MIRA
INFORM REPORT
|
Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MCO HOSPITAL AIDS PRIVATE LIMITED |
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Registered Office : |
# No. 32, 1st Main Road, Lower
Palace Orchards, Bangalore – 560 003, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.04.1983 |
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Com. Reg. No.: |
08-5283 |
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CIN No.: [Company
Identification No.] |
U29297KA1983PTC005283 |
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IEC No.: |
0790008041 |
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TAN No.: (Tax Deduction & Collection Account No.) |
BLRM01578D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer
and Exporter of Surgical Sutures (both Absorbable and Non-Absorbable). |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 79000 |
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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 an established company and has improved it’s performance. Trade relations are fair. Financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered/Marketing Office : |
No. 32, 1st Main Road, Lower
Palace Orchards, Bangalore – 560003, Karnataka, India |
|
Tel. No.: |
91-80-23442167/23440232/23466783 |
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Fax No.: |
91-80-23442165 |
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Mobile No.: |
91-9448281702 |
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E-Mail : |
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Area : |
4000 Sq. ft |
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Location : |
Rented |
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Factory : |
278, Bhairidevarkoppa, Post Box No. 23, Poona-Bangalore Highway, Hubli – 580 025, Karnataka |
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Tel. No.: |
91-836-2372624/2375467 |
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E-Mail : |
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Area : |
30000 Sq. ft |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr. Chandrakanth
Gurupadappa Mahalingashettty |
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Designation : |
Managing Director |
|
Address : |
No. 32, First
Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka, India |
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Date of Birth/Age : |
30.10.1947 |
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Qualification : |
B.E. Civil |
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Date of Appointment : |
27.04.1983 |
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Name : |
Mr. Vakuda
Kotambail Krishnamoorthi |
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Designation : |
Director |
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Address : |
No.827, Opp : KHB
Colony, Gandhinagar, Yelhanka, Bangalore – 560 064, Karnataka, India |
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Date of Birth/Age : |
30.11.1957 |
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Qualification : |
B. Com. |
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Date of Appointment : |
25.01.1993 |
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Name : |
Mrs. Vimala
Chandrakanth Mahalingashettty |
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Designation : |
Director |
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Address : |
No. 32, First
Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka |
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Date of Birth/Age : |
06.03.1957 |
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Date of Appointment : |
01.11.2005 |
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Name : |
Mr. Bharath
Mahalinga Shetty |
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Designation : |
Director |
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Date of Birth/Age : |
17.02.1981 |
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Date of Appointment : |
13.10.2004 |
KEY EXECUTIVES
|
Name : |
Ms. Kavita |
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Designation : |
Manager |
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Name : |
Janet Jagadish |
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Designation : |
Company Secretary
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MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 28.09.2005)
|
Names of Shareholders |
No. of Shares |
|
Chandrakant G
Mahalingashetty |
16897 |
|
Parvatama G
Mahalingashetty |
10 |
|
Chandrakant G
Mahalingashetty (HUF) |
6553 |
|
Total |
23460 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer and Exporter of Surgical Sutures (both Absorbable and
Non-Absorbable). |
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|
Products : |
·
Absorbable
Surgical Sutures ·
Non-Absorbable
Surgical Sutures Generic Names of
the Principal Products / Services of the company are ·
Hospital
Services ·
Packing
Material Its’ products
range include:- ·
Stanned
Suture Chrmics ·
Needle
Suture Chrmics ·
Relyon Poly
Chrmics ·
Relyon Silk
Chrmics ·
Strings
Needles ·
Strings
Standard |
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|
|
|
Brand Names : |
·
REZYONCUT ·
REZYOSILK ·
REYONPOLY ·
RGZYON ·
REZYONGRTT ·
RIZYONPAC · RGZYON PGA. |
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Exports to : |
·
Bangladesh · Srilanka |
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Imports from : |
·
Germany ·
Korea · UK |
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Terms : |
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Selling : |
Letter of Credit : 60 days |
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Purchasing : |
Letter of Credit : 60 days |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Absorbable Surgical Sutures |
DZS/Month |
30000 |
|
Non-Absorbable Surgical Sutures |
DZS/Month |
9000 |
GENERAL
INFORMATION
|
Suppliers : |
·
Samyang
Corporation, Korea · Azmlenter Prisgs, Dhaka |
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Customers : |
Wholesalers and
Retailers It’s major
customers includes :- ·
Public
Health Departments and Government Hospitals in India · Private Hospitals |
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No. of Employees : |
60 |
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Bankers : |
·
Union Bank
of India SSI Branch, No.
43/1, 1st Floor, Tumkur Road, Yeshwanthpur, Bangalore – 560 022, Karnataka,
India ·
HDFC Bank · ICICI Bank |
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|
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Banking Relations
: |
Satisfactory |
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Auditors : |
·
Maninan,
Suresh, Sunder and Vittal Chartered Accountants Address: Agro House, Anjuman Complex, Mission Road,
Bangalore, Karnataka, India Tel. No.: 91-80-2238569 Fax No.: 91-80-2227402 ·
D R
Venkatesh Chartered Accountants Address: No. 28 Anjuman Complex, 2nd Floor, Lalbagh (Mission) Road, Bangalore – 560 027, Karnataka, India |
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Associates/Subsidiaries : |
M. Apothexe
Private Limited RS 56/R/1
Chalmatti, Dharwad, Karnataka, India Line of Business - Pharmaceuticals Formulations |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
23460 |
Equity Shares |
Rs.10/- each |
Rs.2.346 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2.346 |
2.346 |
2.346 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
13.468 |
12.164 |
10.966 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
15.814 |
14.510 |
13.312 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9.123 |
7.496 |
7.247 |
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|
2] Unsecured Loans |
7.710 |
7.701 |
7.679 |
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TOTAL BORROWING
|
16.833 |
15.197 |
14.926 |
|
|
DEFERRED TAX LIABILITIES |
0.004 |
0.118 |
0.117 |
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|
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TOTAL
|
32.651 |
29.825 |
28.355 |
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APPLICATION OF FUNDS
|
|
|
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|
|
|
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FIXED ASSETS [Net Block]
|
5.145 |
4.116 |
4.311 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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|
|
|
|
|
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INVESTMENT
|
0.028 |
0.013 |
0.013 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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|
Inventories
|
7.058
|
11.918 |
7.118
|
|
|
Sundry Debtors
|
27.238
|
21.724 |
24.403
|
|
|
Cash & Bank Balances
|
1.988
|
3.974 |
0.837
|
|
|
Loans & Advances
|
16.713
|
13.971 |
11.233
|
Total Current Assets
|
52.997
|
51.587 |
43.591 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities |
23.457
|
24.966 |
16.945 |
|
|
Provisions |
2.062
|
0.925 |
2.615 |
Total Current Liabilities
|
25.519
|
25.891 |
19.560
|
|
Net
Current Assets
|
27.478
|
25.696 |
24.031
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
32.651 |
29.825 |
28.355 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
Sales Turnover
|
109.747 |
83.587 |
49.891 |
Other Income
|
0.499 |
0.491 |
0.206 |
Total Income
|
110.246 |
84.078 |
50.097 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
3.869 |
1.657 |
2.414 |
Provision for Taxation
|
2.565 |
0.459 |
0.000 |
Profit/(Loss) After Tax
|
1.304 |
1.198 |
2.414 |
|
|
|
|
|
Expenditure
|
|
|
|
Financial charges
|
2.491 |
1.901 |
1.333 |
Depreciation
|
0.697 |
0.603 |
0.680 |
Change in stock
|
[0.105] |
0.004 |
0.265 |
Other Expenditure
|
103.294 |
79.913 |
45.405 |
Total Expenditure
|
106.377 |
82.421 |
47.683 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.18
|
1.42 |
4.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.52
|
1.98 |
4.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.65
|
2.97 |
5.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.11 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.68
|
2.83 |
2.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
1.99 |
2.23 |
LOCAL AGENCY
FURTHER INFORMATION
It is
in trade terms with: -
·
Vani
Enterprises
E Kottayam, 10-3-3, Sambasivapet, Guntur-522001, Andhra Pradesh, India
Tel. No: - 91-863-2328053
·
Nirup Pharma,
New No 15, Old No P-2, Adyar Apartments, Kotturpuram, Chennai - 600085,
Tamilnadu, India
Tel. No: - 91-44-24475858
·
Krishna
Enterprises, No 58, Adarsh Nagar, Narmada Road, Jabalpur, Madhya Pradesh, India
Tel. No: - 91-761-342937
·
Rosebay, Dakka
·
Samyang
Corporation
·
SEDL
Fixed Assets
·
Land
·
Building
·
Vehicles
·
Plant and
machinery
The company has
been accredited with ISO 9001: 2000 Certification
Form No. 8
|
Name of the company |
MCO HOSPITAL AIDS PRIVATE LIMITED |
|
Presented By |
Union Bank of
India SSI Branch,
Yeshwanthpur, Bangalore – 560 022, Karnataka, India |
|
1) Date and description of instrument creating the change |
12.12.1998 (Regd
doc. 87/21.01.99) Letter of
Evidencing Deposit of Title Deeds. Letter of
Guarantee Both documents
relate to single charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.10.000
millions |
|
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 |
Extn. of
equitable mortgage on company’s immovable property bearing cadastel Sy. No. R
S No. 56-B/1, situated at Chalmatti Village, Kalghargi Taluk, Dharwad Dist.
Against various credit facilities sanctioned to Sister Concern M/s. M
Apotheke Private Limited and Hypothecation of plant and machineries belonging
to the company. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest and
Margin as applicable from time to time Repayable on
demand |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India SSI Branch,
Yeshwanthpur, Bangalore – 560 022, Karnataka, India |
|
6) Date and brief description of instrument modifying the charge |
24.06.2003 Letter of
Guarantee (Corporate
guarantee) |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Total limits
enhanced to Rs.11.526 millions TL : Rs.1.526
millions CC OD : Rs.3.000
millions UBD/Book Debts :
Rs.1.000 millions Import ILC :
Rs.5.000 millions LG : Rs.1.000
millions Against various
credit facilities sanctioned to M. Apotheke Private Limited by way of
Corporate Guarantee. All other terms
and conditions incl. all existing securities to continue. |
|
Corporate
identity number of the company |
U29297KA1983PTC005283 |
|
Name of the
company |
MCO HOSPITAL AIDS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
# No. 32, 1st
Main Road, Lower Palace Orchards, Bangalore – 560 003, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book Debts ·
Movable
property (not being pledge) |
|
Particular of
charge holder |
Union Bank of
India SSI Branch, No.
43/1, 1st Floor, Tumkur Road, Yeshwanthpur, Bangalore – 560 022,
Karnataka, India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement of Goods and Debts (DS-06) |
|
Date of
instrument Creating the charge |
29.05.2008 |
|
Amount secured by
the charge |
Rs.20.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Interest at the rate of 0.25% above Union Bank of India’s Prime
Lending Rate or such other rates as may be prescribed by the Bank from time
to time with a minimum of 13% p.a. ·
Terms of
repayment On Demand ·
Margin Margin 25% ·
Extent and
operation of the charge Hypothecation charge over entire stocks, book debts, plant and
machineries and other movable assets and Mortgage of company’s immovable
properties. |
|
Particulars of
the property charged |
Hypothecation of
present and suture stocks of sheep instestines, future threads from sheep
instesrines, suture needles, other variety of future threads, packing
materials, semi finished goods and finished goods, consumables, stores and
spares and other movable assets of any kind, plant and machineries etc belonging
to the company at No. 278, Bhairidevarakoppa, PB Road, Hubli or in transit,
godowns, premises, wherever else belonging to the company and charge on all
book debts, bills receivables belonging to the company. |
|
Particulars of
the present modification |
Total limits
enhanced from RS.16.800 millions to Rs.20.000 millions (CC Hypothecation
Rs.12.500 millions Rs.4.300 millions and Inland/Imp : Rs.3.200 millions) (With in which Cp
: Rs.1.000 millions) (UDBP/IUDB Rs.2.000 millions) One way Interchangeability
of LC limit to Rs.2.500 millions only restricting CC (H) at Max of Rs.15.000
millions. All other terms
and conditions incl. all securities to continue. |
Web Details
Subject
established in 1984 at Hubli, Karnataka, employs modern machineries that
compliments the technical expertise of the experienced personnel. The Marketing
and Administration office is situated at Bangalore.
Subject is the first
Indian Company who manufactured surgical catgut sutures in India. Due to the
Unmatchable quality at an economic price subject serves Most of the Government,
Semi-Government, autonomous Bodies, Private hospitals and nursing homes in
India for the past 20 Years.
Subject serves to
their customers by a marketing network comprises of more than 50 field
Executives all over India and 5 support executives from its Bangalore office.
Subject
has more than 100 Dealers and C and F Agents all over India to deliver the
products in time.
Subject products
brand name “RELYON” indicates the product’s reliability; a product that can
rely on.
R - Reliable for the
surgeons
E - Economic for the
patients
L - Lucrative for
Retailers/channel partners
Y - yearns for
satisfied customers
O - Offering that
occupies a specific place in the market
and in the customer
mind.
N - Nexus that binds
different layers together
MCO produces both
absorbable and non-absorbable sutures in various ranges.
Subject
imports materials from Korea, UK, and Germany for Quality standards.
Subject
is an ISO 9001-2000 Certified Company and owns GMP certified manufacturing
facility. It holds USFDA approval for synthetic absorbable products. Subject
has a well-equipped quality control lab to improve and maintain the quality.
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. 46.86 |
|
UK Pound |
1 |
Rs. 83.91 |
|
Euro |
1 |
Rs. 66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|