MIRA
INFORM REPORT
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Report Date : |
02.08.2011 |
IDENTIFICATION DETAILS
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Name : |
MAQUET MEDICAL INDIA PRIVATE LIMITED |
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Registered
Office : |
II and III Floor, ‘Mehta Trade Centre’, No. 1, Shivaji Colony, Plot
No. 94, CTS No. 306, Andheri (E), Mumbai-400099, |
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Country : |
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Financials (as
on) : |
31.12.2010 |
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Date of
Incorporation : |
30.01.2004 |
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Com. Reg. No.: |
11-144317 |
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Paid-up Capital
: |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U33110MH2004PTC144317 |
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IEC No.: |
304008991 |
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PAN No.: [Permanent Account No.] |
AADCM8545J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of servo ventilator, heart lung machine, operation
theatre lights and tables, pacemaker, IABP ballon pump, disposable items for
cardiac surgery |
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No. of Employees
: |
84 (approximately) [38 – In Office +
46 – In Branch] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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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 700000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. The
company is doing well. 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.
INFORMATION DECLINED BY
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Name : |
Mr. Prabhat Rastogi |
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Designation : |
Chief Financial Officer |
LOCATIONS
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Registered Office : |
II and III Floor, ‘Mehta Trade Centre’, No. 1, Shivaji Colony, Plot No.
94, CTS No. 306, Andheri (E), Mumbai-400099, |
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Tel. No.: |
91-22-40692100/40692150 |
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Fax No.: |
91-22-40692150/151 |
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E-Mail : |
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Website : |
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Area : |
5155 sq.ft |
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Location : |
Rented |
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Branches : |
Located at:
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DIRECTORS
As on 27.05.2011
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Name : |
Mr. Michael Rieder |
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Designation : |
Director |
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Address : |
Talweg 7, Bad |
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Date of Birth/Age : |
02.10.1952 |
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Date of Appointment : |
26.03.2004 |
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Din No.: |
00114278 |
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Name : |
Mr. Thomas Schneider |
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Designation : |
Director |
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Address : |
Dr. Schleyer Strasse 18, Rastatt-76437, |
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Date of Birth/Age : |
09.12.1965 |
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Date of Appointment : |
26.03.2004 |
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Din No.: |
00751412 |
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Name : |
Mr. Reinhard Josef Mayer |
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Designation : |
Director |
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Address : |
IM Naegele 29, Lahar-77933, |
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Date of Birth/Age : |
05.09.1967 |
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Date of Appointment : |
26.03.2004 |
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Din No.: |
00751360 |
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Name : |
Dr. Purshotam Mahavadi |
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Designation : |
Director |
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Address : |
Schlesische Strasse 8G, Stockelsdorf-23617, |
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Date of Birth/Age : |
09.04.1954 |
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Date of Appointment : |
26.03.2004 |
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Din No.: |
00924895 |
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Name : |
Mr. Ashim Shashikant Purohit |
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Designation : |
Director |
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Address : |
1, Vishwadhar Natwar Nagar, Jogeshwari East, Mumbai-400060, |
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Date of Birth/Age : |
29.09.1968 |
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Date of Appointment : |
26.03.2004 |
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Din No.: |
00085736 |
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Name : |
Mr. Prabhat Rastogi |
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Designation : |
Director / Chief Financial Officer |
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Address : |
C 801, Whispering Palms
Exclusives, |
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Date of Birth/Age : |
29.09.1958 |
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Date of Appointment : |
26.03.2004 |
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Din No.: |
00085637 |
KEY EXECUTIVES
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Name : |
Mr. Walter |
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Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.05.2011
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Names of Shareholders |
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No. of Shares |
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Maquet Holding |
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495000 |
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Maquet GmbH and Company KG, |
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5000 |
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Total |
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500000 |
As on 27.05.2011
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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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 : |
Trader and Importer of servo ventilator, heart lung machine, operation
theatre lights and tables, pacemaker, IABP ballon pump, disposable items for
cardiac surgery |
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Products : |
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Brand Names : |
“MAQUET” |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit: 30 Days |
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Purchasing : |
Cash and Credit: 30 Days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
84 (approximately) [38 – In Office +
46 – In Branch] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lovelock and Lewes Chartered Accountant |
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Address : |
252, Veer Savarkar Marg, |
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Tel. No.: |
91-22-66691771 |
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E-mail : |
CAPITAL STRUCTURE
As on 27.05.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
170.513 |
107.476 |
32.657 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
175.513 |
112.476 |
37.657 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
15.279 |
34.735 |
52.812 |
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TOTAL BORROWING |
15.279 |
34.735 |
52.812 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
190.792 |
147.211 |
90.469 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.868 |
7.663 |
9.424 |
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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 |
4.291 |
5.602 |
4.692 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
122.115
|
85.295 |
74.028 |
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Sundry Debtors |
290.233
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313.534 |
230.382 |
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Cash & Bank Balances |
57.695
|
55.569 |
36.692 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
38.907
|
33.533 |
36.455 |
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Total
Current Assets |
508.950
|
487.931 |
377.557 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
208.920
|
213.810 |
204.712 |
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Other Current Liabilities |
47.772
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36.412 |
36.011 |
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Provisions |
80.625
|
103.763 |
60.481 |
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Total
Current Liabilities |
337.317
|
353.985 |
301.204 |
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Net Current Assets |
171.633
|
133.946 |
76.353 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
190.792 |
147.211 |
90.469 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SALES |
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Income |
1011.090 |
899.265 |
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Other Income |
2.413 |
1.703 |
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TOTAL |
1013.503 |
900.968 |
677.000 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
|
750.952 |
NA |
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Advertising Expenses |
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TOTAL |
882.510 |
750.952 |
NA |
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PROFIT BEFORE
TAX |
130.993 |
150.016 |
29.000 |
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Less |
TAX |
44.711 |
51.875 |
NA |
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PROFIT AFTER TAX
|
86.282 |
98.141 |
NA |
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EARNINGS IN
FOREIGN CURRENCY |
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Commission Earnings |
75.970 |
83.439 |
54.090 |
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IMPORTS |
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Traded Goods and Components |
NA |
526.983 |
454.645 |
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Earnings Per
Share (Rs.) |
172.56 |
196.28 |
25.72 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
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PAT / Total Income |
(%) |
8.51
|
10.89 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
12.96
|
16.68 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
25.01
|
30.27 |
7.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.75
|
1.33 |
0.77 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.00
|
3.46 |
9.40 |
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Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.38 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.12.2010 (Rs. in millions) |
31.12.2009 (Rs. in millions) |
31.12.2008 (Rs. in millions) |
|
Sundry Creditors |
208.920
|
213.810 |
204.712 |
Background
Subject is a subsidiary of the publicly listed Swedish group
of companies Getinge AB. Maquet brand represents the medical systems business
division. Together with the two other business areas, ARJO extended care and
GETINGE Infection Control, the entire GETINGE group of companies focuses on
forward looking medical technology. During the recent past, Maquet world wide
has taken over the business unit of Siemens which was producing and selling
Servo series of ventilators. In
Fixed Assets:
- Goodwill
- Computer Software
- Trade Marks and Other Commercial Rights
- Leasehold Improvements
- Computer
- Furniture and Fittings
- Plant and Machinery
- Office Equipment
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.44.46 |
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|
1 |
Rs.71.67 |
|
Euro |
1 |
Rs.62.94 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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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 |
NO |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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.