MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
MEDICA INSTRUMENT MANUFACTURING COMPANY |
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Registered Office : |
105, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel [West],
Opposite Big Bazar, Mumbai – 400013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
1967 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer and Exporter of Medical Instruments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Gaurang |
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Designation : |
Import Export Department |
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Date : |
10.11.2008 |
LOCATIONS
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Registered Office : |
105, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel [West],
Opposite Big Bazar, Mumbai – 400013 |
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Tel. No.: |
91-22-66189999 |
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Fax No.: |
91-22-66189996 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. [Owned] |
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Factory : |
116, Vasan Udyog Bhavan, Sun Mill Compound, Lower Parel [West],
Opposite Big Bazar, Mumbai – 400013 |
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Area : |
2000 sq. ft. [Owned] |
PARTNERS
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Name : |
Mr. Hemant Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Name : |
Mr. Sumanlal Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
48 Years |
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Name : |
Mrs. Pallavi Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
45 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Medical Instruments |
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Products: |
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Exports : |
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Products : |
Medical Instruments |
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Countries : |
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Imports : |
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Products : |
Medical Instruments |
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Countries : |
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Terms : |
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Selling : |
100 % T/T |
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Purchasing : |
100 % T/T |
GENERAL INFORMATION
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Customers : |
Retailers and End Users
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No. of Employees : |
70 |
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Bankers : |
Citi Bank, Fort Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Santosh Chartered Accountants |
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Address : |
Mumbai |
CAPITAL STRUCTURE
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Capital Investment [Estimated]
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Owned : |
Rs. 5.000 Millions |
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Borrowed : |
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Total : |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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50.000 |
Expected Sales (2008-09) : Rs.80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Profile
Subject
was established for the manufacture of medical instruments. The firm currently
is a registered SSI unit since 1967 with the Directorate of Industries and is
also an ISO 9001:2000 certified
organisation.
Medica's
focus has always been to produce instruments which are a step ahead in
innovation and user-friendliness. There is a continual investment of resources
towards R&D. They specialize in sterilization, pathology and organic
chemistry lab instruments, namely Vertical Autoclaves (steam pressure
sterilizers), Rotary
Vacuum Evporators, Baths - Oil & Water / Stirred / Round / Shaking, Water
Stills, Colony Counters, Anaerobic Jars etc. Medica markets these products
under its own brands, namely EQUITRON, LAPIZ, Equitron-ROTEVA, Stone-Fin.
EQUITRON
Fully Automatic Vertical Autoclaves are market leaders in this category of
Autoclaves with over 75% market share in the domestic field. EQUITRON
Autoclaves, coupled with its on line printing / charting , comply with GMP /
ISO / FDA requirements.
Equitron-ROTEVA
Rotary Vacuum Evaporators - which have been introduced just 2 years back - has
already established itself as a fully featured and highly cost effective
Evaporator with a country wide user base.
They
have in house facilities of:
- Fabrication department
with Shears, Presses, Electric, Argon and Spot Welding, Stud Welding,
Electric Jigsaw, Angle Grinders and allied electric hand tools.
- Machine Shop with
Lathes, Drills, Grinders, Milling etc.
- Polishing department
with Bench Polishers, Flexible Shaft Polishers.
- Assembly Shop with
Vices, Tables etc.
- Electrical department
with qualified technicians & engineers.
- Test Room with all test
facilities and with test and measure instruments related to temperature
and pressure having traceablity to National Standards.
- Packing Department.
Besides
having all these facilities in-house they have a strong setup of vendors for
Die Pressing / Dished end Presses, Fabrication, Plating, Powder / Epoxy
Coating, Die / Mould Makers, Injection Moulding etc.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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47 |
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
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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. |
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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