MIRA INFORM REPORT

 

 

Report Date :

25.08.2011

 

IDENTIFICATION DETAILS

 

Name :

P K MORGAN (INDIA) PRIVATE LIMITED

 

 

Registered Office :

110, Chiranjiv Tower, Nehru Place, Near Satyam Cinema, Delhi – 110019

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

01.09.1981

 

 

Com. Reg. No.:

55-012257

 

 

Capital Investment / Paid-up Capital :

Rs.1.500 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1981PTC012257

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELP00747F

 

 

PAN No.:

[Permanent Account No.]

AAACP1415D

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Dealing in Medical and Surgical Equipment.

 

 

No. of Employees :

Not Available

 

 

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 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 – June 30, 2010

 

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

110, Chiranjiv Tower, Nehru Place, Near Satyam Cinema, Delhi – 110019, India

Tel. No.:

91-11-26232447 / 41552060

Fax No.:

91-11-26435838 / 26220314

E-Mail :

pkmorgan@vsnl.com

 

 

DIRECTORS

 

As on 25.09.2010

 

Name :

Mr. Mahesh Chandra Gupta

Designation :

Director

Address :

201, Mandakini Enclave, Alaknanda, New Delhi – 110019, India

Date of Birth/Age :

15.01.1946

DIN :

01044349

Date of Appointment :

01.09.1981

 

 

Name :

Mrs. Manjula Gupta

Designation :

Director

Address :

201, Mandakini Enclave, Alaknanda, New Delhi – 110019, India

Date of Birth/Age :

08.08.1951

DIN :

01044366

Date of Appointment :

01.09.1981

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.03.2010

 

Names of Shareholders

 

No. of Shares

Mahesh Chandra Gupta

 

9472

Manjula Gupta

 

528

Total

 

10000

 

As on 25.09.2010

 

Names of Allottees

 

No. of Shares Allotted

Mahesh Chandra Gupta

 

5000

Total

 

5000

 

As on 25.09.2010

 

Category

Percentage

 

 

Directors or relatives of Directors

100.00

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Dealing in Medical and Surgical Equipment.

 

 

GENERAL INFORMATION

 

No. of Employees :

Not Available

 

 

Bankers :
  • Indian Overseas Bank, 14-15, Farm Bhawan, Nehru Place, New Delhi - 110019, Delhi, India
  • HDFC Bank
  • ICICI Bank

 

 

Facilities :

Secured Loan [Rs. in million]

31.03.2010

31.03.2009

Indian Overseas Bank

(Secured against mortage of immovable property

and personal guarantee of the directors)

3.451

2.959

From HDFC and ICICI Bank

( Secured against Hypothecation of car)

0.786

1.207

Total

4.237

4.166

 

Unsecured Loan [Rs. in million]

31.03.2010

31.03.2009

From Directors

0.303

0.303

Total

0.303

0.303

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Vipin Aggarwal  and Associates

Chartered Accountant    

Address :

E – 4, 2nd Floor, Defence Colony, New Delhi – 110024, Delhi, India

 

 

CAPITAL STRUCTURE

 

As on 25.09.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15,000

Equity Shares

Rs.100/-each

Rs.1.500 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

15,000

Equity Shares

Rs.100/-each

Rs.1.500 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

Particulars

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1.500

1.000

1.000

2] Share Application Money

0.000

0.500

0.000

3] Reserves & Surplus

3.203

2.459

2.165

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

4.703

3.959

3.165

LOAN FUNDS

 

 

 

1] Secured Loans

4.237

4.166

3.743

2] Unsecured Loans

0.303

0.303

0.768

TOTAL BORROWING

4.540

4.469

4.511

DEFERRED TAX LIABILITIES

0.041

0.108

0.167

 

 

 

 

TOTAL

9.284

8.536

7.843

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

4.154

4.918

4.853

Capital work-in-progress

0.042

0.042

0.026

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
7.801

5.143

4.684

 

Sundry Debtors
5.859

2.460

3.102

 

Cash & Bank Balances
0.861

0.903

0.583

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances
2.012

1.628

1.447

Total Current Assets
16.533

10.134

9.816

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
8.329

4.314

4.092

 

Other Current Liabilities
3.072

2.202

2.545

 

Provisions
0.048

0.048

0.223

Total Current Liabilities
11.449

6.564

6.860

Net Current Assets
5.084

3.570

2.956

 

 

 

 

MISCELLANEOUS EXPENSES

0.004

0.006

0.008

 

 

 

 

TOTAL

9.284

8.536

7.843

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

 

 

Sales

25.629

19.817

14.676

 

Other Income

3.577

4.540

5.295

 

TURNOVER

29.206

24.357

19.971

 

 

 

 

 

 

EXPENDITURE

30.968

23.678

19.150

 

 

 

 

 

 

PROFIT / LOSS BEFORE TAX

1.067

0.679

0.822

 

 

 

 

 

 

PROFIT / LOSS AFTER TAX

0.743

0.295

0.901

 

 

 

 

 

 

Earnings Per Share (Rs.)

49.56

29.45

1.80

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
2.54

1.21

4.51

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
4.16

3.43

5.60

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.16

4.51

5.60

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23

0.17

0.26

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
3.40

2.79

3.59

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.44

1.54

1.43

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Working Of The Company

 

During the year the Company's Sale was Rs.25.629 millions (Previous year Rs.19.817 millions) and also received commission of Rs.2.136 millions (previous year Rs.2.459 millions) and service charges for Rs.1.442 millions (previous year Rs.1.591 millions). Company has earned, profit during the year ended 31st March 2010 of Rs.1.065 millions (previous year Rs.0.679 millions). Much better results are expected in the current year.

 

Contingent Liabilities : Bank Guarantees outstanding Rs.1.209 millions

 

Bankers Charges Report as per Registry

 

This form is for

Modification of charge

Charge identification number of the modified 

80011066

Corporate identity number of the company

U74899DL1981PTC012257

Name of the company

P K MORGAN (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

110 Chiranjiv Towernehru Place, Delhi – 110019, Delhi, India

 

Type of charge
  • Book Debts
  • Immovable Property
  • Floating Charge

Particular of charge holder

Indian Overseas Bank, 14-15, Farm Bhawan, Nehru Place, New Delhi - 110019,

Delhi, India

Nature of description of the instrument creating or modifying the charge

Guarantee for cash credit etc. F 111 A and Confirmation Letter F 379 C date 21.03.2009 for extension of Equitable Mortgage on 20.03.2009.

Date of instrument Creating the charge

20.03.2009

Amount secured by the charge

Rs.8.500 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest - Interest @BPLR+0.50% p. a. present effective rate @ 13.75% p. a. with monthly rests. Commission as per circulars in force from time to time.

 

Terms of Repayment - On Demand.

 

Margin - On Stocks @ 25% and on Book Debts @ 50%.

 

Extent and Operation of the charge – 100%

Short particulars of the property charged

Hypothecation of Stocks and Book Debts and Equitable Mortgage of property situated at F-37, Sector 8, NOIDA, U.P.

Particulars of the present modification 

Amount covered by charge on equitable mortgage of Property situated at F-37, Sector 8, NOIDA, U.P. has been enhanced from Rs.5.500 millions to Rs.8.500 millions for credit facilities granted to P K Morgan (India) Private Limited Rs.5.500 millions and Aimed Medical Systems Private Limited Rs.3.000 millions. The credit facilities of Rs.3.000 millions are also secured by corporate guarantee of the company. Other Terms and Conditions remain unchanged.

 

 

FIXED ASSETS :

·         Land

·         Building

·         Furniture and Fixtures

·         Computer

·         Printer

·         Medical Equipments

·         Electrical Installations

·         Scanner

·         Motor Car

·         Scooter

·         Tele Fax

·         Air Conditioner

·         Cooler

·         Inverter

·         Water Filter

·         Water Pump

·         Generator

·         UPS

·         Type Writer

·         Tools

·         Dye

·         Refrigerator

 

 

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.45.76

UK Pound

1

Rs.75.57

Euro

1

Rs.65.97

 

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

NO

--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.