MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
CARDIOMED INDIA LIMITED |
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Registered Office : |
S-316, Greater Kailash-II, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
19.07.2001 |
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Com. Reg. No.: |
111734 |
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CIN No.: [Company
Identification No.] |
U51507DL2001PLC111734 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELC05186G |
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Legal Form : |
Closely Held Public Limited Liability Company. |
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Line of Business : |
Marketer and Seller of
High End Fitness Equipments, Surgical and Medical Products. |
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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Status : |
Moderate |
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Payment Behaviour : |
Slow by average 30 days |
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Litigation : |
Clear |
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Comments : |
Subject is a small company having moderate track records. Directors are reported as experienced, respectable and having small means of their own. Their trade relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions. |
LOCATIONS
DIRECTORS
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Name : |
Mr. Vevake Dean |
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Designation : |
Director |
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Address : |
S-316, Greater Kailash-II, |
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Date of Birth/Age : |
12.06.1958 |
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Date of Appointment : |
19.07.2001 |
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Name : |
Mr. Rohit Dean |
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Designation : |
Director |
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Address : |
F – 72, |
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Date of Birth/Age : |
04.04.1964 |
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Date of Appointment : |
19.07.2001 |
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Name : |
Mrs. Ranjana Dean |
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Designation : |
Director |
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Address : |
S-316, Greater Kailash-II, |
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Date of Appointment : |
19.07.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
No. of Shares |
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Rohit Dean |
24800 |
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Vevake Dean |
74700 |
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Ranjana Dean |
100 |
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Kamlesh Brakma |
100 |
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J.F. Dean |
100 |
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J.E. Dean |
100 |
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Lovely Brakma |
100 |
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Total |
100000 |
As on 29.09.2007
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Marketer and Seller of High
End Fitness Equipments, Surgical and Medical Products. |
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Products : |
Cardio Vascular Conditioning (Nordic Track)
Strength Training Equipments (Free motion)
Floorings (Dinoflex Manufacturing Limited)
AMEREC
Sauna and systems |
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Agencies Held : |
Ř
Freemotion Fitness Inc, Ř
Ř
3L, Medical Products Company, Limited, Ř
Integra Neuro Sciences, Ř
Apex Medical Corporation, Ř
J. Jamner Surgical Instruments, Ř
Ř
Versapak Dope |
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Terms : |
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Selling : |
Credit ( up to 90 days) terms |
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Purchasing : |
Cash or Credit (60 days) terms |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
40 |
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Bankers : |
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Facilities : |
Secured Loans :
Unsecured Loans :
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashish and Company Chartered Accountants |
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Address : |
105 A, Indra Prakash, |
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Tel. No.: |
91-11-23350956 |
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Fax No.: |
91-11-23721856 |
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Associates/Subsidiaries : |
Cardiomed Systems India Private
Limited Date of Incorporation: 27th September, 1988 Legal Status: Private Limited Company Line of Business: Suppliers and Distributors of health, fitness, exercise and medical equipment. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.000 |
1.000 |
1.000 |
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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) |
(1.464) |
(0.193) |
(0.586) |
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NETWORTH |
(0.464) |
0.807 |
0.414 |
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LOAN FUNDS |
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1] Secured Loans |
0.233 |
0.331 |
0.420 |
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2] Unsecured Loans |
2.859 |
1.558 |
1.592 |
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TOTAL BORROWING |
3.092 |
1.889 |
2.012 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.003 |
0.037 |
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TOTAL |
2.628 |
2.699 |
2.463 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.185 |
1.393 |
1.647 |
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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 |
0.311 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
10.141
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2.008 |
3.162 |
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Sundry Debtors |
1.623
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3.154 |
3.255 |
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Cash & Bank Balances |
2.937
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0.441 |
0.186 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.457
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3.204 |
0.742 |
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Total
Current Assets |
17.158
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8.807 |
7.345 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
16.074
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7.415 |
6.835 |
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Provisions |
0.100
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0.086 |
0.010 |
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Total
Current Liabilities |
16.174
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7.501 |
6.845 |
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Net Current Assets |
0.984
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1.306 |
0.500 |
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MISCELLANEOUS EXPENSES |
0.459 |
0.000 |
0.005 |
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TOTAL |
2.628 |
2.699 |
2.463 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
18.668 |
27.916 |
19.945 |
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Other Income |
1.666 |
0.972 |
1.333 |
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Total Income |
20.334 |
28.888 |
21.278 |
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Profit/(Loss) Before Tax |
(1.690) |
0.898 |
0.200 |
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Provision for Taxation |
(0.419) |
0.507 |
(0.283) |
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Profit/(Loss) After Tax |
(1.271) |
0.391 |
0.483 |
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Expenditures : |
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Purchases made for re-sale |
14.108 |
20.908 |
12.845 |
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Salaries, Wages, Bonus, etc. |
1.646 |
1.396 |
0.818 |
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Managerial Remuneration |
0.300 |
0.300 |
0.300 |
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Payment to Auditors |
0.028 |
0.028 |
0.028 |
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Interest |
0.656 |
0.536 |
0.502 |
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Insurance Expenses |
0.034 |
0.034 |
0.037 |
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Power & Fuel |
0.123 |
0.180 |
0.169 |
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Depreciation & Amortization |
0.322 |
0.413 |
0.326 |
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Other Expenditure |
4.807 |
4.195 |
6.053 |
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Total Expenditure |
22.024 |
27.990 |
21.078 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
(6.25)
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1.35 |
2.27 |
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Net Profit Margin (PBT/Sales) |
(%) |
(9.05)
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3.22 |
1.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(9.21)
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8.80 |
2.22 |
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Return on Investment (ROI) (PBT/Networth) |
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(3.64)
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1.11 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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(41.52)
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11.64 |
21.39 |
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Current Ratio (Current Asset/Current Liability) |
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1.06
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1.17 |
1.07 |
LOCAL AGENCY FURTHER INFORMATION
FIXED ASSETS:
- Fax Machine
- Air Conditioner
- Camera
- Telephone Equipment
- Heater
- Motor Cycle
- Scooter
- Computers
- Cooler
- UPS
- Security System
- Microwave
- Furniture and Fixtures
- Tools Equipment
- Car
- Xerox Machine
AUDITORS:
The statutory
Auditors Ashish and Company, chartered Accountant, hold office till the
conclusion of the forthcoming Annual General Meeting, and being eligible, are
recommended for re-appointment on terms to be negotiated by the Board of
Directors. They have furnished the requisite certificate to the effect that
their re-appointment, if effected, would be in accordance with sanction 224(1B)
of the Companies Act, 1956.
WEBSITE DETAILS:
Profile
The association with various
international and Fortune 500 companies has helped global companies
introduce their products and establish a credible network of sales and
distribution in
This has been made possible with the knowledge of the
marketplace as well as the network of distributors throughout
The company enjoys a fine reputation and an enviable brand presence in
The regular association with corporate houses, large
hospitals, medical fraternity and opinion leaders in the government as well as
trade and commercial bodies in
They have successfully leveraged the knowledge and commitment to grow the business, governed by the highest ideals of corporate governance.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.50.03 |
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1 |
Rs.74.42 |
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Euro |
1 |
Rs.62.71 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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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34 |
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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