MIRA
INFORM REPORT
|
Report Date : |
30.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
J MITRA AND COMPANY PRIVATE LIMITED |
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Registered Office : |
A-180, Okhla Industrial Area, Phase – I, New Delhi – 110
020 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.1969 |
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Com. Reg. No.: |
55-5010 |
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CIN No.: [Company
Identification No.] |
U52110DL1969PTC005010 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELJ04544B |
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PAN No.: [Permanent
Account No.] |
AAACJ0482C |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers and Marketers of Medical Diagnostic Kits. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1160000 |
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Status : |
Good |
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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. Available information indicates
high financial responsibility of the company. Trade relations are fair.
Business is active. Fundamentals are strong and healthy. Payments are usually
correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long
run. The company has its own in-house R and D / design centre at its
factory address. |
LOCATIONS
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Registered Office / Factory : |
A-180, Okhla Industrial Area, Phase – I, New Delhi – 110
020, India |
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Tel. No.: |
91-11-26818971 / 72 / 73 / 26813989 / 26813995 / 0133 / 41612545 |
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Fax No.: |
91-11-26818971 / 0945 / 9845 / 26818970 |
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E-Mail : |
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Website : |
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Branches Located At : |
·
Ahmedabad ·
Mumbai ·
Kolkata ·
Kochi ·
Bangalore ·
Chennai ·
Hyderabad |
DIRECTORS
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Name : |
Mr. Lalit Mahajan |
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Designation : |
Director |
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Address : |
N-118, Greater Kailash – I, New Delhi – 110 048 |
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Date of Birth/Age : |
13.03.1946 |
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Date of Appointment : |
07.03.1984 |
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Other Directorship : |
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Name : |
Ms. Anila Mahajan |
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Designation : |
Director |
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Date of Birth/Age : |
12.03.1952 |
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Date of Appointment : |
02.07.1973 |
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Other Directorship : |
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Name : |
Mr. Nitin Mahajan |
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Designation : |
Director |
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Date of Birth/Age : |
28.10.1973 |
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Date of Appointment : |
01.07.1998 |
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Other Directorship : |
Mitra Industries Limited |
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Name : |
Mr. Jatin Mahajan |
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Designation : |
Director |
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Date of Birth/Age : |
26.09.1975 |
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Date of Appointment : |
30.11.2000 |
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Other Directorship : |
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Name : |
Ms. Rinku Mahajan |
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Designation : |
Director |
KEY EXECUTIVE
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Name : |
U S and Associates |
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Designation : |
Company Secretary |
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Address : |
8 B, Bigji’s Tower, A – 8, Netaji Subhash Place, Pitampura, new Delhi – 110034, India |
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Tel No. : |
91-11-42471077 / 42471212 |
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Mobile No.: |
91-9811156111 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
|
Jagdish Mitra & Sons [HUF] Thru Karta |
450 |
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Lalit Mahajan & Sons [HUF] Thru Karta |
9450 |
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Ms. Rinku Mahajan |
450 |
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Shivaji Mahajan |
450 |
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Mr. Lalit Mahajan |
61200 |
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Ms. Anila Mahajan |
29700 |
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Mr. Nitin Mahajan |
24300 |
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Mr. Jatin Mahajan |
24300 |
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Sai Baba Endowment |
14850 |
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Laxmiji Endowment |
14850 |
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Total |
180000 |
Equity Share Breakup
|
Sr. No. |
Category |
Percentage |
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1. |
Directors or Relatives of Directors |
83.50 |
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2. |
Other top fifty (50 ) Shareholders |
16.50 |
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Total |
100 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of Medical Diagnostic Kits. |
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Products : |
> Blood Bags > Blood Bag Accessories > Electronic Med Sealer > Digital Blood Collection Monitor > Digital Plasma Thawing Water Bath PT-25 > Electronic Centrifuge Balance CB-22 > Blood Collection Monitor BC-80 > Centrifuge Balance CB-22 |
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Agencies Held : |
· Olympus Optical Company Limited, Japan · Dakopatts A/S, Denmark · Toa Medical Electronics Company Limited, Japan · Nichiryo Company Limited, Japan |
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Exports : |
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Products : |
Medical diagnostic kits |
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Countries : |
Southeast Asia, The Middle East and Africa. |
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Imports : |
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Products : |
Raw materials |
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Countries : |
Japan, USA, Denmark, Norway and France. |
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Terms : |
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Selling : |
Cash, Contract and Credit (30 to 60 days) |
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Purchasing : |
Cash, L/C and Credit (60 days) |
GENERAL
INFORMATION
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Suppliers : |
· Olympus Optical Company Limited, Japan · Dakopatta A/S, Denmark · Toa Medical Electronics Company Limited, Japan · Nichiryo Company Limited, Japan |
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Customers : |
· All India Institute of Medical Sciences, New Delhi, India · Batra Hospital and Medical Research Centre, New Delhi, India · Gangaram Hospital, New Delhi, India · Safderjung Hospital, New Delhi, India · Holy-Family Hospital, New Delhi, India and several other Hospitals all over India |
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No. of Employees : |
100 |
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Bankers : |
> Canara Bank Nehru Place Branch, New Delhi – 110 019 > Oriental Bank of Commerce Nehru Place, New Delhi – 110019 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
V.P. Batra And Company Chartered Accountant |
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Address : |
233, D.D. A. Office Complex – I, Jhandewalan Extension, New Delhi -
110055 |
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Associates: |
> Mitra Industries Limited > Mitra Consultants Private Limited > Medilease Private Limited > Mitra International > Biotech Inc |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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180000 |
Equity Shares |
Rs.100/- Each |
Rs.18.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
180000 |
Equity Shares |
Rs.100/- Each |
Rs.18.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
18.000 |
18.000 |
18.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
272.886 |
230.022 |
215.699 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
290.886 |
248.022 |
233.699 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
5.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
5.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
1.120 |
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TOTAL |
295.886 |
248.022 |
234.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
37.173 |
39.134 |
41.338 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
17.288 |
23.410 |
20.427 |
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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 |
28.590 |
22.218 |
22.787 |
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Sundry Debtors |
140.544 |
138.456 |
180.046 |
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Cash & Bank Balances |
82.156 |
71.137 |
72.307 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
117.297 |
87.060 |
58.933 |
|
Total
Current Assets |
368.587 |
318.871 |
334.073
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Current Liabilities |
74.949 |
85.732 |
102.471 |
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Provisions |
52.213 |
47.661 |
58.548 |
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Total
Current Liabilities |
127.162 |
133.393 |
161.019
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Net Current Assets |
241.425 |
185.478 |
173.054
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
295.886 |
248.022 |
234.819 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
514.665 |
477.971 |
659.129 |
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Profit/(Loss) Before Tax |
96.194 |
81.312 |
111.386 |
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Export Value |
57.431 |
29.891 |
2.733 |
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Import Value |
112.904 |
119.435 |
209.024 |
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Expenditures : |
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Depreciation & Amortization |
7.813 |
8.107 |
7.591 |
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Other Expenditure |
410.658 |
388.552 |
540.152 |
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Total Expenditure |
418.471 |
396.659 |
547.743 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Net Profit Margin (PBT/Sales) |
(%) |
18.69
|
17.01 |
16.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.71
|
22.71 |
0.73 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.33 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.45 |
0.54 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
|
2.90 |
2.39 |
2.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
J Mitra And Brothers Private Limited |
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Presented By |
Mr. Lalit Mahajan |
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1) Date and description of instrument creating the change |
Mortgage Deed
Dated 29.3.1989 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.600 millions |
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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 |
Plot of land
measuring 510.97 Sq. mts. Bearing No. A-180, Okhla Industrial Area,
Phase – I, New Delhi – 110 020, Delhi,
the factory building constructed to be constructed there on. All plant
and machinery installed/v to be installed at A-180, Okhla Industrial Area,
Phase – I, New Delhi – 110 020, Delhi,
and future assets (including raw material, stock in trade finished /
unfinished goods, bills sent for collection and book debts of the cc |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The principal sum
of Rs.4.600 Millions is to be repaid in 32 installments as under 10 installment of
Rs.0.100 Million 20 Installment
oof Rs. 0.150 million 2 Installment of
Rs. 0.300 million Commencing from 1st
May 1991, and ending on 1st Feb 1999 Interest at the
rate of 17-1/2% p.a. upto Rs.2.500 Millions and 18 % p.a. above Rs.2.500
Millions with 4 % rebate in case of prompt payment of principal sum and
interest on due dates interest at the rate of 1-1/ 2% over and above the rate
will be charged on the amount in debts if it is not cleared before the expiry
of one from its due date. Interest is payable quarterly on 1st
Feb., 1 st May, 1st Aug and
alongwith the principal amount. 1st of such repayment is to
be made on 1st may 1991. |
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5) Name and Address and description of the person entitled to the charge. |
Delhi Financial
Corpn. Saraswat Bhawan Connaught Place New Delhi –
110001 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 |
Web Details
Attached
The Company incorporated in 1969
has four divisions namely:
The group since last 30 years is servicing the medical fraternity and
has carved a name for itself.
Blood Bags Division: Considering
the acute need of blood collection bags in the country, to meet its rising
demands, the company decided to set up an indigenous state of the art
manufacturing unit at Faridabad for manufacture of blood bags. Accordingly work
was commenced in 1995 and the indigenous blood bags manufacture & sale was
launched in 1997.
Diagnostics Division: The Company has developed several
import substitute technologies in the form of Diagnostic Test kits for
detection of critical diseases like, AIDS(HIV 1 & 2) , Hepatitis 'B'
,Hepatitis 'C', Malaria , Dengue, TB etc.
Olympus Endoscopy Division: The
Mitra groups are also the sole distributors in India for world renown Olympus
Medical Endoscopy, Laparoscopic and Ultrasound systems for minimal surgery.
Renal Division: In
2004 seeing the plight of patients with renal failures the company introduced
CAPD Bags for home dialysis.
The Company has for all indigenous
products GMP & WHO GMP Certifications and in addition are also ISO & CE
Certified.
Achievement
1969- Incorporation of the company, at New Rajendra Nagar as J. Mitra Bros.
Private Limited
1976- Sole Distribution of Olympus Medical Industrial Endoscopes in India
started.
1977- Olympus Endoscope Service center set up in India at New Delhi.
1980- Sole distribution ship for DAKOPATTS AB'S products in
India started.
1981- Lab System launched in India.
1983- Company shifted
from New Rajendra Nagar to Chiranjeev Tower, Nehru Place, New Delhi.
1984-Branch Office opened at J. P. Tower, Chennai.
1984- Olympus
introduces innovative 'SERIES-10' Endoscopes (fully immersible) in India.
1986- Branch Office opened at Mumbai.
1986- Digital Lab
System launched in India.
1987-In-house R&D unit recognised by DSIR, Ministry of
Science Technology.
1987- Blood Grouping
Reagents launched.
1988-Olympus introduces innovative Endo Sono Scopes in India.
1989- Olympus
introduces Innovative Videoscopes in India.
1989- Monoclonal Blood Grouping Reagents launched.
1989-Branch Office launched at Kolkata.
1991- Corporate Office launched at A-180,Okhla Phase-1,New Delhi.
1992- Olympus Lapcholey instruments introduced in Indian market.
1993-Branch Office opened at Banglore.
1995- Branch Office opened at Hyderabad.
1995- Company's name changed to J.Mitra & Company Limited
1996-HIV TRI-DOT (Rapid Screening test) for AIDS launched in India based on
In -house Research and Development.
1997-Mitra Industries Limited's Blood Bags launched in Indian market.
1997- Hepatitis-B test kit launched.
1997-Branch Office opened at Kochin.
1997-HIV ELISA Test Kit launched.
1999- Branch Office launched at Ahmedabad.
1999-HIV W.BLOT Test kit officially inaugurated by Prime Minister, Mr. Atal
Bihari Bajpayi.
2000- HCV RAPID Test HCV ELISA Tests launched.
2001-Corporate Office enlarged at A-180-181,Okhla industrial Area,Ph-1,New
Delhi.
2001- Olympus introduces Innovative SmartAge Videoscopes in India.
2001- Hepatitis-B Strip and Card tests launched.
2002- Focus on Infrastructure Information Technology.
2003- Development of Therapy Technology Division.
2004- CAPD Bags launched.
2005- ERP Implimentation and Launch of Malaria Kit.
2005- Launch of T.B Antibody test Kit.
2006- First time Launch of T.B Antigen kit.
Certification
ISO 13485:2003
ISO 13485:2003 is an International standard and specifies requirements
for a quality management system that can be used by an organization for the
design and development, production, installation and servicing of medical
devices, and the design, development, and provision of related services. This
is the regulatory requirement for medical devices in European countries
ISO 9001:2000
ISO 9001:2000 is an international standard and promotes the adoption of
a process approach when developing, implementing and improving the
effectiveness of a quality management system, to enhance customer satisfaction
by meting customer requirements.
The quality management system requirements specified in this
international standard are complementary to requirement for products.
CE Mark is a mandatory mark for about 70% of the products in the
European union Market. It is referred as the 'Trade Passport to Europe'
for non-EU Products. The letter CE is abbreviations of French phrase
"Conformity European" which literally means 'European Conformity'
CE Mark is applicable in the market of the 15 European Union countries and
3 European free Trade Association (EFTA) member states.
Benefits: The following are the benefits from CE Marking:-
Market Access: With the 'passport of CE Mark, the products
can gain easy access to the entire European Union plus EFTA Markets.
Uniform Regulations: There shall be only one set of laws and
regulations for the entire market place for designing, manufacturing and
labeling of products.
Claims and Liabilities: The Company’s products shall be made safer for
consumers, thus reducing claims and liabilities.
International
Business
The company is actively engaged in exporting its manufactured products
throught-out the world since past 10 years. They are continuously expanding
their presence in the global market and are present in more than 40 countries.
They are presently working in these countries through their agents, thus
ensuring smooth supplise of their products and providing technical supports of
them.
It is their uncompromising endeavor
towards quality and safety that has led to a sterling and harmonious growth
from them. They have been exporting their products to various international
agencies and non governmental agencies.
The company is ISO 9001:2000, ISO 13485:2003, GMP certified, having
"CE" mark for its products range.
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.39.40 |
|
UK Pound |
1 |
Rs.78.28 |
|
Euro |
1 |
Rs.58.23 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|