1. Summary Information
|
Country |
|
||
|
Company Name |
PS MEDICAL SYSTEMS PRIVATE LIMITED |
Principal Name 1 |
MR. PUSPALAM SUDARSANAM PRATHAP KUMAR |
|
Status |
SATISFACTORY |
Principal Name 2 |
MR. PUSHPALA SUDARSANAM |
|
Registration # |
18-67294 |
||
|
Street Address |
FLAT NO. G1, “ROYAL PRINCESS”, NO. 8A, 1ST |
||
|
Established Date |
09.04.2008 |
SIC Code |
- |
|
Telephone# |
91-44-42033143 |
Business Style 1 |
DEALER |
|
Fax # |
91-44-24852407 |
Business Style 2 |
- |
|
Homepage |
Product Name 1 |
MEDICAL EQUIPMENTS |
|
|
# of employees |
- |
Product Name 2 |
- |
|
Paid up capital |
Rs.100,000/- |
Product Name 3 |
- |
|
Shareholders |
DIRECTORS OR RELATIVES OF DIRECTORS – 100% |
Banking |
ANDHRA BANK |
|
Public Limited Corp. |
NO |
Business Period |
3 YEARS |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (44) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
- |
- |
- |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
20,922,000 |
Current Liabilities |
21,044,000 |
|
Inventories |
9,068,000 |
Long-term Liabilities |
8,095,000 |
|
Fixed Assets |
3,839,000 |
Other Liabilities |
170,000 |
|
Deferred Assets |
0 |
Total Liabilities |
29,309,000 |
|
Invest& other Assets |
12,000 |
Retained Earnings |
4,432,000 |
|
|
|
Net Worth |
4,532,000 |
|
Total Assets |
33,841,000 |
Total Liab. & Equity |
33,841,000 |
|
Total Assets (Previous Year) |
28,244,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
69,301,000 |
Net Profit |
2,718,000 |
|
Sales(Previous yr) |
41,222,000 |
Net Profit(Prev.yr) |
1,714,000 |
MIRA INFORM REPORT
|
Report Date : |
19.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
PS MEDICAL SYSTEMS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Flat No. G1, “Royal Princess”, No. 8A, 1st Cross Street, 2nd
Avenue, Ashok Nagar, Chennai – 600 083, Tamil Nadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
09.04.2008 |
|
|
|
|
Com. Reg. No.: |
18-067294 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U52311TN2008PTC067294 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CHEP10172B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAECP6160D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Dealers and Service Providers for Critical Care Products. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Corporate Office : |
Flat No. G1, “Royal Princess”, No. 8A, 1st Cross Street, 2nd
Avenue, Ashok Nagar, Chennai – 600 083, Tamil Nadu, India |
|
Tel. No.: |
91-44-42033143 |
|
Fax No.: |
91-44-24852407 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Flat A, Vimal
Apartments, New MLA Quarters Lane, Basheerbagh, |
|
Tel. No.: |
91-40-23230130 |
|
E-Mail : |
DIRECTORS
As On : 30.09.2010
|
Name : |
Mr. Puspalam Sudarsanam Prathap Kumar |
|
Designation : |
Managing Director |
|
Address : |
Block II, Flat No.F1, Vembulimman Koil Street, Virugambakkam, Chennai
– 600 078, Tamil Nadu, India |
|
Date of Birth/Age : |
21.02.1966 |
|
Date of Appointment : |
09.04.2008 |
|
DIN No : |
02069070 |
|
|
|
|
Name : |
Mr. Pushpala Sudarsanam |
|
Designation : |
Director |
|
Address : |
AP 1082, 69th Street, 11th Sector, KK Nagar
West, Chennai – 600 078, Tamil Nadu, India |
|
Date of Birth/Age : |
30.04.1932 |
|
Date of Appointment : |
09.04.2008 |
|
DIN No : |
02071256 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Puspalam Sudarsanam Prathap Kumar |
|
750 |
|
Pushpala Sudarsanam |
|
250 |
|
Total |
|
1000 |
AS ON 30.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Dealers and Service Providers for Critical Care Products. |
|
|
|
|
Products : |
Medical Equipments |
GENERAL INFORMATION
|
Customers : |
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Bankers : |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K. Viswanathan Chartered Accountants |
|
Address : |
Plot No.21, 1st Street, Alayamman Nagar, Madipakkam, Chennai
– 600 091, Tamil Nadu, India |
CAPITAL STRUCTURE
As On : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.100
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.100 |
0.100 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
4.432 |
1.714 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
4.532 |
1.814 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.590 |
1.231 |
|
|
2] Unsecured Loans |
|
6.505 |
6.472 |
|
|
TOTAL BORROWING |
|
8.095 |
7.703 |
|
|
DEFERRED TAX LIABILITIES |
|
0.170 |
0.120 |
|
|
|
|
|
|
|
|
TOTAL |
|
12.797 |
9.637 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
3.839 |
3.016 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
9.068 |
5.224 |
|
|
Sundry Debtors |
|
12.986 |
7.912 |
|
|
Cash & Bank Balances |
|
6.304 |
1.714 |
|
|
Other Current Assets |
|
0.245 |
0.293 |
|
|
Loans & Advances |
|
1.387 |
0.776 |
|
Total
Current Assets |
|
29.990 |
15.919 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
21.021 |
9.293 |
|
|
Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.023 |
0.021 |
|
Total
Current Liabilities |
|
21.044 |
9.314 |
|
|
Net Current Assets |
|
8.946 |
6.605 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.012 |
0.016 |
|
|
|
|
|
|
|
|
TOTAL |
|
12.797 |
9.637 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
69.301 |
41.222 |
|
|
|
Other Income |
|
3.038 |
1.861 |
|
|
|
TOTAL |
|
72.339 |
43.083 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
68.367 |
40.372 |
|
|
|
Financial |
|
|
|
|
|
|
Depreciation |
|
|
|
|
|
|
TOTAL |
|
68.367 |
40.372 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
|
3.972 |
2.711 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
1.254 |
0.997 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
|
2.718 |
1.714 |
|
|
|
|
|
|
|
|
|
|
IMPORTS VALUE |
|
53.352 |
24.753 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
27.18 |
17.14 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
|
3.76 |
3.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
5.73 |
6.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
11.74 |
14.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.88 |
1.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
6.47 |
9.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.43 |
1.71 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS:
The company has achieved a profit before tax of Rs.3.972 millions on a turnover of Rs.69.301 millions as compared to Rs.2.711
millions on a turnover of Rs.41.222 millions in the previous period. In the previous
period the company was in operation for a little over 10 months and hence they are not strictly comparable.
REVIEW OF
OPERATIONS
The company has achieved both top-line
and bottom-line growth and is hopeful
of further growth in the ensuing
years.
FORM 8
|
Corporate
identity number of the company |
U52311TN2008PTC067294 |
|
Name of the
company |
PS MEDICAL SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Flat No. G1, “Royal Princess”, No. 8A, 1st Cross Street, 2nd
Avenue, Ashok Nagar, Chennai – 600 083, Tamilnadu, India E-Mail: psmedicalsystems@vsnl.net |
|
This form is for |
Modification of charge |
|
Type of charge |
Book debts Movable property (not being pledge) |
|
Particular of
charge holder |
Andhra Bank, No.265, T.T.K. Salai, Alwarpet, Chennai – 600 018,
Tamilnadu, India E-Mail: bmche255@andhrabank.co.in |
|
Nature of
instrument creating charge |
Composite
agreement dated 20th February 2010 for Rs.27.500 millions which is in
addition to composite agreement dated 25th September 2009 for Rs.1.140
millions of Terms Loan registered earlier |
|
Date of
instrument Creating the charge |
20.02.2010 |
|
Amount secured by
the charge |
Rs. 28.640 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest 11.50%
for Term Loan, PLR of 12% plus 3.50% for Open Cash Credit, Performance
guarantee and letters of credit Terms of
repayment Term
loan is repayable in 60 monthly installments from 31/10/2009 as per composite
agreement dated 25th September 2009. In respect of Open Cash
Credit, Performance guarantee and letters of credit repayment terms are Margin 15%
margin for Term Loan of Rs.1.140 millions 30%
for Stocks 50%
for book debts below 90 days Extent and
operation of the charge Term
Loan - Rs.1.140 millions (as per composite agreement dated 25th September
2009) Open Cash Credit - Rs.1.500 millions (Fresh) Performance guarantee of
Rs.3.500 millions (Renewal), Letter of Credit of Rs.15.000 millions
(Reduction from Rs.31.300 millions), Forward Contract facility of Rs.7.500
millions (Fresh) |
|
Short particulars
of the property charged (Including location of the property) |
Entire
current assets and all movable fixed assets including its plant and machinery
located at the office premises |
|
Charge identification
number of the charge to be modified |
10184610 |
|
Date of
instrument modifying the charge |
13.11.2009 |
|
Particulars of
the present modification |
This
charge has been modified to reduce the charge from Rs.35.940 millions (modified
vide composite agreement dated 13th November 2009) to Rs.28.640 millions
being fresh Open Cash Credit limit of Rs.1.500 millions, Renewed Performance/
money guarantee limit of Rs.3.500 millions, FLC limit of Rs.15.000
millions,(Reduced from Rs.31.300 millions) fresh forward contract facility of
Rs.7.500 millions and renewed term loan of Rs.1.140 millions. |
FIXED ASSETS:
- Plant and
Machinery
- Office
Equipments
- Computers and
Peripherals
- Furniture and
Fittings
- Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is an established and reputable firm in the distribution channel network of ICU products for more than Eight Years in the southern region markets. They are the dealers and expert service providers for Critical Care Products namely Intensive Care Ventilators, Patient Monitoring Systems, ECG Machines etc of major Global Brands like Nellcor, Puritan Bennett and Mediana
Tyco Healthcare (COVIDIEN) is one of the pioneers and
manufacturers of the healthcare products in wide range of medical departments and
having a good market share in the healthcare industry. This company has been
listed proudly in the fortune thousand company's list in
Mediana Limited, is one of the growing companies in the healthcare products, specializing in the Monitor segment and happens to be the OEM partner for Tyco Healthcare (COVIDIEN).
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.27 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.63.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.