MIRA INFORM REPORT
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Report Date : |
01.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
SEWA MEDICALS LIMITED |
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Registered Office : |
10/11 Prospect Chambers, Annexe, 317/21, DR D, N. Road, Fort, Mumbai
400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2002 |
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Date of Incorporation : |
09.12.1993 |
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Com. Reg. No.: |
054451 |
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CIN No.: [Company
Identification No.] |
U99999MH1993PTC054451 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS41612E |
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PAN No.: [Permanent
Account No.] |
AAACS7913D |
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Legal Form : |
A Closely Held Public Limited Liability Company. The Company is a sick
Unit. |
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Line of Business : |
Manufacturer and Exporters of Hypodermic Glass Syringes |
RATING &
COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
Sick Company |
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Payment Behaviour : |
Delayed |
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Litigation : |
Exist |
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Comments : |
The company Networth has been eroded. It is a sick Industrial Unit
under Board of industrial Financial and Reconstruction. The Company’s payments are slow and Delayed. It has not prepared up-to-date financial. We are trying for more
business and financial details from Mr. Harsh Shandoliya and Mr. Ramesh
Gandhi. If they provide we shall update the same. In the mean time, it is learnt that company’s annual sales is of Rs.60.000
Millions As claimed, the company has substantial order in hand but due to
working capitals shortage, they are not in a position to meet further orders. It was gathered that Cosmos Cooperative Bank has withdrawn as a
banker. The company can be considered for any business dealings on safe and
secured trade terms and conditions |
LOCATIONS
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Registered Office : |
10/11 Prospect Chambers, Annexe, 317/21, DR D, N. Road, Fort, Mumbai
400001, Maharashtra, India |
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Tel. No.: |
91-22-65206102 /6103/ 8849/ 8850 |
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Fax No.: |
91-22-22045352 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Factory 1 : |
Gut No.229 - 232, Alandi Markal Road,
Village Markal Taluka Khed, Taluka : Khed, District Pune 412105 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Kirit Shandaliya |
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Designation : |
Directors |
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Name : |
Mr. Harsh Shandiya |
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Designation : |
Directors |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Hypodermic Glass Syringes |
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Products : |
Syringe , Medicals |
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Exports : |
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Products : |
Glass Syringes |
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Countries : |
France, Germany, Pakistan Bangladesh |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Singapore |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and Endusers |
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No. of Employees : |
Total:220 (Office:20, factory:200) |
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Bankers : |
Cosmos Bank, Mumbai (No More A/c) Canara Bank, Mumbai |
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Facilities : |
-- |
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Banking
Relations : |
Poor |
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Associates/Subsidiaries : |
Ř Top Syrinse
Manufacturing Company Mumbai Ř Tempo
Instrumetns Equipmetns Capital Private Limited, Mumbai |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales Turnover |
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60.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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71.712 |
71.712 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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200.744 |
0.000 |
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4] (Accumulated Losses) |
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(394.335) |
(54.161) |
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NETWORTH |
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(121.879) |
17.551 |
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LOAN FUNDS |
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1] Secured Loans |
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926.096 |
776.764 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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926.096 |
776.764 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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804.217 |
794.315 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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684.683 |
664.230 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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1.502 |
1.502 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Other Current Assets |
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132.377 |
132.869 |
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Total
Current Assets |
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132.377 |
132.869 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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14.345 |
4.287 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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14.345 |
4.287 |
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Net Current Assets |
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118.032 |
128.583 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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804.217 |
794.315 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2002 |
31.03.2001 |
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Sales Turnover |
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84.199 |
15.116 |
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Other Income |
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Total Income |
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84.199 |
15.116 |
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Profit/(Loss) Before Tax |
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(139.429) |
(116.600) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(139.429) |
(116.600) |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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9.270 |
7.589 |
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Interest |
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98.510 |
134.513 |
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Total Expenditure |
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107.780 |
142.102 |
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KEY RATIOS
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PARTICULARS |
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31.03.2002 |
31.03.2001 |
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PAT / Total Income |
(%) |
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(0.16) |
(7.71) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(0.16) |
(7.71) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(17.06) |
(14.62) |
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Return on Investment (ROI) (PBT/Networth) |
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(1.14) |
(6.64) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.11 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
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9.22 |
30.99 |
LOCAL AGENCY
FURTHER INFORMATION
Financial:
The company has not filed financial subsequent to 2002. It is a sick
Industrial Unit.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.92 |
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UK Pound |
1 |
Rs. 79.31 |
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Euro |
1 |
Rs. 60.63 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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