MIRA INFORM REPORT

 

 

Report Date :

24.08.2011

 

IDENTIFICATION DETAILS

 

Name :

SERVO-MED INDUSTRIES PRIVATE LIMITED

 

 

Registered Office :

B-30, Veera Desai Industrial Estate, Veera Desai Road, Andheri (West), Mumbai 400053, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

02.06.1994

 

 

Com. Reg. No.:

11-078715

 

 

Capital Investment / Paid-up Capital :

Rs.2.000 Millions

 

 

CIN No.:

[Company Identification No.]

U33110MH1994PTC078715

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMS42737C

 

 

PAN No.:

[Permanent Account No.]

AAACS5750N

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Medical Devices.

 

 

No. of Employees :

25 [Approximately] 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 30000

 

 

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Bara

Designation :

Accountant

Contact No.:

91-22-26733952

Date :

23.08.2011

 

 

LOCATIONS

 

Registered Office /Factory :

B-30, Veera Desai Industrial Estate, Veera Desai Road, Andheri (West), Mumbai 400053, Maharashtra, India

Tel. No.:

91-22-26733951/2

Fax No.:

91-22-26733953

E-Mail :

servomed@vsnl.com

info@servomedindia.com

cmd@servomedindia.com

Website :

www.servomedindia.com

Location :

Owned

 

 

DIRECTORS

 

AS ON 14.09.2010

 

Name :

Mr. Ninad Arvind Desai

Designation :

Director

Address:

Sohag Lallubhai Shamaldas Road, Andheri (West), Mumbai-400058, Maharashtra, India

Date of Birth/Age :

09.04.1969

Qualification :

B.A., LLB

Date of Appointment :

02.06.1994

 

 

Name :

Mr. Arvind Amulakhrai Desai

Designation :

Director

Address:

Sohag Lallubhai Shamaldas Road, Andheri (West), Mumbai-400058, Maharashtra, India

Date of Birth/Age :

26.10.1931

Qualification :

Chemistry Graduate

Date of Appointment :

02.06.1994

 

 

KEY EXECUTIVES

 

Name :

Mr. Bara

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 14.09.2010

 

Names of Shareholders

 

No. of Shares

Arvind Amulakhrai Desai

 

70000

Ninad Arvind Desai

 

75000

Rashmi Arvind Desai

 

10000

Arvind Amulakhrai Desai HUF

 

45000

 

 

 

Total

 

200000

 

AS ON 14.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Medical Devices.

 

 

Exports :

 

Products :

Medical Devices

Countries :
  • Malaysia
  • Kuwait

 

 

Terms :

 

Selling :

L/C / Cash / Credit

 

 

Purchasing :

Cash / Credit

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Actual Production

 

Quantity

[Pcs]

Amount

[Rs.]

IV Blood Giving / Drip Sets

26623

159738

Urine Bags

20434

61302

 

 

GENERAL INFORMATION

 

Customers :
  • New Mayuri Plastics
  • Hexon Remedies Private Limited
  • Sunrise Pharmaceuticals
  • Sunshine Pharma
  • Trimurti Drugs and Pharmaceuticals
  • Atul Drug House
  • Kiran Plastics
  • National Industries
  • Nav Chetan Packing
  • Pest Control India Private Limited
  • Raj Traders
  • Polystar Plastic Industries  

 

 

No. of Employees :

25 [Approximately] 

 

 

Bankers :

Bank of Baroda, Opera House Branch, Paluskar Chowk, Mumbai 400004, Maharashtra, India  

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

Bank of Baroda – Term Loan

(Secured against hypothecation of Plant and Machinery, Repayable within one year Rs. 0.122 millions previous year Rs.0.351 millions)

0.122

0.411

Kotak Mahindra Car Finance

(Repayable within one year Rs.0.213 millions previous year nil)

0.551

0.000

Bank of Baroda-cash credit Account

(Secured against hypothecation of stock and book-debts)

3.980

1.961

Total

4.653

2.372

 

 

 

Unsecured Loan

 

 

Loans From Directors

1.114

3.253

Loans From Share Holders

0.634

0.925

Total

1.748

4.178

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D N Shukla and Company

Chartered Accountant

Address :

9 H, Ismail Building, 2nd Floor, 381, Dr. D N Road, Mumbai-400001, Maharashtra, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs.10/- each

Rs.2.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

200000

Equity Shares

Rs.10/- each

Rs.2.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

2.000

2.000

2.000

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

5.516

3.444

0.402

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

7.516

5.444

2.402

LOAN FUNDS

 

 

 

1] Secured Loans

4.653

2.372

3.096

2] Unsecured Loans

1.748

4.178

4.231

TOTAL BORROWING

6.401

6.550

7.327

DEFERRED TAX LIABILITIES

0.702

0.528

0.025

 

 

 

 

TOTAL

14.619

12.522

9.754

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

7.822

5.855

4.563

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5.463
5.169

6.222

 

Sundry Debtors
3.142
3.365

5.399

 

Cash & Bank Balances
1.814
0.524

1.143

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
4.395
2.874

1.913

Total Current Assets
14.814
11.932

14.677

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
5.824
3.997

8.989

 

Other Current Liabilities
0.031
0.006

0.034

 

Provisions
2.162
1.262

0.463

Total Current Liabilities
8.017
5.265

9.486

Net Current Assets
6.797
6.667

5.191

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

14.619

12.522

9.754

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

 

 

 

 

Other Income

 

 

 

 

 

TOTAL                                    

35.552

48.025

31.620

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

 

Administrative Expenses

32.052

43.272

29.032

 

 

Advertising Expenses

 

 

 

 

 

Financial Expenses

 

 

 

 

 

TOTAL                                    

32.052

43.272

29.032

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

3.500

4.753

2.588

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.319

0.239

0.312

 

 

 

 

 

 

PROFIT BEFORE TAX

3.181

4.514

2.276

 

 

 

 

 

Less

TAX                                                     

1.109

1.471

1.009

 

 

 

 

 

 

PROFIT AFTER TAX

2.072

3.043

1.266

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3.444

0.401

(0.865)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

5.516

3.444

0.401

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

32.818

40.247

27.166

 

 

 

 

 

 

IMPORTS

3.554

7.659

2.317

 

 

 

 

 

 

Earnings Per Share (Rs.)

10.36

15.21

6.33

 

 

Particulars

 

 

 

31.03.2011

Sales Turnover [Approximately]

 

 

45.000

 

 

The above information has been parted by Mr. Bara.

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
5.83

6.34

4.00

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
14.05

25.38

11.83

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.42

0.83

0.95

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.92

2.17

7.00

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.85

2.27

1.55

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS:

 

Particulars

 

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

31.03.2008

(Rs. in millions)

Sundry Creditors

1.782

1.948

8.080

Sundry Creditors For Expenses

1.295

0.222

0.153

Sundry Creditors For SSI

2.747

1.827

0.756

Total

5.824

3.997

8.989

 

 

TRADE REFERENCES:

 

  • Kuwait Pharma
  • A N Medical

 

 

FIXED ASSETS:

 

  • Furniture and Fixtures
  • Plant and Machinery
  • Office Equipments
  • Computer
  • Vehicle

 

 

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.45.69

UK Pound

1

Rs.75.29

Euro

1

Rs.65.77

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

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

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

45

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.