MIRA
INFORM REPORT
|
Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MEDICA INSTRUMENT MANUFACTURING COMPANY |
|
|
|
|
Registered Office : |
105, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel (West),
Opposite Big Bazar, Mumbai - 400 013,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
1967 |
|
|
|
|
IEC No.: |
0388151021 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAAFM2428C |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of partners |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Importer of Medical Instruments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track
records. Trade relations are fair. Payments are reported as slow but correct. However, the concern can be considered normal for business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Gaurang |
|
Designation : |
Import Export Department |
|
Date : |
10.11.2008 |
LOCATIONS
|
Registered Office : |
105, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel (West),
Opposite Big Bazar, Mumbai - 400 013,
Maharashtra, India |
|
Tel. No.: |
91-22-66189999 |
|
Fax No.: |
91-22-66189996 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
1000 sq. ft. [Owned] |
|
|
|
|
Factory 1 : |
116, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel (West),
Opposite Big Bazar, Mumbai - 400 013,
Maharashtra, India |
|
Tel. No.: |
91-22-66189999 |
|
Area : |
2000 sq. ft. [Owned] |
|
|
|
|
Factory 2 : |
316, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel (West),
Opposite Big Bazar, Mumbai - 400 013,
Maharashtra, India |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mr. Hemant Shah |
|
Designation : |
Partner |
|
Address : |
402, Indira Apartments, Carmichael Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Com |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. Sumanlal Shah |
|
Designation : |
Partner |
|
Address : |
402, Indira Apartments, Carmichael Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
48 Years |
|
|
|
|
Name : |
Mrs. Pallavi Shah |
|
Designation : |
Partner |
|
Date of Birth/Age : |
45 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Medical Instruments. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Products : |
Autoclaves, Rotary Vacuum Evaporator, Refrigerator circulating bath, Stirred Water bath |
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
Medical Instruments |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Advance/ Cash/ Credit / 100 % T/T |
|
|
|
|
Purchasing : |
Cash/ Credit 30-90 days / 100 % T/T |
PRODUCTION STATUS As on 31.03.2008
|
Particulars |
Actual
Production |
|
Autoclaves |
1500 |
|
Rotary Vacuum Evaporator |
200 |
|
Bathe |
800 |
|
|
|
GENERAL
INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users
|
|
|
|
|
No. of Employees : |
79 (In office – 35, In factory – 44) |
|
|
|
|
Bankers : |
Citi Bank, Fort House, Mumbai – 400 001, Maharashtra, India |
|
|
|
|
Facilities : |
Cash Credit (The concern enjoy some facilities from its banker) |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name 1 : |
BNC and Associates Chartered Accountants |
|
Tel. No.: |
91-22-25922732 |
|
|
|
|
Name 2 : |
Mr. Santosh Chartered Accountants |
|
Address : |
Mumbai |
|
|
|
|
Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.2.000 millions (Estimated) |
|
Borrowed : |
-- |
|
Total : |
Rs.2.000 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
|
31.03.2008 |
|
Sales Turnover |
|
|
53.500 |
|
|
|
|
|
Expected Sales (2008-09): Rs.80.000 millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
- Cipla
- Atul
- GVK Bioscience
WEBSITE DETAILS:
Subject was established for the manufacture of medical instruments. The firm currently is a registered SSI unit since 1967 with the Directorate of Industries and is also an ISO 9001:2000 certified organisation.
Subject's focus has always been to produce instruments which
are a step ahead in innovation and user-friendliness. There is a continual
investment of resources towards R&D. They specialize in sterilization,
pathology and organic chemistry lab instruments, namely Vertical Autoclaves
(steam pressure sterilizers), Rotary
Vacuum Evporators, Baths - Oil and Water / Stirred / Round / Shaking, Water
Stills, Colony Counters, Anaerobic Jars etc. Subject markets these products
under its own brands, namely EQUITRON, LAPIZ, Equitron-ROTEVA, Stone-Fin.
EQUITRON Fully Automatic Vertical Autoclaves are market leaders in this category of Autoclaves with over 75% market share in the domestic field. EQUITRON Autoclaves, coupled with its on line printing / charting, comply with GMP / ISO / FDA requirements.
Equitron-ROTEVA Rotary Vacuum Evaporators - which have been introduced just 2 years back - has already established itself as a fully featured and highly cost effective Evaporator with a country wide user base.
They have in house facilities of:
- Fabrication department with Shears, Presses, Electric, Argon and Spot Welding, Stud Welding, Electric Jigsaw, Angle Grinders and allied electric hand tools.
- Machine Shop with Lathes, Drills, Grinders, Milling etc.
- Polishing department with Bench Polishers, Flexible Shaft Polishers.
- Assembly Shop with Vices, Tables etc.
- Electrical department with qualified technicians and engineers.
- Test Room with all test facilities and with test and measure instruments related to temperature and pressure having traceablity to National Standards.
- Packing Department
Besides having all these facilities in-house they have a strong setup of vendors for Die Pressing / Dished end Presses, Fabrication, Plating, Powder / Epoxy Coating, Die / Mould Makers, Injection Moulding etc.
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.49.97 |
|
UK Pound |
1 |
Rs.75.45 |
|
Euro |
1 |
Rs.64.21 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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 |
|