MIRA
INFORM REPORT
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Report Date : |
31.12.2008 |
IDENTIFICATION DETAILS
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Name : |
INTERVENTIONAL TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known As : |
INTERVENTIONAL TECHNOLOGIES LIMITED |
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Registered Office : |
201, Steel House, 2nd Floor 24 Mahal Industrial Estate, 2nd
Floor, Off Mahakali Caves Road, Andheri, Mumbai – 400 093, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
02.06.1999 |
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Com. Reg. No.: |
11-120155 |
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CIN No.: [Company
Identification No.] |
U33110mh1999ptc120155 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI03503D /MUMI05922A |
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PAN No.: [Permanent
Account No.] |
AAACI5124Q |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Trader of Life Saving Medical Device |
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 500000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Company’s
profitability is under pressure and has incurred a loss during 2007-08. Trade
relations are fair. No complaints have been heard. The company can be considered for business dealings with slight
caution, initially. |
INFORMATION PARTED BY
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Name : |
Mr. Jignesh Bhatia |
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Designation : |
Accounts Manager |
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Date : |
29.12.2008 |
LOCATIONS
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Registered Office : |
201, Steel House, 2nd Floor 24 Mahal Industrial Estate, 2nd
Floor, Off Mahakali Caves Road, Andheri, Mumbai – 400 093, Maharashtra |
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Tel. No.: |
91-22-40479797 / 26874904 |
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Fax No.: |
91-22-40499717 / 26873706 |
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E-Mail : |
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Website : |
www.ivtindia.com (Under
construction) |
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Location : |
Rented |
NoteS:
Subject has branches office all over
DIRECTORS
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Name : |
Mr. Vali Mohammed Kasim |
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Designation : |
Director |
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Address : |
9 Manekmahal, |
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Date of Birth/Age : |
24.01.1928 |
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Date of Appointment : |
02.06.1999 |
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Name : |
Mr. Iqbal Vali Kasim |
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Designation : |
Director |
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Address : |
9 Manekmahal, |
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Date of Birth/Age : |
18.01.1933 |
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Date of Appointment : |
02.06.1999 |
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Name : |
Dr. Pramod Kumar Mangalsain Minocha |
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Designation : |
Director |
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Address : |
108, Bhagyoday Society, |
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Date of Birth/Age : |
20.10.1953 |
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Date of Appointment : |
01.09.2006 |
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Directorship in other companies : |
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CIn of the Company |
U73100gj2000ptc038179 |
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Name of the Company |
Bilakhia Research Private Limited |
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Designation : |
Director |
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CIn of the Company |
U24231gj1993plc038905 |
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Name of the Company |
Mitsu Limited |
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Designation : |
Director |
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CIn of the Company |
U24119gj2006plc048361 |
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Name of the Company |
Micro Life Sciences Limited |
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Designation : |
Director |
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CIn of the Company |
U73100gj2006ptc048747 |
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Name of the Company |
Meeba Technology Private Limited |
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Designation : |
Director |
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Name : |
Mr. Vinaykumar Navnitbhai Pandya |
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Designation : |
Director |
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Address : |
401/402, Royal Enclave Soc, |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
01.09.2006 |
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Directorship in other companies : |
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CIn of the Company |
U73100gj2000ptc038179 |
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Name of the Company |
Bilakhia Research Private Limited |
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Designation : |
Director |
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CIn of the Company |
U24120MH1985PLC037717 |
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Name of the Company |
Milestone Holdings Limited |
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Designation : |
Director |
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CIn of the Company |
U99999gj2001ptc049322 |
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Name of the Company |
Bilag Industries Private Limited |
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Designation : |
Director |
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CIn of the Company |
U24119gj2006plc048361 |
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Name of the Company |
Micro Life Sciences Limited |
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Designation : |
Director |
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Name : |
Mr. Tarak Dineshkumar Buch |
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Designation : |
Director |
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Address : |
B/20 Laxmi Narayan Society, B?H Mother’s School, Near Jalaram Nagar,
Vadodara – 39 015, |
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Date of Birth/Age : |
15.01.1966 |
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Date of Appointment : |
01.09.2006 |
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Name : |
Mr. Kirthee Thakkar |
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Designation : |
Director |
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Address : |
A-203, Vrindavan, Dombivali East, Mumbai – 421 101, |
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Date of Birth/Age : |
15.12.1958 |
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Date of Appointment : |
15.06.2002 |
KEY EXECUTIVES
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Name : |
Mr. Jignesh Bhatia |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Vali M Kasim |
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907615 |
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Micro Life Sciences Private Limited |
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5153885 |
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Mrs. Madhuri Dhamecha |
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1000 |
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Mr. Bharat Dhamecha |
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1000 |
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Others |
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600 |
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Total
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6064100 |
AS ON 30.09.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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85.00 |
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Directors or relatives of directors |
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15.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Life Saving Medical Device |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
US, |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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No. of Employees : |
130 (30 in Office and 100 in Branches) |
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Bankers : |
Union Bank of India, Retail Mart, Sion East Branch, Plot No. 201, Bansri Bhavan, Sion (East),
Mumbai – 400 022, Maharashtra |
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Banking
Relations : |
---- |
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Auditors : |
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Name 1 : |
Pinkesh Kapadia and Company Chartered Accountants |
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Address : |
12/2 Parvati, Near Sion Bus Depot, Sion West, Mumbai – 400 022, |
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Name 2 : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, 2 Mumbai – 400 022, |
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Holding Company : |
Micro Life Sciences Private Limited |
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Associates/Subsidiaries : |
·
Endovascular Therapautics · Mansarovar Estate Management Services Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6064100 |
Equity Shares |
Rs. 10/- Each |
Rs. 606.410 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
60.641 |
60.641 |
60.641 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.531 |
39.899 |
31.213 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
89.172 |
100.540 |
91.854 |
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LOAN FUNDS |
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1] Secured Loans |
11.376 |
34.143 |
38.131 |
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2] Unsecured Loans |
30.000 |
20.000 |
0.000 |
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TOTAL BORROWING |
41.376 |
54.143 |
38.131 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
130.548 |
154.683 |
129.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.974 |
10.894 |
11.301 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.011 |
0.005 |
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DEFERREX TAX ASSETS |
2.859 |
0.250 |
0.044 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
75.520
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127.777 |
58.668 |
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Sundry Debtors |
96.420
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172.891 |
123.120 |
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Cash & Bank Balances |
8.334
|
17.560 |
20.555 |
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Other Current Assets |
0.002
|
0.000 |
1.181 |
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Loans & Advances |
10.372
|
7.344 |
4.446 |
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Total
Current Assets |
190.648
|
325.572 |
207.970 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
72.402
|
180.024 |
77.941 |
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Provisions |
1.541
|
2.020 |
11.394 |
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Total
Current Liabilities |
73.943
|
182.044 |
89.335 |
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Net Current Assets |
116.705
|
143.528 |
118.635 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
130.548 |
154.683 |
129.985 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
325.497 |
544.471 |
379.716 |
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Other Income |
12.439 |
0.121 |
0.811 |
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Total Income |
337.936 |
544.592 |
380.527 |
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Profit/(Loss) Before Tax |
[10.739] |
28.612 |
27.544 |
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Provision for Taxation |
0.629 |
14.913 |
11.834 |
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Profit/(Loss) After Tax |
[11.368] |
13.699 |
15.710 |
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Export Value |
7.951 |
22.602 |
NA |
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Import Value |
222.789 |
416.675 |
NA |
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Expenditures : |
NA |
NA |
NA |
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Cost of goods
Sold |
NA |
NA |
247.306 |
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Personnel Cost |
NA |
NA |
36.680 |
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Selling, Administration & business
Promotion Expenses |
NA |
NA |
60.023 |
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Financial Charges |
NA |
NA |
6.914 |
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Interest |
0.436 |
3.243 |
NA |
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Depreciation & Amortization |
3.023 |
3.241 |
2.060 |
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Other Expenditure |
345.216 |
509.496 |
NA |
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Total Expenditure |
348.675 |
515.980 |
352.983 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
[3.18]
|
2.52 |
4.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
[3.30]
|
5.26 |
7.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
[5.33]
|
8.50 |
12.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
[0.12]
|
0.28 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
2.44 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
2.58
|
1.79 |
2.33 |
LOCAL AGENCY FURTHER INFORMATION
Review of Operations and business
The company’s turnover for the year is lower to Rs. 325.497 millions to previous
year of Rs. 544.471 millions. This is due to recall of drug eluting stent
costar after acquisition by Johnson and Johnson. It was also necessary to give
up distribution rights of Biotronik because of their insistence of inconvenient
terms, non-exclusive distribution rights within
Future outlook
Company has made tie up with Orbus Neich for product range for replacing
Biotronik Products. The products have been well accepted by the market. Company
will also be able to market their Drug eluting stent after receiving necessary
approvals. Company has also tied up with Xstent, which is futuristic stent
technology. Company is looking for additional range of products to improve upon
its market share.
Holding Company
Micro Life Sciences Private Limited (formerly Known as Micro Life
Sciences Limited Vapi – Gujarat (Bilakhia Group) is holding 85% of the paid-up
capital of the company.
Trade references:-
·
Bio Tonic
· Johnson and Johnson
Fixed assets:-
· Land
· Buildings
· Plant and Machineries
· Office Equipment
· Computers
· Furniture and Fittings
· Vehicles
Form 8:-
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Name of the company |
INTERVENTIONAL TECHNOLOGIES PRIVATE
LIMITED |
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Presented By |
Union Bank of |
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1) Date and description of instrument creating the change |
Hypothecation of
Vehicles Agreement Dated: 10th
June, 2005. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.375 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 |
Hypothecation of
Tata Indica LGI |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 9% per annum with monthly rests or at such other rate as may be
prescribed by the Bank from time to time depending upon the changes in the
Prime Lending Rate of the Bank or the directives of the Reserve Bank of |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of |
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Corporate identity
number of the company |
U33110mh1999ptc120155 |
|
Name of the
company |
INTERVENTIONAL
TECHNOLOGIES PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
201, Steel House, 2nd Floor 24 Mahal Industrial Estate, 2nd
Floor, Off Mahakali Caves Road, Andheri, Mumbai – 400 093, Maharashtra |
|
This form is for |
Creation of
charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Union Bank of E-Mail: cbssion@unionbankofindia.com
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Nature of
instrument creating charge |
Hypothecation of
Vehicles Agreement |
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Date of
instrument Creating the charge |
14.07.2006 |
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Amount secured by
the charge |
Rs. 0.475 million
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Brief of the
principal terms an conditions and extent and operation of the charge |
Interest at the rate
of 9% per annum with monthly rests for Vehicle Loan facility f Rs. 0.475
million granted by the bank to the company. |
|
Particulars of
the property charged (Including location of the property) |
Hypothecation of
Motor Car Ford Ikon |
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.48.50 |
|
|
1 |
Rs.70.02 |
|
Euro |
1 |
Rs.67.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
--- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
35 |
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 |
|