MIRA
INFORM REPORT
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Report Date : |
27.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
WESTERN SURGICAL CORPORATION |
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Registered Office : |
204, Prasad Chambers, 2nd Floor, Near Roxy Cinema, Opera House,
Mumbai- 400 004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1958 |
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IEC No.: |
0393051382 |
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PAN No.: [Permanent
Account No.] |
ANIPS6171P |
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TIN No.: |
27540031564 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer, Trader and Exporter of Surgical Instruments. |
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 : |
Small concern |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a pretty old concern in field. Trade relations are fair. Scale
of activity is limited. No complaints have been heard from the market
sources, so far. The concern can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
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Name : |
Palvinder Singh |
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Designation : |
Manager |
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Contact No.: |
Mobile no. 91-9820613450 |
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Date : |
24.11.2008 |
LOCATIONS
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Registered Office : |
204, Prasad Chambers, 2nd Floor, Near Roxy Cinema, Opera
House, Mumbai- 400 004, Maharashtra, India |
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Tel. No.: |
91-22-23614429/ 23681108/ 23731995 |
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Mobile No.: |
91-9820613450 |
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Fax No.: |
91-22-23643828 |
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E-Mail : |
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Website : |
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Area : |
280 sq ft |
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Location : |
Owned |
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Factory : |
Located at Panvel |
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Area : |
550 sq ft |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mrs. Surender Kaur Soor |
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Designation : |
Proprietor |
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Address : |
A/22, Soman Nagar Co-operative Housing, 36 Kranti Veer Bhai Balmukan Marg, Mumbai
– 400 012, Maharashtra, India |
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Date of Birth/Age : |
75 Years |
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Qualification : |
S.S.C. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader and Exporter of Surgical Instruments. |
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Agencies Held : |
Johnson and Johnson Limited |
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Exports : |
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Products : |
Surgical Instruments |
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Countries : |
Argentina, Switzerland and USA |
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Terms : |
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Selling : |
Credit 30 days |
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Purchasing : |
Credit 30 days |
PRODUCTION STATUS
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Surgical
Instruments |
55 |
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GENERAL
INFORMATION
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Customers : |
Wholesalers and Retailers |
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No. of Employees : |
15 (In office – 3, In factory – 12) |
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Bankers : |
Punjab and Sindh Bank |
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Opera House |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Shah and Nahar company Chartered Accountants |
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Address : |
Mumbai |
CAPITAL STRUCTURE
Capital Account
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PARTICULARS |
31.03.2006 Rs.
in Millions |
PARTICULARS |
31.03.2006 Rs.
in Millions |
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Drawings |
0.061 |
Balance b/f |
7.599 |
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Advance Tax |
0.090 |
P.P.F. Interest |
0.108 |
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LIC |
0.043 |
LIC Refund |
0.012 |
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Donation |
0.001 |
Post MIS
Interest |
0.040 |
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Income Tax |
0.070 |
UTI Income |
0.041 |
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Bank S.B. A/c |
3.185 |
Bank S.B. A/c |
3.185 |
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TDS on FD
Interest |
0.003 |
Dividend |
0.005 |
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Balance c/f |
8.055 |
Net Profit |
0.518 |
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Total |
11.508 |
Total |
11.508 |
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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6.700 |
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Expected Sales (2008-09): Rs.8.000 millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Proprietor’s Capital |
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8.055 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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8.055 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
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2] Unsecured Loans |
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0.011 |
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TOTAL BORROWING |
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0.011 |
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Advance for Sale
of Building |
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0.625 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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8.691 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.151 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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3.195 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.093 |
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Sundry Debtors |
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5.615 |
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Cash & Bank Balances |
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2.085 |
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Other Current Assets |
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0.221 |
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Loans & Advances |
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1.513 |
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Total
Current Assets |
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9.527 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.545 |
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Provisions |
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0.637 |
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Total
Current Liabilities |
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4.182 |
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Net Current Assets |
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5.345 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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8.691 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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6.696 |
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Other Income |
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0.164 |
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Total Income |
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6.860 |
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Profit/(Loss) Before Tax |
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0.518 |
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Provision for Taxation |
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-- |
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Profit/(Loss) After Tax |
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0.518 |
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Expenditures : |
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Cost of Goods Sold |
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4.761 |
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Salaries, Wages, Bonus, etc. |
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0.203 |
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Depreciation & Amortization |
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0.025 |
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Other Expenditure |
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1.353 |
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Total Expenditure |
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6.342 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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7.55 |
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Net Profit Margin (PBT/Sales) |
(%) |
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7.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.02 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.52 |
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Current Ratio (Current Asset/Current Liability) |
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2.28 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement
of Indiamart for Trust-Seal |
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Service Tax No. : |
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Excise Registration No.: |
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VAT / TIN : 27540031564 |
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IEC Code : 0393051382 |
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PAN / TAN : ANIPS6171P |
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Bank Name : Punjab and Sindh Bank |
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Bank Address : Opera
House Branch, Mumbai |
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Bank A/c. No.: 3292 |
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Account Since : 1984 |
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TRADE REFERENCES:
- Bombay Hospital
- Jaslok Hospital
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
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.76.60 |
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Euro |
1 |
Rs.64.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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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 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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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35 |
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 |
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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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