MIRA
INFORM REPORT
|
Report Date : |
25.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PICKS MEDICAL SYSTEMS LIMITED |
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Registered Office : |
107, Ashiana Towers, Exhibition Road, Patna-800001, Bihar |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
26.06.1990 |
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Com. Reg. No.: |
05-04092 |
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CIN No.: [Company
Identification No.] |
U00380BR1990PTC004092 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PTNP00173F |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturer, Exporter and Importer of X-Ray Machines. |
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 96800 |
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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. Scale of operation
is relatively small. Trade relations are fair. Payments are reported as slow. The company can be considered for small
to mediocre business dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Praghesh Patel |
|
Designation : |
Admin Manager |
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Date : |
23.06.2008 |
LOCATIONS
|
Registered Office : |
107, Ashiana Towers, Exhibition Road, Patna-800001, Bihar, India |
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Tel. No.: |
91-612-2660557 |
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Fax No.: |
91-612-2538341 |
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E-Mail : |
picksmedi@rediffmail.com |
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Website : |
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Location : |
Owned |
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Factory : |
R/264, TTC MIDC, Rabale, Navi Mumbai – 400 701, Maharashtra, India |
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Tel. No.: |
91-22-27693455 / 27641377 / 27641378 / 27641379 / 27694775 |
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Fax No.: |
91-22-27694775 |
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E-Mail : |
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Area : |
30000 Sq. ft. with Factory |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Prashant Kumar Sinha |
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Designation : |
Managing Director |
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Address : |
B-151, Budha Colony, Patna – 800 001, Bihar, India |
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Date of Birth/Age : |
13.01.1954 |
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Date of Appointment : |
26.06.1990 |
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Name : |
Mr. Surjeet Kumar |
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Designation : |
Director |
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Address : |
Asha Nagar, Sohsarai, Nalanda, Bihar, India |
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Date of Birth/Age : |
10.02.1960 |
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Date of Appointment : |
26.06.1990 |
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Name : |
Mr. Anil Kumar |
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Designation : |
Director |
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Address : |
Kishori Niwas, Borinz Road, Patna – 800 001, Bihar, India |
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Date of Birth/Age : |
22.02.1960 |
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Date of Appointment : |
26.06.1990 |
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Name : |
Mrs. Gayatri Sinha |
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Designation : |
Director |
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Address : |
B-151, Budha Colony, Patna – 800 001, Bihar, India |
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Date of Birth/Age : |
03.12.1962 |
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Date of Appointment : |
26.06.1990 |
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Name : |
Mr. Rajesh Kumar Gupta |
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Designation : |
Director |
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Address : |
Simli Tathagat Nagar, Patna City – Khajekala, Patna – 800 008, Bihar,
India |
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Date of Appointment : |
26.06.1990 |
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Name : |
Mr. Pankaj Prashant Sinha |
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Designation : |
Director |
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Address : |
Resency Garden, Edden Woods, Thane, Maharashtra, India |
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Date of Appointment : |
12.06.2002 |
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Name : |
Mr. Santosh Kumar Mandal |
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Designation : |
Director |
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Date of Appointment : |
01.12.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Prashant Kumar Sinha |
4610 |
|
Gayatri Sinha |
410 |
|
Surjeet Kumar |
50 |
|
Rajesh Kumar Gupta |
150 |
|
Anil Kumar |
50 |
|
Pankaj Prashant Sinha |
1050 |
|
Umesh Prasad Singh |
30 |
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Sadanand Prasad Mehta |
20 |
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Total |
6370 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of X-Ray Machines. |
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Exports : |
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Countries : |
·
Sri Lanka ·
Yemen ·
Bangladesh ·
Vietnam ·
Nigeria ·
Ghana ·
Mauritius ·
Turkey ·
Oman ·
U.A.E. ·
Nepal ·
South Africa ·
Middle East Countries |
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Imports : |
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Products : |
Sonography Machines and Part of X-Ray Machines |
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Countries : |
·
China ·
Japan ·
France ·
Taiwan ·
Italy ·
Korea |
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Terms : |
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Selling : |
100% Advance or Bank L/C |
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Purchasing : |
L/C, TT/Advance |
GENERAL
INFORMATION
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Customers : |
·
End Users ·
Doctors and Government Hospitals |
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No. of Employees : |
Above 150 |
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Bankers : |
·
Oriented Bank of Commerce Mahatma Gandhi Seva Mandir Trust Building,
S. V. Road, Opp. Bandra Talao, Bandra (W), Mumbai – 400 050, Maharashtra,
India ·
Federal Bank ·
Union Bank of India Kapurbavdi Branch, Thane, Maharashtra,
India |
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Facilities : |
OD – Rs.10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. K. Jha Chartered Accountants |
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Associates/Subsidiaries : |
Medi Picks Murbad |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6370 |
Equity Shares |
Rs.100/- each |
Rs.0.637
million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
0.637 |
0.637 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
18.722 |
17.757 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
19.359 |
18.394 |
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LOAN FUNDS |
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|
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1] Secured Loans |
|
17.748 |
14.090 |
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2] Unsecured Loans |
|
1.264 |
1.768 |
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TOTAL BORROWING |
|
19.012 |
15.858 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
|
38.371 |
34.252 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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20.988 |
15.919 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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14.525 |
7.805 |
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Sundry Debtors |
|
18.470 |
19.619 |
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Cash & Bank Balances |
|
0.302 |
0.280 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
7.475 |
6.610 |
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Total
Current Assets |
|
40.772 |
34.314 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
23.389 |
15.981 |
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|
Provisions |
|
0.000 |
0.000 |
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Total
Current Liabilities |
|
23.389 |
15.981 |
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Net Current Assets |
|
17.383 |
18.333 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
38.371 |
34.252 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
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Sales Turnover |
|
|
1.767 |
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Other Income |
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|
0.000 |
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Total Income |
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|
1.767 |
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Profit/(Loss) Before Tax |
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|
1.277 |
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Provision for Taxation |
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|
0.312 |
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Profit/(Loss) After Tax |
|
|
0.965 |
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Expenditures : |
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Depreciation & Amortization |
|
|
0.686 |
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Total Expenditure |
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|
0.490 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
54.61 |
- |
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Net Profit Margin (PBT/Sales) |
(%) |
|
72.27 |
- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.07 |
- |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
- |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.19 |
1.73 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.74 |
2.15 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
PICKS MEDICAL SYSTEMS LIMITED |
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Presented By |
Union Bank of
India, Kapurbavdi Branch, Thane – (West) |
|
1) Date and description of instrument creating the change |
Packing Credit
Agreement Dated 29th December, 2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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
raw materials, Semi finished goods and finished goods and Book Debts meant,
intended or being manufactured for Exports lying at the main factory shed or
godowns at R-264, TTC Rabale, Navi Mumbai. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
@ 7% p.a. Margin – 10%
against goods and Book Debts |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of India Kapurbavdi Branch, Thane (West) branch. |
|
Corporate
identity number of the company |
U00380BR1990PTC004092 |
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Name of the
company |
PICKS MEDICAL SYSTEMS LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
107, Ashiana Towers, Exhibition Road, Patna-800001, Bihar, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Oriented Bank of Commerce Mahatma Gandhi Seva Mandir Trust Building, S. V. Road, Opp. Bandra
Talao, Bandra (W), Mumbai – 400 050, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
Hypothecation of Assets. |
|
Date of instrument
Creating the charge |
24.07.2007 |
|
Amount secured by
the charge |
Rs.26.561
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest PLR i.e. 13.25% at monthly rest to be serviced monthly. ·
Terms of
repayment One Year. ·
Margin 1.
Cash Credit
Rs.17.500 millions 25% Stock 40% Book Debts up to 90 days 2.
Term Loan I
Rs.1.811 millions Already contribute by the applicant in the Union Bank of India
Kapurbavdi Branch, Thane 3.
Term Loan II
Rs.3.250 millions Already contribute by the applicant in the Union Bank of India
Kapurbavdi Branch, Thane 4.
Bank
Guarantee Rs.4.000 millions 25% margin shall be kept in the shape of unencumbered duly discharged
FDRs/CDRs. Interest if FDRs./CDRs. Shall not be released during the currency
of guarantee facility. ·
Extent and
operation of the charge Charge to the extent of Rs.26.651 millionsoperating on security
operating on security offered by the company. |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Particulars of
the property charged |
Details of the
securities / assets / goods / stocks / movable assets hypothecated with the
bank Hypothecation of stocks of raw material. WIP, finished goods and receivables
of the company Hypothecation of
plant and machinery and other present current and fixed assets of the
company. Cash Credit
Rs.17.500 millions Term Loan (I)
Rs.1.811 millions Term Loan (II)
Rs.3.250 millions Bank Guarantee
Rs.4.000 millions Total Rs.26.561
Millions |
Web Details :
Subject
was incorporated in 1990 to cater to health sector. Subject has grown under the
able guidance and leadership of Mr. P.K.Sinha , CMD, a technocrat who is a qualified
Engineer with MBA. He has got more than 25 years of experience in medical
imaging field. In a very short span of time the company has grown to a tune of
more than 10,000 installations, which are serviced by 20 offices across the
country.
Subject
is staffed by the team of qualified and experienced professional in the field
of management, technical and medical applications.
They
are regular exporters to Nepal , Srilanka, Yaman , South Africa , Middle East
etc.
Subject’s
objective and mission is to grow continuously as preferred manufacture of
premier technologies through leadership, customer commitment and dedication to
collective goals and values. They believe that working professionally with
their customer leads to a long term and mutually regarding relationship.
The
Picks Vision is to:
- Be a profitable engineering company in
manufacturing and contracting.
- Manufacture high quality diagnostic
X-Ray machine at a affordable prices.
- Ensure prompt installation and hands on
training to the users.
- Support the customers with a team of
dedicated service engineers top ensure the highest uptime through an all
India network.
- Developed referral customer base at
luminaries.
- To attract an retain talented
engineering personal
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.42.94 |
|
UK Pound |
1 |
Rs.84.52 |
|
Euro |
1 |
Rs.66.73 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
TOTAL |
|
33 |
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 |
|