MIRA
INFORM REPORT
|
Report Date : |
08.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MEDSOURCE OZONE
BIOMEDICALS PRIVATE LIMITED |
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Formerly known as: |
OZONE BIOMEDICALS
PRIVATE LIMITED |
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Registered Office : |
238,
Sant Nagar, East of Kailash, New Delhi - 110 065 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.05.2003 |
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Com. Reg. No.: |
55-120213 |
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CIN No.: [Company
Identification No.] |
U24239DL2003PTC120213 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To buy, sell,
import, export and deal in and with drugs, medicines, diagnostic reagents,
laboratory chemicals, testing
equipment, surgical and scientific apparatus and appliances surgical drawings
laboratory glass ware, instruments, hospital appliances and allied products,
druggists, sundries, effervescent, tablets, cordials and veterinary products,
hospital supplies and requirements of all kinds. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 65000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having moderate track. Directors are reported as
experienced and respectable businessmen. Company’s profitability is under
severe pressure. It has some accumulated losses. Payments are reported as slow
but correct. The company can
be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
238,
Sant Nagar, East of Kailash, New Delhi - 110 065, India |
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Tel. No.: |
91-11-
4162 4387/ 2643 3880 |
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Fax No.: |
91-11-
4162 4083 |
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E-Mail : |
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Website : |
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Head Office : |
Plot
No. 7, Site No. 2, 14/3 Main Mathura Road, Faridabad 121 003, Haryana |
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Tel. No.: |
91-129-
4113606 – 10 |
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Fax No.: |
91-129
4049344 |
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Regional Office: |
Kolkata V-23/22, Vivekananda Park, PO Garia, Kolkata- 700 084, West Bengal Phone: 91-33-2410 4626 Hyderabad H. No. 1-6-311 & 320, Sai Ranga Apartments, Flat No. 104,
1st Floor, Kandozi Bazaar, Park Lane, Secunderabad 500 003, Andhra Pradesh Phone: 91-40 5544 9914 |
DIRECTORS
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Name : |
Mr. Nikhil Nanda |
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Designation : |
Director |
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Address : |
12, Jorbagh, Lodhi Road,New Delhi – 110003, India |
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Date of Birth/Age : |
18.03.1974 |
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Date of Appointment : |
04.03.2004 |
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Name : |
Dr. Shailesh
Kumar Mittal |
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Designation : |
Director |
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Address : |
245, Kailash
Hills, East of Kailash, New Delhi – 110065, India |
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Date of Birth/Age : |
17.02.1956 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Mr. Rajeev Kumar
Dass |
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Designation : |
Director |
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Address : |
R-668, New
Rajinder Nagar, New Delhi - 110060,
India |
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Date of Birth/Age : |
14.11.1955 |
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Date of Appointment : |
04.03.2004 |
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Name : |
Mr. Malladi
Srinivas |
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Designation : |
Director |
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Address : |
238, LGF, Sant
Nagar, East of Kailash, New Delhi – 110065, Delhi, India |
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Date of Birth/Age : |
28.11.1970 |
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Date of Appointment : |
10.05.2003 |
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Name : |
Dr. Kapil Garg |
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Designation : |
Director |
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Address : |
1933, Sector –
28, Faridabad |
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Date of Birth/Age : |
27.08.1970 |
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Date of Appointment : |
27.09.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN (AS ON 30.09.2007)
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Names of Shareholders |
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No. of Shares |
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Ms. Parvesh Rani |
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9000 |
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Mr. Suresh Rai |
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1000 |
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Dr. Shailash K Mittal |
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20000 |
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Mr. Sanjeev K Gupta |
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9000 |
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Mr. Prateek K Mittal |
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20000 |
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Mrs. Monika Rai Mittal |
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20000 |
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Mr. Sh.Mahabir Parshad Mittal |
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1000 |
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Mr. Raj Kumar Gupta |
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1000 |
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Mr. Malladi Srinivas |
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1000 |
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Shweta Rai and Sureeti Rai |
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10 |
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Mr. Mohak Rai and Parvesh Rai |
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10 |
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Mr. V. Venkata Reddy |
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5000 |
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Mr. Manan Mittal |
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10000 |
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Mr. C Anil Kumar |
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2980 |
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M/S. Embee Diagnostics Private Limited |
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300000 |
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M/S. Medsource Health Care Private Limited |
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900000 |
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Equity share break
up |
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Percentage |
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Bodies corporate |
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33.00 |
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Directors or relatives of directors |
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19.00 |
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Other top fifty share holders (other than listed above) |
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48.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To buy, sell, import, export and deal in and with drugs, medicines, diagnostic reagents, laboratory chemicals, testing equipment, surgical and scientific apparatus and appliances surgical drawings laboratory glass ware, instruments, hospital appliances and allied products, druggists, sundries, effervescent, tablets, cordials and veterinary products, hospital supplies and requirements of all kinds. |
GENERAL
INFORMATION
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No. of Employees : |
100 |
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Bankers : |
v
Punjab
National Bank LCB, A-9, Connaught Place, New Delhi – 110001, India v Vijaya Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jitender Dhingra (Chartered
Accountants ) |
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Address : |
706, Akashdeep,
26-A, Barakhamba Road, New Delhi – 110001, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1900000 |
Equity Shares |
Rs. 10/- each |
Rs. 19.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs. 10/- each |
Rs.15.000
millions |
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 |
15.000 |
15.000 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.845 |
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4] (Accumulated Losses) |
(1.174) |
(3.346) |
0.000 |
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NETWORTH |
13.826 |
11.654 |
3.345 |
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LOAN FUNDS |
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1] Secured Loans |
8.180 |
13.027 |
12.111 |
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2] Unsecured Loans |
29.919 |
30.980 |
21.974 |
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TOTAL BORROWING |
38.099 |
44.007 |
34.085 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.111 |
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TOTAL |
51.925 |
55.661 |
37.541 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.614 |
14.724 |
2.862 |
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DEFERREX TAX ASSETS |
0.464 |
1.341 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
24.768
|
16.905 |
0.000 |
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Sundry Debtors |
127.281
|
84.954 |
0.000 |
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Cash & Bank Balances |
4.799
|
2.382 |
0.000 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
20.336
|
10.404 |
82.042 |
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Total
Current Assets |
177.184
|
114.645 |
82.042 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
143.104
|
73.212 |
47.371 |
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Provisions |
2.236
|
1.843 |
0.000 |
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Total
Current Liabilities |
145.34
|
75.055 |
47.371 |
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Net Current Assets |
31.844
|
39.590 |
37.671 |
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MISCELLANEOUS EXPENSES |
0.003 |
0.006 |
0.008 |
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TOTAL |
51.925 |
55.661 |
37.541 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
337.758 |
196.497 |
103.029 |
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Other Income |
1.921 |
2.177 |
0.194 |
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Total Income |
339.679 |
198.674 |
103.223 |
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Profit/(Loss) Before Tax |
5.285 |
(4.174) |
1.408 |
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Provision for Taxation |
3.113 |
0.018 |
0.464 |
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Profit/(Loss) After Tax |
2.172 |
(4.192) |
0.944 |
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Import value: |
19.504 |
88.403 |
NA |
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Expenditures : |
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Financial charges |
4.067 |
5.698 |
4.070 |
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Depreciation & Amortization |
3.629 |
2.530 |
0.630 |
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Other Expenditure |
326.698 |
194.62 |
97.115 |
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Total Expenditure |
334.394 |
202.848 |
101.815 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.639
|
(2.110) |
0.915 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.565
|
(2.124) |
1.367 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.679
|
(3.193) |
1.658 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.382
|
(0.358) |
0.421 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.332
|
10.216 |
24.352 |
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Current Ratio (Current Asset/Current Liability) |
|
1.219
|
1.527 |
1.732 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
v
Bioland-Korea
v
Humasis
v
IND Candan
Human- Germany
|
Name of the company |
Medsource Ozone Biomedicals Private
Limited |
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|
Presented By |
Mr. Rajeev Kumar Dass, Director |
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1) Date and description of instrument creating the change |
Hypothecation of goods
and book debts to secure cash credit facility. Hypothecation of
moveable assets forming part of fixed assets, both dated 29.03.2005 Copy of Sanction
Letter. Registered with
registrar of companies on 18.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.500
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 |
Hypothecation of
all the present and future entire goods / assets, current assets, stocks of
raw materials stores and spares, finished goods consumables which belong to
them and which now or hereinafter from time to time during the continuance of
this agreement shall be brought in stored or be in or about their premises or
unit at 238, Sant Nagar, East of Kailash, New Delhi
- 110 065 or Godown / depots at various places or any other godowns / depots
or be in course or transit from one Godown to another or wherever else the
same may be. Hypothecation
of all the present and future book debts, outstanding decrees, money
receivables, claims securities, government subsidies, investments, rights and
other moveable assets. Hypothecation
by way of first charge on all the moveable assets of the company, both
present and future part of fixed / blocks assets. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin: 25 % on
stock and book debts. Interest at the
rate of BPLR i.e. presently 10.75 % p.a. with monthly rests The interest
payable by the borrower and the periodicity of rests shall be subject to
charges in the interest rate and the periodicity of rests made by the bank /
RBI from time to time. The interest payable
by the borrower and the periodicity of rests shall be subject to changes in
the rate and the periodicity of rests made by the Bank / RBI from time to
time. |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank LCB, A-9,
Connaught Place, New Delhi – 110001, India |
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6) Date and brief description of instrument modifying the charge |
Deed of
Hypothecation of goods and book debts to secure Cash Credit facility. Deed of
Hypothecation of moveable assets forming part of fixed assets. Both dated
24.05.2005 |
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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. |
Additional Cash Credit
limit of Rs. 3.100 Millions to the existing cash credit limit of Rs. 12.500
Millions aggregating to Rs. 15.600 Millions against the security by way of
hypothecation of stocks and book debts. Hypothecation of
all present and future stocks of raw materials, work in process, finished
goods, consumables, stores and spares which belongs to them and which now or
hereinafter from time to time during the continuance of this agreement shall
be brought in stored or be in or about their premises or unit at 238, Sant Nagar, East of Kailash, New Delhi - 110 065 or
goods / assets represented by documents drawn / covered under the letter of
credit issued under the said limit Hypothecation
of present and future entire goods / assets, current assets, Raw materials,
stores and spares, finished goods, semi finished goods, bills receivables
etc. Book
debts Hypothecation
of moveable assets of the company by way of first charge, both present and
future forming part of fixed / block assets. Margin: 25 % on
stock and book debts. Interest at the
rate of BPLR i.e. presently 10.75 % p.a. with monthly rests The interest
payable by the borrower and the periodicity of rests shall be subject to
charges in the interest rate and the periodicity of rests made by the bank / RBI
from time to time. The interest
payable by the borrower and the periodicity of rests shall be subject to
changes in the rate and the periodicity of rests made by the Bank / RBI from
time to time. |
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Corporate identity
number of the company |
U24239DL2003PTC120213 |
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Name of the
company |
MEDSOURCE OZONE
BIOMEDICALS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
238 LGF Sant
Nagareast of Kailash, new delhi-110065,India |
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This form is for |
Creation of
charge |
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Type of charge |
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Particular of
charge holder |
Vijaya Bank 31-C,DDA Shopping
Centre, New Delhi-110024, India |
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Nature of
instrument creating charge |
Hypothecation
Agreement dated 05.11.2007 Agreement for Hypothecation
of Supply Bills and Book Debts dated 05.11.2007 Agreement for
Demand Cash Credit against Hypothecation of Stocks and Book Debts dated
05.11.2007 |
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Date of
instrument Creating the charge |
05.11.2007 |
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Amount secured by
the charge |
Rs. 20 millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
a)
Rate of
interest: CCH-13% floating,
additional interest @ 2% in case of default b)
Terms of
repayment: The facility is
for a period of one year c)
Margin: 25% on paid stock
and 40% on book debts d)
Extent and
operation of the charge: 100% first charge e)
Others The charge is
created to secure CCH limit of Rs.20 millions |
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Short particulars
of the property charged |
Entire Stock such
as Diagnostic instruments, stock in process, finished goods of reagents,
stock in process, packing material stored/to be stored at Plot no.7, Site
No.2, 14/3 Milestone, Delhi,Mathura Road,Faridabad-121003, Present and future
book debts and entire fixed assets of the company. |
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Date of
instrument modifying the charge |
05.11.2007 |
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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.43.14 |
|
UK Pound |
1 |
Rs.84.71 |
|
Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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/normal. |
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 |
|