MIRA
INFORM REPORT
|
Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BEACON DIAGNOSTICS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
424, New G.I.D.C. Estate, Phase II, Kabilpore, Navsari
- 396 424, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
15.05.1990 |
|
|
|
|
Com. Reg. No.: |
04-13764 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24232GJ1990PTC013764 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
SRTB00057B / SRTB01237F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCB2080R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and Marketing of Diagnostic Kits and Reagents. |
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 69000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Mr. Jignesh Patel, Accounts Manager of the company confirmed that they
do not have their own R & D / Design Centre. |
LOCATIONS
|
Registered Office / Plant / Administrative Office : |
424, New G.I.D.C. Estate, Phase II, Kabilpore, Navsari
- 396 424, Gujarat, India |
|
Tel. No.: |
91-2637-250590 / 244790 / 244791 / 244990 |
|
Fax No.: |
91-2637-265105 / 250493 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Dr. Desai B. Dinkarbhai |
|
Designation : |
Chairman |
|
Address : |
1/1, Bima Nagar, Satellite Road, Ahmedabad
– 380015, Gujarat |
|
Date of Birth/Age : |
01/02/1941 |
|
Qualification : |
PhD |
|
Date of Appointment : |
15/05/1990 |
|
|
|
|
Name : |
Dr. Joshi Kalidas Dineshchandra |
|
Designation : |
Managing Director |
|
Address : |
89, Pratikhsa Society, Gandevi Road,
Navsari – 396445, Gujarat |
|
Date of Birth/Age : |
31/07/1960 |
|
Qualification : |
PhD |
|
Date of Appointment : |
15/05/1990 |
|
|
|
|
Name : |
Mr. Shetaji M. Narendra |
|
Designation : |
Finance Director |
|
Address : |
Pushpak Building, Pratiksha Society,
Navsari – 396445, Gujarat |
|
Date of Birth/Age : |
13/11/1941 |
|
Qualification : |
FCA |
|
Date of Appointment : |
31/05/1990 |
|
|
|
|
Name : |
Ms. Swati Shethji |
|
Designation : |
Additional Director |
|
Address : |
2, Pratiksha Society, Opposite Vidhyakunj School, Navsari Town,
Navsari – 396445, Gujarat, India |
|
Date of Birth/Age : |
26.07.1948 |
|
Date of Appointment : |
22.06.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Kashya Vyas |
|
Designation : |
Company Secretary |
|
Address : |
307/308, Rajkamal Plaza- B, Behind Samruddhi Complex, Navjivan P. O.
Ahmedabad – 380014, Gujarat |
|
Qualification : |
B.Com, LLM, FCS |
|
|
|
|
Name : |
D N Nandania and Associates |
|
Designation : |
Company Secretary |
|
Address : |
301/B, Helix Complex, Raj Trade Centre, Opposite Hotel Surya,
Sayajiganj, Baroda – 390005 |
|
Tel No.: |
91-265-2362316 / 2372208 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Joshi Kalidas Dineshchandra |
|
540 |
|
Desai Bhikubhai Dinkarbhai |
|
1450 |
|
Desai Dinkarbhai Shilpa |
|
270 |
|
Patel Yagneshbhai |
|
575 |
|
Narendra Shethji Joint With Swatiben Shethji |
|
1180 |
|
Anant N Shethji |
|
370 |
|
Saudamini Shethji |
|
720 |
|
Vandana Joshi |
|
1255 |
|
Pranav N Shethi |
|
510 |
|
C R Shah Joint With Sudhir Shah |
|
200 |
|
Dhwani P Shethji |
|
250 |
|
Maltiben Parekh |
|
200 |
|
Chirag D Joshi |
|
650 |
|
Akash Joshi |
|
650 |
|
|
|
|
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
88.00 |
|
Other top fifty shareholders |
|
12.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Diagnostic Kits and Reagents |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Imports : |
|
||||||||
|
Countries : |
Europe and USA |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Purchasing : |
L/C (90 days) terms |
PRODUCTION STATUS
|
Particulars |
Unit |
|
Installed
Capacity |
|
Diagnostic Reagents |
Ltrs. |
|
150000 |
GENERAL
INFORMATION
|
Customers : |
|
|
|
|
|
No. of Employees : |
195 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B. M. Saraf and Company Chartered Accountants |
|
Address : |
201, Swayam Complex, Near Vipul Dudhia, Stadium Circle, Navrangpura,
Ahmedabad – 380009, Gujarat, India |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12090 |
Equity Shares |
Rs.100/- each |
Rs. 1.209
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1.209 |
1.209 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
16.087 |
12.083 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
17.296 |
13.292 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
11.670 |
10.481 |
|
|
2] Unsecured Loans |
|
5.259 |
5.363 |
|
|
TOTAL BORROWING |
|
16.929 |
15.844 |
|
|
DEFERRED TAX LIABILITIES |
|
0.561 |
0.650 |
|
|
|
|
|
|
|
|
TOTAL |
|
34.786 |
29.786 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
6.093 |
5.567 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
13.366 |
12.423 |
|
|
Sundry Debtors |
|
29.437 |
21.430 |
|
|
Cash & Bank Balances |
|
0.257 |
0.364 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
2.523 |
2.297 |
|
Total
Current Assets |
|
45.583 |
36.514 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
13.897 |
10.308 |
|
|
Provisions |
|
2.994 |
1.988 |
|
Total
Current Liabilities |
|
16.891 |
12.296 |
|
|
Net Current Assets |
|
28.692 |
24.218 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
34.786 |
29.786 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover and Other Income |
|
97.411 |
62.875 |
|
|
Total Income |
|
97.411 |
62.875 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
6.858 |
4.206 |
|
|
Provision for Taxation |
|
2.551 |
1.576 |
|
|
Profit/(Loss) After Tax |
|
4.307 |
2.630 |
|
|
|
|
|
|
|
|
Export Value |
|
2.588 |
1.274 |
|
|
|
|
|
|
|
|
Imports Value |
|
21.610 |
6.321 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charges and Depreciation |
|
2.935 |
2.256 |
|
|
Other Expenditure |
|
87.618 |
56.413 |
|
Total Expenditure |
|
90.553 |
58.669 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
4.42 |
4.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
7.04 |
6.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
13.27 |
10.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.40 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.96 |
2.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.70 |
2.97 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
BEACON
DIAGNOSTICS PRIVATE LIMITED |
|||||||||||||||||||||
|
Presented By |
Bank
of Baroda, Panch Hatdi Branch, Navsari - 396445, Gujarat, India |
|||||||||||||||||||||
|
1) Date and description of instrument creating the change |
Instruments of
Hypothecation agreement date 16.10.1990 |
|||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.150 Million |
|||||||||||||||||||||
|
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 |
Lease hold land at
Plot No. 424 and 425 in Navsari area Block No. 199/1, 166/1 at Sisodeno
Ganesh, vta Navsari and construction thereon Hypothecation of
movable machinery, goods i.e. chemicals packing materials, finished goods and book debts. |
|||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25 % on
Stock / Goods 40 % on Book
debts Interest 0.50 %
Below BPLR i.e. 10.00 % p.a. on monthly rest subject to change from time to
time as on directives of Bank |
|||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda, Panch Hatdi Branch, Navsari -
396445, Gujarat, India |
|||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
Instruments of
Hypothecation Agreement dated 18.04.2005 |
|||||||||||||||||||||
|
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. |
Charges stand
revised as under :
|
|
Corporate
identity number of the company |
U24232GJ1990PTC013764 |
|
Name of the
company |
BEACON DIAGNOSTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
424, New G.I.D.C. Estate, Phase II, Kabilpore, Navsari
- 396 424, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Equitable
mortgage or mortgage of property by deposition the title deeds |
|
Particular of
charge holder |
Bank of Baroda, Panch Hatdi Branch, Navsari -
396445, Gujarat, India |
|
Nature of
instrument creating charge |
Memorandum of
title deeds |
|
Date of
instrument Creating the charge |
17.10.1996 |
|
Amount secured by
the charge |
Rs. 2.568
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest
1 % below BPLR i.e. 50 % Margin 25 % on
stock and 40 % on Book debts |
|
Description of
the property charged indicating whether it is a charged on |
|
|
Particulars of
the property charged |
At companies
Registered Office |
|
Brief description
of the instrument modifying the charge under section 135 |
Memorandum of
title deeds |
|
Date of
instrument modifying the charge |
16.03.2006 |
|
Particulars of
the present modification |
Enhanced cash
credit limit from Rs. 7.500 Millions to Rs. 12.500 Millions |
It is in trade terms with:
v
The Bombay Glass Blowing Industries
v
Microlit Instruments, Lucknow, Uttar Pradesh
v
Pharma Electric Instruments Private Limited
Its product range includes:
v
Immunohematology Reagents
v
Glucose
v
Alkaline Phosphatase
v
Amylase
v
Bilirubin
v
Cholesterol
v
Creatinine
v
SGOT
v
Urea
v
Uric Acid
v
Microbial Sensitivity Discs
v
Stains and Indicators
Subject is accredited with ISO 9001:2000 Certification and also
accredited with Special Recognition Award 1998.
AS PER WEBSITE
Research
& Development
Continuous
Research and Development work for Diagnostic products & it's Marketing is
their core philosophy.
Management
The company is
managed professionally by learned and well experienced Board of Directors as
well as well experienced Production and Marketing Professionals.
Products
Promotion
Products are
promoted & marketed through their own Professional and well trained field
staff all over India. At present marketing field staff strength is of 150
people which includes sales & service engineers in each & every
provience of India.
Distribution
network
The products
are distributed well all over the country through the outlets of their
Authorised Stockists. Their present distribution network strength is of 350 stockists.
Keyperson
Chairman
- Dr. D. B. Desai
Achieved
doctorate from Mississippi State University, U.S.A. in 1975 and associated with
R & D work for five years in U.S.A. He is associated in business
since 1980.
Managing
Director - Dr. D. K. Joshi
Completed
education in 1980 and associated with Diagnostic Companies since 1980 and
worked as Research Scientist and also as Production In Charge of
Diagnostic products. He has travelled extensively in India and abroad. He has a
global exposure in the field of Diagnostics. He also has an exposure
through specialised training in Diagnostic and participated in various
technological conferences and seminars including publications of papers both in
India and Abroad (U.S.A., U.K., France etc.). He has completed many projects in
Research and successfully commercialised them in India.
Finance
Director - Mr. N. M. Shethji
A
practicing chartered Accountant by profession, and associated with Diagnostics
and Pharmaceutical Industries since more than 20 years.
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.39.36 |
|
UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
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 |
NO |
|
--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 |
|