship : |
Linner Traders Private Limited Director CIN : U51909WB1994PTC066633 |
KEY EXECUTIVES
|
Name : |
Mr. V. S. Associates |
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Designation : |
Company Secretary |
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Address : |
110, Shri Krishna Business Center, 3/93 Lalita Park, Laxmi Nagar,
Delhi – 110092, India |
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Tel No.: |
91-11-43026621 |
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Fax No.: |
91-11-22456650 |
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Mobile : |
91-9971072221 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
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Mrs. Vimal Kumar Khemka |
|
32500 |
|
Liner Traders Private Limited |
|
36000 |
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Saroj Metal Works Private Limited |
|
61125 |
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JST Engineering Services Limited |
|
16000 |
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Mrs. Padma Khemka |
|
7500 |
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Mauria Udyog Limited |
|
3000 |
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Mr. Navneet Sureka |
|
2000 |
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Mrs. Deepa Sureka |
|
1000 |
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Vaishno Devi Properties Private Limited |
|
2000 |
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Mrs. Anandi Devi Khemka |
|
7625 |
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Mr. Vishnu Kumar Sureka |
|
1000 |
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Attanta Vinimay Private Limited |
|
2500 |
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Bhagwati Prasad Khemka |
|
2500 |
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Atlanta Vinmay Private Limited |
|
12500 |
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|
|
|
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Total |
|
187250 |
(As on 31.03.2007)
|
Category |
|
Percentage |
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|
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Disposables Syringes. |
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Exports : |
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Products : |
Disposables Syringes Insulin needles |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Korea |
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Terms : |
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Selling : |
Credit, Advance Payment |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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No. of Employees : |
265 (Office – 15 and Factory – 250) |
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Bankers : |
Commercial Branch, Naraina, New Delhi – 110021, India
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Facilities : |
L/C Limited Rs.5.000 Millions, Term Loan – Rs.20.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. K. Jain Chartered Accountant |
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Address : |
667 SRC 26, Faridabd – 121008, Haryana, India |
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Related Parties : |
CIN : U51909WB1994PTC066633 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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250000 |
Equity Shares |
Rs.100/- each |
Rs.25.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
187250 |
Equity Shares |
Rs.100/- each |
Rs.18.725
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
18.725 |
17.225 |
17.225 |
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2] Share Application Money |
0.000 |
15.150 |
14.154 |
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3] Reserves & Surplus |
35.434 |
18.116 |
6.312 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
54.159 |
50.491 |
37.691 |
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LOAN FUNDS |
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1] Secured Loans |
16.331 |
35.102 |
32.533 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
16.331 |
35.102 |
32.533 |
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DEFERRED TAX LIABILITIES |
1.907 |
1.949 |
2.223 |
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TOTAL |
72.397 |
87.542 |
72.447 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.087 |
52.249 |
29.363 |
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Capital work-in-progress |
0.000 |
0.000 |
24.300 |
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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 |
14.410
|
20.254 |
17.706 |
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Sundry Debtors |
16.074
|
19.473 |
7.543 |
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Cash & Bank Balances |
0.756
|
1.244 |
0.486 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
8.469
|
6.523 |
6.595 |
|
Total
Current Assets |
39.709
|
47.494 |
32.330 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
14.475
|
12.291 |
13.648 |
|
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
14.475
|
12.291 |
13.648 |
|
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Net Current Assets |
25.334
|
35.203 |
18.682 |
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MISCELLANEOUS EXPENSES |
0.076 |
0.090 |
0.102 |
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TOTAL |
72.397 |
87.542 |
72.447 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
144.877 |
109.338 |
41.306 |
|
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Other Income |
0.000 |
0.000 |
0.000 |
|
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Total Income |
144.877 |
109.338 |
41.306 |
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Profit/(Loss) Before Tax |
14.475 |
12.621 |
1.799 |
|
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Provision for Taxation |
1.657 |
0.817 |
1.175 |
|
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Profit/(Loss) After Tax |
12.818 |
11.804 |
0.624 |
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Expenditures : |
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Depreciation & Amortization |
7.177 |
7.776 |
3.951 |
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Other Expenditure |
123.225 |
88.941 |
35.556 |
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Total Expenditure |
130.402 |
96.717 |
39.507 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.85
|
10.80 |
1.51 |
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Net Profit Margin (PBT/Sales) |
(%) |
9.99
|
11.54 |
4.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
16.68
|
12.65 |
2.92 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.25 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.94 |
1.23 |
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Current Ratio (Current Asset/Current Liability) |
|
2.74
|
3.86 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Twoky Chemicals
Limited, Kenya
Form 8:
|
Corporate
identity number of the company |
U24236DL2002PTC117261 |
|
Name of the
company |
VEEKAY SURGICALS (PRIVATE) LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
602 – Chiranjiv Tower, 43, Nehru Place, New Delhi – 110019, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Hypothecation of
Stock and Plant and Machinery |
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Particular of
charge holder |
Commercial Branch, Naraina, New Delhi – 110021, India |
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Nature of
instrument creating charge |
As per agreement |
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Date of
instrument Creating the charge |
01.02.2007 |
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Amount secured by
the charge |
Rs.58.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 1.5% above SBAR
Present Effective Rate 13% Terms and
Repayment: As per agreement Margin: 25% Extent and
operation of the charge: NA |
|
Particulars of
the property charged |
As per agreement |
|
Particulars of
the present modification |
NA |
Website Details
Profile:
An ISO 9001: 2000 Health-care Company manufacturing High Quality Medical Disposables conforming to International Standards. Introducing Diabetic uni-body syringes by Nov, 04 adding another manufacturing facility at Haridwar to commence production.
The equipments are from the best manufacturer in their field from all over the World. Raw materials used are of highest quality and pass through stringent QA tests. Manufacturing is fully automatic to ensure uniformity of quality.
Clean rooms are built with latest technology to ensure 100% safety. Finished products are ETO sterilized in compliance with International procedure. A special packaging is used which can be used to check sterility just before use. Test report is provided for non-toxicity, pyrogen free and Sterility.
Manufacturing:
Subject is the entire manufacturing process is completely
automated in an environment that is air -conditioned, dust-free and totally
hygienic. To avoid contamination, assemblies are done under laminar flow
workstation in sterile air-pressurized and air-conditioned hall. Company
products are packed in special packaging. SAFE-PLUS syringes are individual ribbon-packed in a
double laminated plastic film.
Subject has developed three pieces type of single use syringes consisting of
barrel, plunger and gasket (rubber bung) incorporated over the top end of the
plunger.
They use the latest technology to sterilize and prevent infections, untouched
by human hands to ensure zero bacteria. Their packaging is 100% safe sterilize
by ETO gas as per international standards. Each batch before dispatch is
subject to chemical and biological test to ensure that the products are
non-toxic, sterile and pyrogen free.
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 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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
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 |
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 |
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. |
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 |
|