MIRA
INFORM REPORT
|
Report Date : |
29.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SCHILLER HEALTHCARE INDIA PRIVATE LIMITED |
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Registered Office : |
111, Currimjee Building, Mahatma Gandhi Road, Fort, Mumbai – 400 023 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.10.1997 |
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Com. Reg. No.: |
111307 |
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CIN No.: [Company
Identification No.] |
U33110MH1997PTC111307 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS22847G |
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PAN No.: [Permanent
Account No.] |
AADCS5091B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Cardiac, Critical Care and Spirometry Systems. |
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 130000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established reputed company having satisfactory
track records. 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. |
LOCATIONS
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Registered Office : |
111, Currimjee Building, Mahatma Gandhi Road, Fort, Mumbai – 400 023, India |
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Tel. No.: |
91-22-28263520 |
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Fax No.: |
91-22-25263525 |
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E-Mail : |
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Website : |
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Corporate Office : |
D C Silk Mills Compound, A Wing, 1st Floor, Kondivita Lane,
Andheri (East), Mumbai – 400059, Maharashtra, India |
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Tel No.: |
91-22-8263520/8263521/6920520 |
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Fax No.: |
91-22-8263525 |
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Email : |
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Factory 1 : |
408/5-2, Ground Floor, 7th Main, 2nd Block,
Jayanagar, Bangalore – 560011 |
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Tel. No.: |
91-80-26564045/4959/3092344 |
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Fax No.: |
91-80-26564045 |
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Mobile : |
91-9341920520 |
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E-Mail : |
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Factory 2 : |
17, Pondy Vellupuram Road, Balaji Nagar, Mugret, Pondicherry - 605 010, Tamilnadu, India |
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Tel No.: |
91-413-278160/279240 |
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Fax No.: |
91-413-279240 |
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Email : |
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Branches : |
Located At :
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DIRECTORS
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Name : |
Dr. Alfred Schiller |
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Designation : |
Director |
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Address : |
Plot No.112, Sion-Koiwada Road, Sion East, Mumbai – 4000022, India |
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Date of Birth/Age : |
08.04.1943 |
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Date of Appointment : |
26.05.2001 |
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Name : |
Mr. Rolf Haegler |
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Designation : |
Director |
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Name : |
Mr. Pravin Ratilal Gandhi |
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Designation : |
Director |
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Address : |
19 Fulchand Nivas, 5th Floor, Chowpatty Sea Face, Mumbai –
400007, India |
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Date of Birth/Age : |
29.06.1944 |
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Date of Appointment : |
15.10.1997 |
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Email : |
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Name : |
Mr. Vikram Dhirajlal Sanghvi |
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Designation : |
Director |
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Address : |
Flat No. 6, Shangri law, 27-A, Carmichael Road, Mumbai – 400026, India |
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Date of Birth/Age : |
26.08.1959 |
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Date of Appointment : |
15.10.1997 |
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Email : |
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Name : |
Mr. Doppler George Domnik |
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Designation : |
Director |
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Address : |
Brueoelstrasse 56, Ch -6415 , Switzerland |
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Date of Birth/Age : |
16.10.1968 |
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Date of Appointment : |
29.05.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Pravin Ratilal Gandhi |
|
4957 |
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Mr. Vikram Dhirajlal Sanghvi |
|
2253 |
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Dr. Alfred Schiller |
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83635 |
|
Rati Holdings Private Limited |
|
25682 |
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Mr. Pravin Gandhi |
|
1365 |
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Mr. Vikram D. Sanghvi |
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1081 |
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Mrs. Sarla D. Sanghvi |
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2252 |
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Mrs. Kirti R. Gandhi |
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2929 |
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Mrs. Gaurang N. Sanghvi |
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14 |
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Mr. Yashraj G. Sanghvi |
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7479 |
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Mrs. Jayshree K. Gandhi |
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2028 |
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Mrs. Bansri M Nux |
|
528 |
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Mrs. Janaki V. Patel |
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3379 |
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Mrs. Nandita P. Gandhi |
|
1352 |
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Mrs. Radhika P. Gandhi |
|
1352 |
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Mr. Kunal P. Gandhi |
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1352 |
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Mrs. Nirupama G. Sanghvi |
|
4156 |
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Mrs. Sarla D. Sanghvi |
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3481 |
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Mr. Kirit R. Gandhi |
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4832 |
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Mr. Pravin Gandhi |
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7536 |
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Mrs. Amla D. Sanghvi |
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1 |
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Mrs. Neeta V. Sanghvi |
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1 |
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Ms. Aditi V. Sanghvi |
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1 |
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Ms. Neha V. Sanghvi |
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1 |
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Mrs. Naina T. Currimbhohy |
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1 |
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Mrs. Bansri M. Bux |
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352 |
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Mr. Vikram D. Sanghvi |
|
4055 |
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Mrs. Nirupama G. Sanghvi |
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135 |
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Total |
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166190 |
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Category |
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Percentage |
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Foreign Holding FIIs, FCs, FFIs, NRIs, OCB Or Others |
|
49.49 |
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Directors or relatives of directors |
|
50.50 |
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Others |
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0.01 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Cardiac, Critical Care and Spirometry Systems. |
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Products : |
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Agencies Held : |
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GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Mumbai Main
Branch, Advances Department, 70/80 M G Road, Ground Floor, Fort, Mumbai –
400001, Maharashtra, India |
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Facilities : |
Facilities : Term loan, CC limit, L/C, Guarantee, etc. : Rs.55.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. G. Ved and Company Chartered Accountant |
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Address : |
Makers Bhavan No.111,203, 2nd Floor, Behind Aaykar, New
Marine Lines, Mumbai – 400020, Maharashtra, India |
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Tel No.: |
91-22-2055812/2013293 |
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Fax No.: |
91-22-2015343 |
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Telex : |
11-5214-VIJAY IN |
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Memberships : |
Confederation of Indian Industry |
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Associates/Subsidiaries : |
111, Currimjee Building, M. G. Road, Fort, Mumbai – 400
023, India |
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Joint-venture
Company : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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175000 |
Equity Share |
Rs.100/- each |
Rs.17.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
168960 |
Equity Share |
Rs.100/- each |
Rs.16.896 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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1] Share Capital |
16.896 |
16.896 |
16.896 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.288 |
6.468 |
5.744 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
32.184 |
23.364 |
22.640 |
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LOAN FUNDS |
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1] Secured Loans |
63.912 |
52.764 |
35.388 |
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2] Unsecured Loans |
37.036 |
14.600 |
16.888 |
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TOTAL BORROWING |
100.948 |
67.364 |
52.276 |
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DEFERRED TAX LIABILITIES |
0.281 |
0.884 |
1.809 |
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TOTAL |
133.413 |
91.612 |
76.725 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
11.137 |
13.172 |
13.572 |
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Capital work-in-progress |
0.734 |
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 |
80.011
|
67.940 |
43.892 |
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Sundry Debtors |
116.840
|
53.122 |
46.349 |
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Cash & Bank Balances |
9.756
|
6.268 |
4.234 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.487
|
10.563 |
8.152 |
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Total
Current Assets |
221.094
|
137.893 |
102.627 |
|
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
84.059
|
49.365 |
34.499 |
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Provisions |
15.493
|
10.088 |
4.975 |
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Total
Current Liabilities |
99.552
|
59.453 |
39.474 |
|
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Net Current Assets |
121.542
|
78.440 |
63.153 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
133.413 |
91.612 |
76.725 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover
[Including Other Income] |
|
203.077 |
159.662 |
|
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Profit/(Loss) Before Tax |
|
5.461 |
7.729 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
5.461 |
7.729 |
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Earnings in Foreign Currency |
|
11.225 |
7.418 |
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Expenditures : |
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Interest |
|
6.065 |
5.585 |
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Depreciation & Amortization |
|
3.508 |
3.481 |
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Other Expenditure |
|
188.042 |
142.867 |
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Total Expenditure |
|
197.615 |
151.933 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total
Income |
(%) |
2.69
|
4.84 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
2.69
|
4.84 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.35
|
5.12 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.33 |
NA |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
6.23
|
5.43 |
4.05 |
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Current Ratio (Current Asset/Current Liability) |
|
2.22
|
2.32 |
2.60 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U33110MH1997PTC111307 |
|
Name of the
Company |
SCHILLER HEALTHCARE INDIA PRIVATE LIMITED |
|
Address |
111, Mahatma Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India |
|
This form is for |
Modification of
Charge |
|
Type of Charge |
Book Debts Movable Property
(not being pledge) |
|
Particulars of
the charge holder |
Bank of India Mumbai Main
Branch, Advances Department, 70/80 M G Road, Ground Floor, Fort, Mumbai –
400001, Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Bank of India’s
Letter dated 19.10.2007 |
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Date of the
instrument creating or modifying the charge |
19.10.2007 |
|
Amount secured by
the charge |
Rs.71.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest: C/C 1.35% OPLR
Min 12.60 p.a., P/C. FBP/FBN: As per HO Guidelines, L/C: At present, usannce
upto 7 days-0.26% 7days to 3 months-0.46% Beyond 3 month-0.46% p.a.
Guarantee: Performance Guarantees-Rs.180/-+0.61 p.a. per qtr. Or part thereof
Min. for 2 quarters financial Guarantees – Rs.180/- + 0.86% p.a. per qtr. Or
Part thereof Min.1.73%. Terms of
Repayments: On demand Margin : As stipulated by
Bank Extent and
operation of the charge: Security in
favour of Bank not only for the payments due under or in respect of or in
connection with or in any wise connecting with the said facilities for
principal with interest/commission, costs, charges and expenses and other
monies under the principle and modified deeds of hypothecation but also for the
payments due under or in respect of or in connection with or in any wise
concerning the said facilities. Particular as per various agreements. |
|
Short particulars
of the property charged (including location of the property) |
All tangible
movable machineries and plant both present and future at pondichery,
Banglore, Mumbai etc. or wherever else All tangible
movable properties and assets of whatsoever nature (both present and future) All present and
future book debts, outstanding, moneys receivalbles, claims, bills which are
now due and owing or which may any time hereafter during the continuance of
this security due and owing to the borrowing. Details as per agreements. |
|
Particular of the
present modification |
7th
modification. The charge is reduced from Rs.82.250 Millions to Rs.71.000
Millions due to withdrawal of adhoc limit of Rs.11.250 Millions granted to
the company on 30.03.2007. |
|
Name of the company |
SCHILLER HEALTHCARE INDIA PRIVATE LIMITED |
|
Presented By |
Mr. Vikram D.
Sanghvi, Director |
|
1) Date and description of instrument creating the change |
Letter of
Hypothecation of Stocks and Book debts dated 28th October, 2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Re.10.000
Millions by way of cash credit facility. |
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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
all stock in trade present and future consisting of raw materials, finished
goods, goods in process and trading goods and other merchandise whatsoever
belonging to the company wherever situate and hypothecation of all the book
debts, outstanding, receivable, claims and bills which are now due and owing
or which may at any time hereafter during the continuation of this security
becomes due and owing to the company in the course of it business by any
person firm, company or body corporate or by government municipal local or
public or semi government body or authority or any body corporate or
undertaking or project in public sector. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
The Bank has
sanctioned cash credit facilities to the extent of Rs.10.000 Millions at the
interest rate of 10.75%+Interest tax as applicable on monthly rests. The
interest rate may be varied by the bank at any time. The facilities
are repayable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
HDFC Bank Limited HDFC Bank House,
Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
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. |
Not Applicable |
Fixed Assets:
- Computer equipments
- Furniture
- Fixtures and fittings
- Office equipments
- Plant and machinery
- Vehicles
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.39.81 |
|
UK Pound |
1 |
Rs.78.94 |
|
Euro |
1 |
Rs.60.12 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|