MIRA
INFORM REPORT
|
Report Date : |
30.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
UNITED HEALTHCARE INDIA PRIVATE LIMITED |
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Registered Office : |
B3, Third Floor, Gundecha Enclave, Kherani Road, Saki Naka, Andheri
(East), Mumbai – 400 072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
07.06.1996 |
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Com. Reg. No.: |
100107 |
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CIN No.: [Company
Identification No.] |
U85190MH1996PTC100107 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS20772D |
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PAN No.: [Permanent
Account No.] |
AAACS9480R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing Healthcare Services |
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 380000 |
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Status : |
Improving |
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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 financial
position is improving and is expected to wipe-off previous losses soon. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered good for small to mediocre business
dealings with slight caution, initially. |
INFORMATION PARTED
BY
|
Name : |
Ms. Akhila |
|
Designation : |
Finance Department |
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Date : |
29.07.2008 |
LOCATIONS
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Registered Office : |
B3, Third Floor, Gundecha Enclave, Kherani Road, Saki Naka, Andheri
(East), Mumbai – 400 072, Maharashtra |
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Tel. No.: |
91-22-30657300 / 66660999 |
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Fax No.: |
91-22-28528222 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Bangalore Office : |
# 1, Victor Mansion,
Golf View Avenue, Airport Road, Kodihalli, Bangalore - 560 008 |
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Tel. No.: |
91-80-25216549/ 50 |
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Fax No.: |
91-80-25272620 |
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New Delhi Office : |
1st Floor,5,Community
Centre, East Of Kailash, New Delhi - 110 065 |
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Tel. No.: |
91-11-41324266/ 67 |
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Fax No.: |
91-11-41324296 |
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Hyderabad Office: |
6-3-668/10/7 Durga Nagar
Colony, Panjagutta, Hyderabad - 500 082 |
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Tel. No.: |
91-40-66619700/ 01 |
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Fax No.: |
91-40-66619702 |
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Chennai Office: |
AD1, 2nd Floor,
Radhakrishna Complex, II Avenue, Anna Nagar, Chennai - 600 040 |
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Tel. No.: |
91-44-26190101/02 |
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Fax No.: |
91-44-26190304 |
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Kolkata Office : |
39, Hindusthan Park(
2nd Floor), Near Golpark Petrol Pump, Kolkata - 700 029 |
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Tel. No.: |
91-33-6529 2038/ 6452 2924 |
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Fax No.: |
91-33-4008 6592 |
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Ahmedabad Ofgice : |
201, Dev Shruti
Complex, Opp Medisurge Hospital, NR Mithakali Six Roads, Ahmedabad – 380009 |
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Tel. No.: |
91-79-26448254/ 26460725/ 26422742 |
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Pune Office : |
Cabin 115, Sterling
Center, 10/15 A, Off Karve Road, Pune - 411 001 |
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Tel. No.: |
91-20-4021645/46 |
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Kochi Office : |
38/ 454, A-6,
Anjiparambil Business Center, Manorama Junction,Ernakulam, |
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Tel. No.: |
91-84-3012240/ 46/ 47 |
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Nurse Line : |
1800-22-4545 / 91-22-30657331 / 66660980 |
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Customer Service
Line : |
1800-22-4646 / 91-22-30657351 / 66660990 |
DIRECTORS
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Name : |
Mr. Robert J Williams |
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Designation : |
Director |
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Address : |
8700 Lunski Lane, Eden Prairie, MN 55347, USA |
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Date of Birth/Age : |
27.12.1952 |
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Date of Appointment : |
22.02.2002 |
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Name : |
Mr. Bryan R Johnson |
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Designation : |
Director |
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Address : |
23655, 133rd Avenue, Rogers, MN 55374, USA |
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Date of Birth/Age : |
26.04.1964 |
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Date of Appointment : |
22.02.2002 |
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Name : |
Mr. Charles C Keibler |
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Designation : |
Director |
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Address : |
6995, Mariann Drive, Eden Praire, MN 55346, USA |
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Date of Birth/Age : |
26.08.1962 |
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Date of Appointment : |
22.02.2002 |
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Name : |
Mr. Nimish Ramnik Parekh |
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Designation : |
Director |
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Address : |
1004, Phoenix Tower, B, Senapati Bapat Marg, Mumbai – 400 013,
Maharashtra, India |
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Date of Birth/Age : |
22.12.1965 |
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Date of Appointment : |
07.06.1996 |
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Name : |
Mr. Varun Gera |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Nimish Ramnik Parekh |
331250 |
|
United Healthcare International Mauritius Limited |
1325000 |
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United Healthcare International Mauritius Limited |
51623000 |
List of Allottees as on 16.03.2007
|
Names of Allottee |
No. of Shares |
|
United Healthcare International Mauritius Limited |
467876 |
Equity share breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Healthcare Services |
GENERAL
INFORMATION
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No. of Employees : |
120 |
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Bankers : |
Citi Bank, Fort |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Deloitte Haskins and Sons Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Worli, Mumbai – 400
018, Maharashtra, India |
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Associates/Subsidiaries : |
Parekh Healthcare Management India Private Limited |
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Holding Company : |
United Healthcare International Mauritius Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 millions |
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Total |
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Rs.120.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1656250 |
Equity Shares |
Rs.10/- each |
Rs.16.563
millions |
|
984106 |
Preference Shares |
Rs.100/- each |
Rs.98.410
millions |
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Total |
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Rs.114.973 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 |
114.973 |
68.186 |
68.186 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
4.515 |
4.515 |
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4] (Accumulated Losses) |
(39.043) |
(43.912) |
(51.567) |
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NETWORTH |
75.930 |
28.789 |
21.134 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.930 |
28.789 |
21.134 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.498 |
8.143 |
6.792 |
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Capital work-in-progress |
3.458 |
3.459 |
7.209 |
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INVESTMENT |
0.100 |
0.100 |
0.100 |
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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 |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
78.743
|
43.460 |
31.362 |
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Cash & Bank Balances |
19.224
|
10.498 |
6.993 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
127.099
|
99.012 |
63.357 |
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Total
Current Assets |
225.066
|
152.970 |
101.712 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
180.985
|
133.946 |
93.933 |
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Provisions |
1.207
|
1.937 |
0.746 |
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Total
Current Liabilities |
182.192
|
135.883 |
94.679 |
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Net Current Assets |
42.874
|
17.087 |
7.033 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.930 |
28.789 |
21.134 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.40
|
4.72 |
4.48 |
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Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.13 |
1.07 |
LOCAL AGENCY
FURTHER INFORMATION
The Registered Office of the company has been shifted from The Forum, 2nd
Floor, Raghuvanshi Mills Compound, 11/12 Senapati Bapat Marg, Mumbai – 400 013,
Maharashtra, India to the present address with the effect from 01.03.2007.
Web Details :
At Subject they take a different approach to healthcare coverage. They
have put ‘better healthcare’ for employees at the center of their approach.
They believe that the programs and services represent the first few steps on
the journey to a better health care experience.
As an employer they
can help define what works best for the employees and their families. They have
the ability to match the right combination of funding preferences, pricing
arrangements, benefit designs and integrated specialty care management services
with the unique characteristics of the company. They believe that by planning
and making the right choices today can ensure that the people live healthy and
stay healthy.
The experience over the years with various corporate groups
confirms that organizational profitability and productivity levels are impacted
directly by the overall health profile of the workforce. Organizations that
rely heavily on its people resources need to proactively manage employee health
and ensure that people in their organization have easy access to quality
healthcare services at all times.
They at subject India cover over 450,000 lives and have
organized ourselves in a manner that helps achieve the highest levels of
efficiency, communication and most importantly, employee satisfaction. Moreover
they are committed to improving the healthcare experience for everyone
involved: the insurer who provides the cover and benefits, the employers who
purchase it, the healthcare provider who delivers it and most of all, the
employees and plan members who use it.
They are a company in evolution… and they will continue to
find newer and better ways to deliver information and services to all the
employees. They will:
- Focus on improving processes, advancing
technology, using knowledge and information, driving innovation and
running disciplined operations.
- Use technology to make their services
as efficient, effective and up-to-date as they can.
- Continue to measure the own performance and make the results available to provide an objective assessment of how well they’re doing the job.
Health Connect
Good medicine means different things to different people. In
their continuing effort to enhance the quality of healthcare available to the
people, they bring to the preferred provider network, HealthConnect (known to
you as the Sedgwick Parekh Network).
At HealthConnect, they have a holistic approach to health
care coverage and a belief in “Sarve Santu Niramay” which means “Everybody in
Good Health”. As the leading quality network organization in the country our
objective is to enhance the value that healthcare providers bring to our care
delivery system. HealthConnect will achieve this through shared goals and
responsibilities and commitment to its stakeholders – its providers and
consumers.
HealthConnect supports a wide spectrum of operations: Network
Development and Data Management, Physician Contracting and Relations, Network
Reimbursement, Electronic Data Interchange, Care Coordination and
Credentialing.
At HealthConnect the focus is on providing:
- Broad, stable and comprehensive
networks
- Patient sovereignty and hassle-free
access
- Adding value to all transactions that
go through the network
- Primacy of the patient - physician
relationship
- Measurable quality at all levels
- Extraordinary tools for information
management
At HealthConnect they assure the stakeholders:
- Continued partnership, with significant
volumes flowing throughout the network
- Highest levels of integrity
- Excellent financial value at our select
establishments – these includes negotiated discounts and package pricing
- Higher customer service orientation
HealthConnect will work closely with the provider community
to develop strong and compliant administrative processes and transform the way
the healthcare system operates. They do believe that the providers have a lot
to gain from this transformation and they will work with them to help them
deliver quality care in a consistent manner to all consumers.
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.42.54 |
|
UK Pound |
1 |
Rs.84.86 |
|
Euro |
1 |
Rs.66.95 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
36 |
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 |
|