MIRA
INFORM REPORT
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Report Date : |
02.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ESCO BIOTECH PRIVATE LIMITED |
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Registered
Office : |
101-102, Sita Niwas, Plot No.94, Road No.1, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.09.2005 |
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Com. Reg. No.: |
11-155853 |
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Capital
Investment / Paid-up Capital : |
Rs. 0.500 Million |
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CIN No.: [Company Identification
No.] |
U51496MH2005PTC155853 |
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IEC No.: |
0305073028 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUME06216A |
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PAN No.: [Permanent Account No.] |
AABCE5136F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Marketing of Laboratory Instruments |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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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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 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
102-102, Sita Niwas, Plot No.94, Road No.1, |
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Tel. No.: |
91-22-28803636/28891439/28893535/28443636/28891375 |
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Fax No.: |
91-22-28803738/28893636 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2011
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Name : |
Mr. Sameer Shyam Maheshwari |
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Designation : |
Director |
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Address : |
A-1101, Dheeraj Jamuna, |
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Date of Birth/Age : |
22.05.1971 |
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Qualification : |
B.E |
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Date of Appointment : |
02.09.2005 |
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DIN No.: |
00266917 |
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Other
Directorship :
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Name : |
Mrs. Chhaya Sameer Maheshwari |
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Designation : |
Director |
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Address : |
A-1101, Dheeraj Jamuna, |
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Date of Birth/Age : |
26.05.1971 |
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Qualification : |
B.Com, I.C.W.A |
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Date of Appointment : |
02.09.2005 |
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DIN No.: |
00267081 |
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Other
Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Sameer Shyam Maheshwari |
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16750 |
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Chhaya Sameer Maheshwari |
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16750 |
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Lim Lay |
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16500 |
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TOTAL |
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50000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
33.00 |
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Directors or relatives of Directors |
67.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Marketing of Laboratory Instruments |
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Products/ Services : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of Baroda, Malad West Branch, Shantinath Shopping Centre, 1st
Floor, S.V. Road, Malad (West), Mumbai – 400064, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M.Inani and Company Chartered Accountant |
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Address : |
502, Niti Apartments, Near New Era Cinema, Underai Road, Malad (West),
Mumbai – 400064, Maharashtra, India |
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Tel. No.: |
91-22-40029853 |
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PAN.: |
AAFFM1481Q |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs. 0.500 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
19.941 |
15.804 |
11.795 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.441 |
16.304 |
12.295 |
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LOAN FUNDS |
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1] Secured Loans |
0.149 |
1.057 |
1.647 |
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2] Unsecured Loans |
0.023 |
0.023 |
0.023 |
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TOTAL BORROWING |
0.172 |
1.080 |
1.670 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.009 |
0.041 |
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TOTAL |
20.613 |
17.393 |
14.006 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.720 |
5.758 |
6.394 |
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Capital work-in-progress |
0.050 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
3.958
|
9.167 |
6.498 |
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Cash & Bank Balances |
8.039
|
4.384 |
2.672 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.458
|
4.928 |
3.972 |
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Total
Current Assets |
21.455
|
18.479 |
13.142 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.539
|
3.906 |
2.984 |
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Other Current Liabilities |
0.368
|
0.328 |
0.201 |
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Provisions |
2.705
|
2.610 |
2.350 |
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Total
Current Liabilities |
6.612
|
6.844 |
5.535 |
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Net Current Assets |
14.843
|
11.635 |
7.607 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
20.613 |
17.393 |
14.006 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income from operation |
36.859 |
31.255 |
24.400 |
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Other Income |
2.552 |
1.345 |
0.723 |
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TOTAL (A) |
39.411 |
32.600 |
25.123 |
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Less |
EXPENSES |
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Cost of Good Sold |
4.882 |
3.872 |
1.801 |
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Direct Expenses |
10.245 |
7.737 |
6.477 |
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Payment to and Provision for employees |
10.375 |
8.030 |
5.808 |
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Administration and Other Expenses |
4.447 |
3.605 |
2.878 |
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TOTAL (B) |
29.949 |
23.244 |
16.964 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.462 |
9.356 |
8.159 |
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Less |
FINANCIAL
EXPENSES (D) |
0.078 |
0.161 |
0.303 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.384 |
9.195 |
7.856 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.767 |
0.854 |
0.818 |
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PROFIT BEFORE
TAX (E-F) (G) |
8.617 |
8.341 |
7.038 |
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Less |
TAX (H) |
2.731 |
2.577 |
2.304 |
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PROFIT AFTER TAX
(G-H) (I) |
5.886 |
5.764 |
4.734 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
13.309 |
9.300 |
4.566 |
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Less |
APPROPRIATIONS |
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|
Dividend |
1.500 |
1.500 |
0.000 |
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Tax on Dividend |
0.249 |
0.255 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
17.446 |
13.309 |
9.300 |
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EARNINGS IN
FOREIGN CURRENCY |
29.603 |
26.717 |
23.044 |
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CIF VALUE
IMPORTS |
2.206 |
0.245 |
1.009 |
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Earnings Per
Share (Rs.) |
117.73 |
115.27 |
94.69 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
14.93
|
17.68 |
18.84 |
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Net Profit Margin (PBT/Sales) |
(%) |
23.38
|
26.69 |
28.84 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.71
|
34.41 |
36.03 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.51 |
0.57 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.33
|
0.49 |
0.59 |
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Current Ratio (Current Asset/Current Liability) |
|
3.24
|
2.70 |
2.37 |
LOCAL AGENCY FURTHER INFORMATION
NOTES
The registered office of the company shifted from 502, Niti Apartment,
FORM 8
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Corporate identity
number of the company |
U51496MH2005PTC155853 |
|
Name of the
company |
ESCO BIOTECH
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
101-102, Sita Niwas, Plot No.94, Road No.1, Email : saksham@vsnl.com |
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
10091002 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Bank of Baroda, Malad West Branch, Shantinath Shopping Centre, 1st
Floor, S.V. Road, Malad (West), Mumbai – 400064, Maharashtra, India Email: malad@bankofbaroda.com |
|
Nature of
instrument creating charge |
Second
supplemental memorandum of deposit of title deeds dated 14-7-2011 |
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Date of
instrument Creating the charge |
14.07.2011 |
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Amount secured by
the charge |
Rs. 4.949
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
As per sanction
letter and subject to change from time to time Terms of
Repayment: Not applicable Margin: Not applicable Extent and
operation of charge: Equitable
Mortgage by deposit of Title Deeds in respect of Company's Immovable Property
mentioned in Point No.15 to secure the due repayment of the Cash Credit
(Stocks and Book-debt) - Rs.0.300 Million, Term Loan Rs. 0.149 Million and
Guarantee (Performance) - Rs.4.500 millions aggregating to Rs.4.949 millions
sanctioned by Bank of Baroda, Malad (W) Branch to the Company together with
interest, additional interest, costs, charges and expenses. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
All that
Ownership Clinic/Office premises No.102, 1st Floor, Building known as Sita
Niwas, admeasuring 549.24 sq. feet constructed on land bearing S.No.160,
H.No.1, C.T.S. No.86A, 86/A-1, 86B, Plot No.94, situated at Liberty Garden No.1, Malad (West), Mumbai 400
064, together with fixtures and fittings lying therein. |
|
Date of
instrument modifying the charge |
17.08.2009 |
|
Particulars of
the present modification |
By the Present
Modification Dated 14.07.2011 the Borrower has extended the existing Mortgage
by deposit of Title Deeds for the enhanced Guarantee (Performance ) limit of
Rs. 2.500 millions making the total Guarantee Limit from Rs.2.000 millions to
Rs. 4.500 millions and existing Cash Credit Limit of Rs.0.300 million and
Term Loan Rs.0.149 million making overall limit of Rs. 4.949 million Now by the Present Modification the total
limit stands at Rs.4.949 million |
FIXED ASSETS
- Office Premises
- Computer Systems
- Furniture and Fixture
- Office Equipment
- Air Conditioner
- Machinery
- Motor Car
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.51.62 |
|
|
1 |
Rs.81.06 |
|
Euro |
1 |
Rs.69.51 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.