MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LIFELONG MEDITECH LIMITED |
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Registered Office : |
D-1, Soami Nagar (South), New Delhi-110017 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.07.2002 |
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Com. Reg. No.: |
55-116251 |
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CIN No.: [Company
Identification No.] |
U85110DL2002PLC116251 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELL02806G |
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PAN No.: [Permanent
Account No.] |
AABCL0246K |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Disposable Plastic Syringe and Needles. |
RATING &
COMMENTS
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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 30085 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Its
profitability is under severe pressure having good amount of accumulated
losses. Trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
with slight caution, initially. |
LOCATIONS
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Registered Office/Corporate office: |
D-1, Soami Nagar (South), New Delhi – 110017, India |
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Tel. No.: |
91-11-26017063
- 65 |
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Fax No.: |
91-11-26016805 |
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E-Mail : |
info@lifelongmed.com |
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Website : |
www.lifelongmed.com |
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Plant: |
Plot No. 23, Sector 5, IMT Manesar, Distt. Gurgaon (Haryana), India |
DIRECTORS
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Name : |
Mr. Atul Raheja |
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Designation : |
Director |
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Address : |
K-6, Sainik Farm, New Delhi-110062, India |
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Date of Birth/Age : |
03.01.1964 |
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Date of Appointment : |
19.07.2002 |
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Name : |
Mr. Jatender Mehta |
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Designation : |
Director |
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Address : |
C-762, New Friends Colony, New Delhi-110065, India |
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Date of Birth/Age : |
11.04.1949 |
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Date of Appointment : |
19.07.2002 |
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Name : |
Mr. Verinder Kumar Chhabra |
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Designation : |
Director |
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Address : |
60, Bandh Road, Sultanpur, New Delhi-110030, India |
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Date of Birth/Age : |
24.11.1949 |
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Date of Appointment : |
19.07.2002 |
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Name : |
Mr. Jitinder Magoon |
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Designation : |
Director |
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Address : |
E-206, Greater Kailash-II, New Delhi-110048, India |
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Date of Birth/Age : |
10.08.1965 |
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Date of Appointment : |
05.02.2005 |
KEY EXECUTIVES
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Name : |
Mr. Navin Gupta |
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Designation : |
Company Secretary |
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Address : |
20 S Sector- 8, Jasola Vihar , New Delhi-110025, India |
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Date of Birth/Age : |
03.01.1977 |
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Date of Appointment : |
01.03.2008 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Atul Raheja (HUF) |
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20000 |
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Mr. Jatender Kumar Mehta |
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20000 |
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Mr. Ashok Seth |
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100 |
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Life long India Limited |
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1700000 |
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Mr. Atul Raheja |
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100000 |
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Ms. Mini Raheja |
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50000 |
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Refarn Securities Private Limited |
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820400 |
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Equity Share Break Up As On 29.09.2007
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Particulars |
Percentage |
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Bodies Corporate |
92.99 |
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Directors or Relatives of Direcotrs |
6.27 |
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Other top 50 shareholders |
0.74 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Disposable Plastic Syringe and Needles. |
GENERAL
INFORMATION
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Bankers : |
Narain Manzsil, 23, Barakhanba Road, New
Delhi-110001, India
9th floor, Nehru Centre , Discovery Of India, Dr. Annie
Besant Road, Worli, Mumbai-400018, India |
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Auditors : |
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Name : |
Nipun Khurana and Associates (Chartered Accountant) |
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Address : |
B-192, Gujranwala Town-1, Delhi-110009, India |
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Holding Company: |
Lifelong India Limited CIN no. U32204DL1985PLC020988 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs. 10/- each |
Rs. 30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2710500 |
Equity Shares |
Rs. 10/-
each |
Rs.27.105
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
27.105 |
27.105 |
14.605 |
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2] Share Application Money |
12.500 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(33.588) |
(17.495) |
(1.506) |
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NETWORTH |
6.017 |
9.610 |
13.099 |
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LOAN FUNDS |
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1] Secured Loans |
69.138 |
61.678 |
19.249 |
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2] Unsecured Loans |
32.253 |
21.058 |
0.621 |
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TOTAL BORROWING |
101.391 |
82.736 |
19.870 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.963 |
0.000 |
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TOTAL |
107.408 |
94.309 |
32.969 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.832 |
57.178 |
35.621 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.458 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
26.833
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19.554 |
3.312 |
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Sundry Debtors |
45.186
|
23.649 |
0.017 |
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Cash & Bank Balances |
1.444
|
0.388 |
0.298 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.471
|
7.467 |
4.248 |
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Total
Current Assets |
82.934
|
51.058 |
7.875 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.820
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11.875 |
1.318 |
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Provisions |
9.997
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2.052 |
9.209 |
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Total
Current Liabilities |
51.817
|
13.927 |
10.527 |
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Net Current Assets |
31.117
|
37.131 |
(2.652) |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
107.408 |
94.309 |
32.969 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
197.506 |
53.716 |
1.313 |
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Other Income |
0.222 |
0.902 |
0.000 |
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Total Income |
197.728 |
54.618 |
1.313 |
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Profit/(Loss) Before Tax |
(18.480) |
(14.081) |
(1.030) |
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Provision for Taxation |
0.000 |
2.018 |
0.000 |
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Profit/(Loss) After Tax |
(18.480) |
(16.099) |
(1.030) |
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Expenditures : |
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Raw Material Consumed |
144.338 |
42.518 |
0.758 |
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Salaries, Wages, Bonus, etc. |
0.00 |
3.524 |
0.289 |
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Payment to Auditors |
0.055 |
0.028 |
0.016 |
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Interest |
10.248 |
0.000 |
0.000 |
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Insurance Expenses |
0.406 |
0.166 |
0.006 |
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Depreciation & Amortization |
4.873 |
1.526 |
0.000 |
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Other Expenditure |
56.288 |
20.937 |
1.273 |
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Total Expenditure |
216.208 |
68.699 |
2.342 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(9.35)
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(29.00) |
(78.45) |
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Net Profit Margin (PBT/Sales) |
(%) |
(9.36)
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(0.26) |
(78.45) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(11.61)
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(13.01) |
(2.37) |
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Return on Investment (ROI) (PBT/Networth) |
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(3.07)
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(1.46) |
(0.07) |
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Debt Equity Ratio (Total Liability/Networth) |
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25.46
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10.26 |
2.32 |
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Current Ratio (Current Asset/Current Liability) |
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1.600
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3.67 |
0.74 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The name of the company has been changed from Welcare Meditech Limited
to Lifelong Meditech Limited with effect from 27.09.2004
Website Details Attached:
The corporate web
site for manufacture of a wide range of disposable plastic syringe and needles
and be at the forefront of the market for disposable medical devices world
wide.
Lifelong Meditech
Ltd. is committed to high technology manufacturing of the safest Medical
Products through strict quality control and technological advancements.
Lifelong Meditech
Ltd. facilities incorporates standard clean room and full production equipments
such as injection moulding machines, printing machines, assembly line, packing
machines, sterilization facility and high precision testing labs.
They value spirit
of team work
They value spirit
of team work.Team work is our way of life, they have standard integration among
our team members,suppliers and distributors so that they can provide topclass
services to our esteemed customers.Our quality goes beyond how well they serve
our customers to include the way they deal with all people. How they do things
is as important to us as what they do.
Form No. 8:
Bankers Charges
Report as per Registry
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Name of the company |
LIFELONG MEDITECH
LIMITED |
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Presented By |
Company And Yes
Bank Limited, New Delhi |
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1) Date and description of instrument creating the change |
Deed of
hypothecation dated 31.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR Rs. 30.000
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 |
First pari passu
charge on whole of the current assets of the borrower stock of raw materials,
semi finished goods, stores and spares, including relating to plant and
machinery, bills receivables and book debts and all other receivables and
movables both present and future whether lying or stored in or about of the
borrower factories, premises and god owns situate anywhere as the same may be
party to the order of the borrower in the course of transit or on high seas
or on order or delivery howsoever in the possession and control of the
borrower by way of substitution or addition Second pari passu
charge on whole of the movable and immovable fixed assets of the borrower
including plant and machinery located at plot no. 23, sector5, IMT nagar both
present and future or shall hereinafter from time to time during the security
of these persent howsoever in the possession of the borrower and either by way of substitution or addition |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Facilities
working capital/ cash credit/ letter of credit/ bank guarantee facilities
interest 1.75% below YES Bank p.a the present effective rate is 10.00 p.a
other terms and conditionbs as per facility letter no. YBL /RD dated
27.01.2006 |
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5) Name and Address and description of the person entitled to the charge. |
YES bank limited
48, Nyaya Marg, Chanakyapuri, New Delhi-110021 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
80026842 |
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Corporate
identity number of the company |
U85110DL2002PLC116251 |
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Name of the
company |
LIFELONG MEDITECH
LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
D-1 SOAMI NAGAR( SOUTH),
NEW Delhi-110017, India |
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Type of charge |
Book debts Movable property Floating charge others |
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Particular of
charge holder |
YES Bank limited 9th
floor, Nehru Centre , Discovery Of India, Dr. Annie Besant Road, Worli,
Mumbai-400018, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental deed
hypothecation dated 11.09.2007 |
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Date of
instrument Creating the charge |
11.09.2007 |
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Amount secured by
the charge |
Rs. 30.000
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest: Cash credit
facility – revised to YES bank’s Prime lending rate minus 1.50% p.a Term loan –
revised to YES bank prime lending rate (YBL PLR)minus 2.00% p.a Buyers credit
:LIBOR + 0.50 bps excluduing with holding tax Terms of
repayment: Cash credit
facility demand loan payable on demand Margin: Cash credit
facility demand loan payable on demand: 25% on debtors an d25% on paid stock Extent and
operation of the charge: First paripassu
charge on the current asset of the borrower Second pari passu
charge on the movable fixed asset of the borrowers Unconditional an
dirrecoverable corporate guarantee of lifelong India limited |
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Short particulars
of the property charged |
First paripassu
charge on the current asset of the borrower Second pari passu
charge on the movable fixed asset of the borrowers |
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.42.23 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.66.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
--- |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--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 |
|
26 |
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 |
|