MIRA
INFORM REPORT
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Report Date : |
12.03.2011 |
IDENTIFICATION DETAILS
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Name : |
MMC HEALTHCARE LIMITED |
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Registered Office : |
61, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.02.1996 |
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Com. Reg. No.: |
18-034651 |
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CIN No.: [Company
Identification No.] |
U93090TN1996PLC034651 |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 250000 |
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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 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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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 |
INFORMATION PARTED BY
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Name : |
Mr. R S Jayaraman |
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Designation : |
Director |
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Contact No.: |
91-9962821072 |
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Date : |
02.03.2011 |
LOCATIONS
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Registered Office : |
61, |
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Tel. No.: |
91-44-24868412/ 8413 / 24866348/ 6358 |
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Mobile No.: |
91-9962821072 (Mr. R.S. Jayaraman) |
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Fax No.: |
91-44-24866378 |
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E-Mail : |
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Website : |
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Location : |
3000 sq.ft. (Owned) (Approximately) |
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Factory 1 : |
No. 34-B, SIDCO Industrial Estate, Thirumazisai, Chennai-602107, |
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Tel. No.: |
91-44-26810201 |
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Fax No.: |
91-44-26810202 |
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E-Mail : |
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Area : |
36000 sq.ft. (Owned) |
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Factory 2 : |
Solan- Kalka State Highway, NH-22, Deon Ghat, Solan-173211, |
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Tel. No.: |
91-172-228401/ 228402 |
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Fax No.: |
91-172-227013 |
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E-Mail : |
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Area : |
32000 sq.ft. |
DIRECTORS
As on 27.09.2010
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Name : |
Mr. Ramasamy Savrirajan Jayaraman |
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Designation : |
Whole Time Director |
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Address : |
No. 7, Maria Station, Sathya Nagar Extension, Padi, Chennai-600050, |
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Date of Birth/Age : |
12.04.1956 |
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Date of Appointment : |
26.02.1996 |
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DIN No.: |
02099884 |
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Name : |
Mr. Mariapppan Ravichandran |
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Designation : |
Whole Time Director |
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Address : |
No. 2, |
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Date of Birth/Age : |
18.05.1955 |
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Date of Appointment : |
01.05.2003 |
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DIN No.: |
02099849 |
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Name : |
Mr. M Vidyavathi |
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Designation : |
Director |
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Address : |
No. 2, |
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Date of Birth/Age : |
20.05.1958 |
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Date of Appointment : |
01.05.2003 |
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Name : |
Mrs. Jayaraman Girjadevi |
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Designation : |
Whole Time Director |
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Address : |
No. 7, Maria Station, Sathya Nagar Extension, Padi, Chennai-600050, |
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Date of Birth/Age : |
11.06.1963 |
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Date Of Appointment : |
01.05.2003 |
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DIN No.: |
02628077 |
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Name : |
Mr. Malliab Rajarathinam |
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Designation : |
Whole Time Director |
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Address : |
No. 99, Metro Nagar ,Alapakkam, Chennai – 600116, |
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Date of Birth/Age : |
25.04.1957 |
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Date of Appointment : |
01.04.2005 |
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DIN No.: |
02100011 |
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Name : |
Mr. W. Gideon D. Sekar |
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Designation : |
Director |
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Address : |
43-B, |
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Date of Birth/Age : |
01.05.1955 |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mrs. Rajarathinam Shanti |
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Designation : |
Director |
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Address : |
No. 99, Metro Nagar ,Alapakkam, Chennai – 600116, |
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Date of Birth/Age : |
11.06.1963 |
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Date Of Appointment : |
01.04.2008 |
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DIN No.: |
02722960 |
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Name : |
Mr. Ravichandran Vidyavathi |
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Designation : |
Whole Time Director |
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Date Of Appointment : |
01.05.2003 |
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DIN No.: |
02628043 |
KEY EXECUTIVES
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Name : |
Mr. Shakti |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
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Names of Shareholders |
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No. of Shares |
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R Shanthi |
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120664 |
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M Ravichandran |
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182203 |
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W Gideon Dhanasekaran |
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87128 |
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R |
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193321 |
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M Vidyavathi |
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106396 |
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J Girijadevi |
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105484 |
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M Rajarathinam |
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100126 |
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Jothi Arulmani |
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79720 |
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M Seethalakshmi |
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9943 |
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Alphens Benjamin |
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8050 |
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W G Santhi Rani |
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56843 |
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W G Mitilda |
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31170 |
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Indumadhi M Ravichandran |
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33231 |
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R Subhash Vallab |
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140961 |
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J Balakumar |
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30600 |
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R Vimala |
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4860 |
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J Vijayakumar |
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3047 |
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G Catherin |
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19080 |
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R Prabu Shankar |
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29978 |
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G Baskaran |
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4000 |
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A Khader Sherief |
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800 |
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A Elangovan |
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640 |
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R Prithivirajan |
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1100 |
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S C Sekar |
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3200 |
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4699 |
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5000 |
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R V Pandurangan |
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5000 |
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Total |
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1367244 |
Equity Shares Break up (Percentage of Total Equity)
as on 30.09.2010
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Category |
Percentage |
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Directors or
relatives of Directors |
77.59 |
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Other top 50
shareholders |
22.41 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Pharmaceuticals Products. |
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Products: |
Drugs Formulations |
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Exports : |
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Products : |
Cyrups and Tablets |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit (30-60-90 Days) |
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Purchasing : |
Cash and Credit (30-60-90 Days) |
PRODUCTION STATUS AS ON 31.03.2010
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Tablets |
Nos. |
-- |
360 Million p.a.
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252 Million p.a. |
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Capsules |
Nos. |
-- |
120 Million
p.a. |
84 Million p.a. |
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Liquids |
Nos. |
-- |
1 Million Liter
p.a. |
0.70 Million
Liter p.a. |
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GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Approximately 200 |
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Bankers : |
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Facilities : |
CC - Rs.31.500 Millions from State Bank of
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CRCKYN and Associates Chartered Accountant |
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Address : |
A2, Shanthi Apartments, No. 18, TTK I Cross Street, Alwarpet,
Chennai-600018, |
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Tel No.: |
91-44-64591430 |
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E-mail: |
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Associates/Subsidiaries : |
·
MMC Healthcare
(Himachal Pradesh) Private Limited Address: 61, Line of Business : Manufacturing of Tablets and Syrups ·
Hepta Pharma
Private Limited Liability Company Limited Address: 61, Line of Business : Manufacturing of Tablets and Syrups |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1500000 |
Equity Shares |
Rs.10/- each |
Rs. 15.000 Millions |
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1000000 |
Redeemable Preference Share |
Rs. 10/- each |
Rs. 10.000 Millions |
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Total |
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Rs. 25.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1367244 |
Equity Shares |
Rs.10/- each |
Rs. 13.672
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
13.672 |
10.700 |
10.700 |
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2] Share Application Money |
0.000 |
7.843 |
1.843 |
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3] Reserves & Surplus |
47.778 |
33.909 |
33.861 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.450 |
52.452 |
46.404 |
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LOAN FUNDS |
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1] Secured Loans |
35.612 |
31.127 |
26.187 |
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2] Unsecured Loans |
0.000 |
2.541 |
2.563 |
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TOTAL BORROWING |
35.612 |
33.668 |
28.750 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.062 |
86.120 |
75.154 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.409 |
54.252 |
53.434 |
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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 |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
41.705
|
27.288 |
22.787 |
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Sundry Debtors |
25.564
|
31.423 |
26.376 |
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Cash & Bank Balances |
0.403
|
0.968 |
0.189 |
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Other Current Assets |
0.000
|
0.000 |
0.013 |
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Loans & Advances |
5.055
|
5.479 |
3.920 |
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Total
Current Assets |
72.727
|
65.158 |
53.285 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.258
|
20.009 |
21.625 |
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Other Current Liabilities |
8.714
|
6.926 |
7.157 |
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Provisions |
8.102
|
6.355 |
2.783 |
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Total
Current Liabilities |
32.074
|
33.290 |
31.565 |
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Net Current Assets |
40.653
|
31.868 |
21.720 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
97.062 |
86.120 |
75.154 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
251.165 |
195.911 |
139.780 |
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Other Income |
6.207 |
4.929 |
3.043 |
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TOTAL (A) |
257.372 |
200.840 |
142.823 |
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Less |
EXPENSES |
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Cost of Sales |
149.631 |
116.568 |
72.241 |
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Employee Cost |
30.482 |
25.346 |
17.897 |
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Administrative Expenses |
60.617 |
48.119 |
43.412 |
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TOTAL (B) |
240.730 |
190.033 |
133.550 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.642 |
10.807 |
9.273 |
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Less |
FINANCIAL
EXPENSES (D) |
6.486 |
4.127 |
3.732 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10.156 |
6.680 |
5.541 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.802 |
2.429 |
2.196 |
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PROFIT BEFORE
TAX (E-F) (G) |
7.354 |
4.251 |
3.345 |
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Less |
TAX (H) |
4.887 |
4.203 |
1.619 |
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PROFIT AFTER TAX
(G-H) (I) |
2.647 |
0.048 |
1.726 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.187 |
2.139 |
0.413 |
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BALANCE CARRIED
TO THE B/S |
4.834 |
2.187 |
2.139 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
2.949 |
2.063 |
0.984 |
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TOTAL EARNINGS |
2.949 |
2.063 |
0.984 |
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Earnings Per
Share (Rs.) |
1.94 |
1.84 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.03 |
0.02
|
1.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.93 |
2.17
|
2.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.69 |
3.56
|
3.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.08
|
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.10 |
1.28
|
1.30 |
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Current Ratio (Current Asset/Current Liability) |
|
2.27 |
1.96
|
1.69 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
·
Ordain Healthcare Private Limited
·
Sami Labs Limited
·
Cadila Pharmaceuticals Limited
Note:
The Registered office of the company has been shifted from 23, Gandhi Nagar, Alwarthirungamadras 87,
Financial Results:
During the year the authorized capital of the company was increased by
increasing the Equity Capital form Rs. 11.500 Millions to Rs. 15.000 Millions
and adding preference shares capital of Rs. 10.000 Millions. During the year
297244 Equity Shares were allotted at a premium o Rs. 37.75 per share.
The Directors recommended dividend at the rate of 15% for the year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U93090TN1996PLC034651 |
|
Name of the
company |
MMC HEALTHCARE LIMITED |
|
Address of the
registered office or of the principal place of business in |
23, Gandhi Nagar,
Alwarthirungamadras 87, |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Book Debts Floating Charges |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Agreement of
Loan-cum-hypothecation |
|
Date of
instrument Creating the charge |
12.01.2010 |
|
Amount secured by
the charge |
Rs. 39.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit and
SLC At 14.5% Term Loan At 15% Terms of
Repayment As per Agreement Margin Domestic
Receivables – 40% Raw Material,
Finished goods and bank guarantee- 25% Extent and
Operation of the charge Full and
Exclusive Claim on the assets Others The credit
facilities extended are: CC: Rs. 30.000
Millions SLC : Rs. 1.500
Millions TL II: Rs. 4.500
Millions BG: Rs. 3.000
Millions |
|
Short particulars
of the property charged |
Stock, Raw
Materials, SIP, Finished Goods,
Receivables. |
|
Name of the company |
MMC Health Care
Limited |
|
Presented By |
Director |
|
1) Date and description of instrument creating the change |
Letter evidencing
deposit of title deeds for creation of equitable mortgage on 08.09.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.800 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Equitable
Mortgage by way of deposit of title deeds in respect of land bearing S. No.
89/2 measuring 94 cents at 70, |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Deposit of title
deeds relating to the land bearing S. no. 89/2 measuring 94 cents at 70, |
|
5) Name and Address and description of the person entitled to the charge. |
M/S Canara Bank Valasaravakkam
Branch, Chennai-600087, |
Fixed Assets:
- Computer
- Vehicles
- Furniture
- Land
- Building WIP
- Machinery
- Equipments
- Trade Mark
- Cell Phones
AS PER WEBSITE
Corporate Profile:
MMC HEALTHCARE was founded in the year 1987 by the vision and dynamism
of four young likeminded pharmaceutical professionals, who shared a common
From this small beginning this Pharma company now renamed as MMC HEALTHCARE
LIMITED has grown to become a well established Chennai based public limited
company with over 500 employees, bringing wellness to people’s health,
providing medical supplies to physician , and other medical professional across
India.
Milestone:
MMC have many “INNOVATIVE – FIRSTS” to its credit.
VIVONEX The First Protein in Powder Form
SEPTIDASE FORTE
THERMONIL The First Dispersible
Paracetamol Paediatric Tablet
HEMOCARE
PILEUM First time in
1987 MMC Healthcare
Limited started
1997 Converted as Public Limited Company
2004 Chennai Plant
reconstructed
2005 MMC (HP) Private
Limited started
2005 WHO – GMP Approved
2006 New training
centre
2006 PILEUM launch
2007 New office
2007 ISO 9001: 2000
certified
2008 Exports
2008 COMBit launch
2009 ABLEto launch
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.45.21 |
|
|
1 |
Rs.72.55 |
|
Euro |
1 |
Rs.62.43 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.