MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERANCO HEALTHCARE PRIVATE LIMITED |
|
|
|
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Registered
Office : |
Medley House, D-2, MIDC Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.08.1997 |
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Com. Reg. No.: |
110023 |
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Capital
Investment / Paid-up Capital : |
Rs.7.000 Millions |
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|
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CIN No.: [Company Identification
No.] |
U33110MH1997PTC110023 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS23047D |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Supplier of Pharmaceutical Formulations
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (22) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The can be considered 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 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Medley House, D-2, MIDC Area, |
|
Tel. No.: |
91-22-28596815 |
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Fax No.: |
91-22-28590740 |
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E-Mail : |
DIRECTORS
AS ON 25.09.2010
|
Name : |
Mr. Sami Abdul Majid Khatib |
|
Designation : |
Director |
|
Address : |
Shoa, |
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Date of Birth/Age : |
07.07.1934 |
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Date of Appointment : |
12.08.1997 |
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|
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|
Name : |
Mr. Sarosh Sami Khatib |
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Designation : |
Director |
|
Address : |
Shoa, |
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Date of Birth/Age : |
21.02.1964 |
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Date of Appointment : |
12.08.1997 |
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|
|
|
Name : |
Mr. Sahir Sami Khatib |
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Designation : |
Director |
|
Address : |
Shoa, |
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Date of Birth/Age : |
26.10.1962 |
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Date of Appointment : |
01.09.1998 |
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|
|
|
Name : |
Mr. Farah Sarosh Khatib |
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Designation : |
Director |
|
Address : |
Shoa, |
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Date of Birth/Age : |
13.07.1967 |
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Date of Appointment : |
01.09.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 25.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sami Abdulmajid Khatib |
|
10 |
|
Sarosh Sami Khatib |
|
199990 |
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Total |
|
200000 |
AS ON 25.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Supplier of Pharmaceutical Formulations |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
RMJ and Associates Chartered Accountant |
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Address : |
3/1109R, Navjivan Society, |
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Associates/Subsidiaries : |
NA |
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 |
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|
|
|
|
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 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(10.045) |
(10.690) |
(14.519) |
|
|
NETWORTH |
(8.045) |
(8.690) |
(12.519) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.255 |
|
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2] Unsecured Loans |
51.269 |
56.605 |
61.012 |
|
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TOTAL BORROWING |
51.269 |
56.605 |
61.267 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
|
|
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TOTAL |
43.224 |
47.915 |
48.748 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.255 |
5.024 |
6.447 |
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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 |
2.493 |
3.271 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
7.628
|
12.042 |
18.293 |
|
|
Sundry Debtors |
24.027
|
36.878 |
39.495 |
|
|
Cash & Bank Balances |
4.055
|
3.518 |
1.363 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.927
|
5.689 |
5.088 |
|
Total
Current Assets |
40.637
|
58.127 |
64.239 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1.475
|
13.906 |
17.433 |
|
|
Other Current Liabilities |
1.065
|
0.966 |
1.170 |
|
|
Provisions |
1.621
|
3.635 |
3.335 |
|
Total
Current Liabilities |
4.161
|
18.507 |
21.938 |
|
|
Net Current Assets |
36.476
|
39.620 |
42.301 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.224 |
47.915 |
48.748 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SALES |
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TOTAL |
54.431 |
63.378 |
47.572 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2.186 |
1.571 |
(0.644) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.739 |
0.815 |
1.119 |
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PROFIT BEFORE
TAX |
1.447 |
0.756 |
(1.763) |
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Less |
TAX |
0.815 |
(3.073) |
8.964 |
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PROFIT AFTER TAX
|
0.632 |
3.829 |
(10.727) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(18.505) |
(22.334) |
(11.607) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.16
|
6.04 |
(22.55) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.22
|
1.20 |
(2.49) |
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Return on Investment (ROI) (PBT/Networth) |
|
(0.18)
|
(0.08) |
(0.14) |
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Debt Equity Ratio (Total Liability/Networth) |
|
(1.05)
|
(8.64) |
(6.65) |
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Current Ratio (Current Asset/Current Liability) |
|
9.77
|
3.14 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
FORM 8:
|
Corporate identity number of the company |
U33110MH1997PTC110023 |
|
Name of the company |
STERANCO HEALTHCARE PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Medley
House D2 Midc Areaarea |
|
This form is for |
Creation of charge |
|
Type of charge |
Book Debts Movable Property Immovable Property |
|
Particular of charge holder |
STATE BANK OF |
|
Nature of instrument creating charge |
A. Agreement of Loan Cum Hypothecation
(Sme-2) B. No Instrument. Memorandum For Recording Creation of
Mortgage By Deposit of Title Deeds (Sme-5) Both Constitute A Single Charge. |
|
Date of instrument Creating the charge |
19/03/2010 |
|
Amount secured by the charge |
Rs.12.700 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest 11.75% P.A. Terms of Repayment As Per Sanction Terms And Conditions Margin Letter Of Credit :20% * Bank Guarantee : 20% * *(Margin To Be Brought Upfront) Others Letter Of Credit 10.000 Millions Bank Guarantee 2.500 Millions Forward Contract Limit* 0.200 Millions
---------------------- Total 12.700 Millions
============= *
2% Of Forward Contract Limit Of Rs.10.000 Millions. |
|
Short particulars of the property charged |
A. All Present And Future Stocks, Raw
Materials, Goods, Bookdebts And Vehicles And All Other Movable Assets of The
Borrower Including Receivables, Documents of Title To Goods, Outstanding Monies,
Bill Invoices Documents, Contracts, Insurance Policies, Guarantees,
Engagements, Securities, Investments And Rights And The Present Machinery. And B. Company Offered Security By Way of An Equitable
Mortgage By Deposit Of Title Deeds Over The Immovable Property To Secure Its
Credit Facilities of Rs.12.700 Millions. The Details of Immovable Property
Described As Per Annexure: Industrial Unit Bearing No.A-24,
Admeasuring Area of 819 Sq.Ft. Approximately (Carpet Area) Situated on 2nd
Floor In 'A' Wing of The Building, Known As 'Marol Nand Udyog Premises Co.
Op. Society Limited.' Situated At Agnishamandal Marg, Marol Maroshi Road,
Andheri(E), Mumbai-400059 Constructed on The Piece And Parcel Of Non
Agriculture Land Bearing Survey No.61, Hissa No.1 of Village Marol, Taluka
Andheri and Dist. Mumbai Suburbs With The
Registration Districts And Sub District of Mumbai Suburban District
And Within The Local Limits of Municipal Corporation of Greater Mumbai. Share
Certificate: original Share Certificate No.540 With Distinctive Nos.101 To
105 Dated 1.4.1995 And Share Certificate No.541 With Distinctive Nos.971 To
975 Dated 1.4.1995 Issued By Co.Operative Housing Society Limited (Duly
Transferred In The Name of The Borrowers) |
FIXED ASSETS:
- Building
- Surgical Equipments\Motor Car
- Computers
- Air Conditioner
- Furniture and Fixtures
- Office Equipments
- Machinery
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.44.89 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
22 |
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.