MIRA
INFORM REPORT
|
Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SIGMA SURGICAL PRIVATE LIMITED |
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Registered Office : |
46, 13 – 14, Shree Ram Industrial Estate, Behind CMC, Soni Chawl,
Cross Road, Odhav, Ahmedabad – 382 415, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.01.1998 |
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Com. Reg. No.: |
04 - 33520 |
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CIN No.: [Company
Identification No.] |
U33110GJ1998PTC033520 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS09225G |
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PAN No.: [Permanent
Account No.] |
AACCS7802F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Suppliers of Orthopaedic Devices and Dental Chairs
and Equipments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 1695 |
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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 old and established company having moderate track. Its
profitability is under severe pressured and has some accumulated losses. The company can be considered for small to mediocre business dealings
with slight caution initially. |
INFORMATION PARTED
BY
|
Name : |
Mr. Amrut Bhai |
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Designation : |
QC Department |
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Contact No.: |
91-9227253532 |
LOCATIONS
|
Registered Office : |
46, 13 – 14, Shree Ram Industrial Estate, Behind CMC, Soni Chawl,
Cross Road, Odhav, Ahmedabad – 382 415, Gujarat, India |
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Tel. No.: |
91-79-22976132, 65430386 |
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Fax No.: |
91-79-22970098 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Jayanti Bhai J Gothi |
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Designation : |
Director |
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Address : |
111, Karnavati Park, Opp. Baroda Highway, Ahmedabad – 380 008,
Gujarat, India. |
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Date of Birth/Age : |
01.07.1957 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
05.01.1998 |
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Name : |
Mr. Gopal Gothi |
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Designation : |
Director |
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Address : |
204, Jivan Varsha Apartment, Opp. Kashivishnanath, Ahmedabad – 380
008, Gujarat, India. |
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Date of Birth/Age : |
01.06.1968 |
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Qualification : |
H.S.C. |
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Date of Appointment : |
05.01.1998 |
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Name : |
Mr. Amrut Gothi |
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Designation : |
Director |
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Address : |
204, Jivan Varsha Apartment, Opp. Kashivishnanath, Ahmedabad – 380
008, Gujarat, India. |
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Date of Birth/Age : |
01.10.1964 |
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Date of Appointment : |
30.10.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
No. of Shares |
|
Mr. Jayanti Bhai Gothi |
15200 |
|
Mr. Gopal Bhai Gothi |
14000 |
|
Mrs. Harshaben Gothi |
4000 |
|
Mr. Amrutlal Gothi |
8500 |
|
Mrs. Kinaben Gothi |
8500 |
|
Mrs. Radhaben Gothi |
7000 |
|
Mr. Mehul Gothi |
100 |
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Mr. Bhagwaji Bhovana Trambadia |
100 |
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Mr. M P Chhatrala |
100 |
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Mr. G D Vadariya |
100 |
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Mr. J V Trambadiya |
100 |
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Mr. V B Trambhadia |
100 |
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Mr. R M Ratnapara |
100 |
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Mr. G B Trambadia |
100 |
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Total |
58000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
|
Sr. No. |
Category |
Percentage |
|
1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Suppliers of Orthopaedic Devices and Dental Chairs
and Equipments. |
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Exports : |
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Products : |
v Orthopaedic
implant v Instrument |
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Countries : |
v Thailand v Philipines |
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Imports : |
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Products : |
Machinery |
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Countries : |
v USA v China |
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Terms : |
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Selling : |
Cash (30 days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers |
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No. of Employees : |
70 |
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Bankers : |
v Central Bank Rakhial Road Branch, Rakhial – Ahmedabad,
Gujarat, India v Bank of Baroda v State Bank of
India v Cosmos Bank v IDBI Bank |
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Facilities : |
Central bank – Term loan |
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Auditors : |
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Name : |
Mr. Rajesh Jesal Pura and Company, Chartered Accountants |
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Address : |
A -4, Joshibaug Apartment, Navarangpura, Ahmedabad – 380 014, Gujarat,
India. |
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Tel. No.: |
91-79-27430430 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.800 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
58,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.580
million |
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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|
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1] Share Capital |
0.580 |
0.580 |
0.574 |
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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 |
0.000 |
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4] (Accumulated Losses) |
(0.241) |
(0.011) |
0.079 |
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NETWORTH |
0.339 |
0.569 |
0.653 |
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LOAN FUNDS |
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1] Secured Loans |
0.741 |
0.964 |
0.000 |
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2] Unsecured Loans |
2.485 |
1.995 |
0.986 |
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TOTAL BORROWING |
3.226 |
2.959 |
0.986 |
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DEFERRED TAX LIABILITIES |
0.420 |
0.137 |
0.000 |
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TOTAL |
3.985 |
3.665 |
1.639 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.131 |
3.172 |
1.630 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
3.356
|
1.715 |
0.574 |
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Sundry Debtors |
1.088
|
1.118 |
1.030 |
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Cash & Bank Balances |
0.838
|
0.668 |
0.344 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.045
|
0.031 |
0.083 |
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Total
Current Assets |
5.327
|
3.532 |
2.031 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.441
|
3.012 |
0.000 |
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Provisions |
0.034
|
0.029 |
2.024 |
|
Total
Current Liabilities |
4.475
|
3.041 |
2.042 |
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Net Current Assets |
0.852
|
0.491 |
0.007 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.002 |
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TOTAL |
3.985 |
3.665 |
1.639 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover (Including Other Income) |
5.187 |
5.749 |
4.024 |
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Total Income |
5.187 |
5.749 |
4.024 |
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Profit/(Loss) Before Tax |
0.079 |
0.061 |
0.056 |
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Provision for Taxation |
0.308 |
0.029 |
0.015 |
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Profit/(Loss) After Tax |
(0.229) |
0.032 |
0.041 |
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Expenditures : |
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Financial Charges |
0.101 |
0.042 |
0.000 |
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Depreciation & Amortization |
0.169 |
0.114 |
0.048 |
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Other Expenditure |
4.838 |
5.532 |
3.920 |
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Total Expenditure |
5.108 |
5.688 |
3.968 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
(4.41)
|
0.56 |
1.02 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.52
|
1.06 |
1.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.52
|
1.06 |
1.39 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.01 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
|
13.20
|
5.34 |
3.12 |
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Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.16 |
0.99 |
LOCAL AGENCY
FURTHER INFORMATION
Note:
The Registered Office of the company has been shifted from 46, Gajanand Industrial
Estate, Near Nagarwel Hanuman, Rakhial, Opp. Gujarat Botting, Ahmedabad – 380
023, Gujarat, India to 46, 13 – 14, Shree Ram Industrial Estate, Behind CMC,
Soni Chawl, Cross Road, Odhav, Ahmedabad – 382 415, Gujarat, India with effect
from 27.02.1999.
Table
|
Parameters |
Details |
|
Statutory
Approvals |
|
|
Income Tax Registration |
ACCS7802F |
|
Central Sales Tax Registration |
24575103670 |
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VAT / TIN Registration |
24075103670 |
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Import Export Code |
0805005668 |
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Name of Bank |
Central Bank |
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Current Account Number |
2948 |
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Account Since |
Last 6 Years |
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Credibility
Factors |
|
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India Mart Client Since |
+ 3 Years |
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Trade
Affiliations |
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SSI Registration |
240071100471 |
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Chambers of Commerce Membership |
No |
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D and B D-U-N-S Number |
No |
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Govt. Recognised Export House Status |
No |
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Other Affiliations |
No |
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Standards and
Certifications |
|
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Quality Management Systems |
ISO 9001 2001 |
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Environment Management Systems |
No |
|
Safety Certificates |
No |
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Product Certificates |
No |
|
Other Certificates |
1. CE Certificate (under process) |
|
|
2. 750 13485 (under process) |
Form 8
|
Name of the company |
SIGMA SURGICAL
PRIVATE LIMITED |
|
Presented By |
Mr. Jayantilal J.
Gothi |
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1) Date and description of instrument creating the change |
1. Agreement of
hypothecation of machinery dated 15.10.2005 2. Memorandum of Entry
dated 15.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.750
millions the company has given movable and immovable property viz. |
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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 |
Machinery
hypothecation of Haas, USA make, Model TM – 1 Tool room mill 762 mm * 305mm *
406mm (xyz), 7.5hp, 4000 rpm, etc. and immovable property situated at survey
no. 547/1, paiki, 13, paiki and 14 paiki mouje odhav, Tal. – city - Ahmedabad |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Margin – 25% |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of India,
Rakhial Road Branch, Ahmedabad |
Form 8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U33110GJ1998PTC033520 |
|
Name of the
company |
SIGMA SURGICAL
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in India of the company |
46, 13 – 14, Shree Ram Industrial Estate, Behind CMC, Soni Chawl,
Cross Road, Odhav, Ahmedabad – 382 415, Gujarat, India |
|
Type of charge |
v
Immovable
property v
Movable property
(not being pledge) |
|
Particular of
charge holder |
Name : Central
Bank of India Address : Rakhial
Road Branch City : Ahmedabad State : Gujarat ISO country code:
IN Pin code : 380023 e-mail ID: bmahme1192@centralbank.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
entry for Rs. 2.281 millions and loan cum hypothecation deed. |
|
Date of
instrument Creating the charge |
06.07.2007 |
|
Amount secured by
the charge |
Rs. 1.531
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest BPLR – 2% + 0.5%
i.e. 11.5% Terms of
repayment 60 monthly
instalments of Rs. 33288 Margin 30% Extent operation
of the charge 100% charge on
machinery and factory land and building with residential flat. |
|
Short particulars
of the property charged |
Hypothecation of
machinery – 1) Hass, USA Make Model 2) Hans Laser Marketing Model and
Equitable Mortgage on flat located at 2 Nilay Apartment Rajpur – Mirpur,
Ahmedabad. |
Trade References
v ASCO – Delhi
v Orthocare – Delhi
v Chetan Biotech – Ahmedabad
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 :
The 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.
The 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. 42.59 |
|
UK Pound |
1 |
Rs. 84.16 |
|
Euro |
1 |
Rs. 65.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|