MIRA
INFORM REPORT
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Report Date : |
24.03.2011 |
IDENTIFICATION DETAILS
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Name : |
RELISYS MEDICAL DEVICES LIMITED |
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Formerly Known
As : |
Care Polymed Private Limited |
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Registered
Office : |
SY No.312, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
13.10.1997 |
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Com. Reg. No.: |
01-028153 |
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CIN No.: [Company Identification
No.] |
U85101AP1997PLC028153 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
HYDC00695C |
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PAN No.: [Permanent Account No.] |
AABCC5660L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Innovation Driven Device |
RATING & COMMENTS
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MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 1072000 |
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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. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution |
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 |
LOCATIONS
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Registered Office : |
SY No.312, |
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E-Mail : |
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Website : |
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Marketing Office : |
Ground Floor, Plot NO. 82, Road No.6, Arunidaya Nagar, Nagole, |
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Tel. No.: |
91-40-23493311 |
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Fax No.: |
91-40-24222206 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Nagarada Gadde Badari Narayan |
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Designation : |
Managing Director |
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Address : |
2-2-647/85/A, |
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Date of Appointment : |
01.08.2003 |
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DIN : |
00569510 |
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Name : |
Mr. Nallamala Krishna Reddy |
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Designation : |
Director |
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Address : |
H. No.2/99/E, Road No.2, Kakatiya Nagar, Habsiguda, Secunderabad,
Andhra Pradesh |
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Date of Appointment : |
01.08.2003 |
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DIN : |
00910584 |
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Name : |
Mr. Mohan Kallepalli |
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Designation : |
Director |
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Address : |
3-4-615/507, Lingampally, Ward-3, Circle-IV, |
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Date of Birth/Age : |
20.07.1957 |
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Date of Appointment : |
07.12.2007 |
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DIN : |
01949591 |
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Name : |
Mr. Nalam Ramakrishna Rao |
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Designation : |
Whole-time Director |
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Address : |
Flat No.201, Brindavan, H. No.2-2-1109/1, Bagh Amberpet, |
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Date of Birth/Age : |
15.06.1943 |
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Date of Appointment : |
24.01.2004 |
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DIN : |
02019776 |
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Name : |
Gadiraju Venkata Viswanadha Sarma |
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Designation : |
Director |
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Address : |
D-307, Hindustan CIBA Gaigy Research Centre, Goregaon, Mumbai –
400063, |
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Date of Birth/Age : |
17.10.1946 |
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Date of Appointment : |
12.07.2008 |
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DIN : |
02267968 |
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Name : |
Mr. Bhagavatula Kutumba Srinivasa Sastry |
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Designation : |
Director |
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Address : |
304, HImsiva Apartments, |
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Date of Birth/Age : |
22.06.1961 |
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Date of Appointment : |
02.09.2006 |
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DIN : |
02382879 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Dr. D. Soma Raju |
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444500 |
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Dr. D.N. Kumar |
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166667 |
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Dr. P. Raghava Raju |
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154167 |
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Dr/ Sunil K. KApoor |
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98125 |
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Dr. B.K.S. Sastry |
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141904 |
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Dr. N. Krishna Reddy |
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628840 |
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A.C.A. Private Limited |
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537760 |
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Sri. Kalindhi Narayan |
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434465 |
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Sri N.G. Badari Narayan |
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701100 |
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LAksmi Kanth Prabhala |
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60164 |
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Ramkrishan Neravelta |
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53077 |
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Mr. Ramesh |
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100000 |
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Pranaya Realtors Inc, |
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72307 |
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Dr. N Ramakrishna Rao |
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185884 |
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Mr. N. Rajendra |
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91667 |
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Mr. Kishore Kondapi |
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148151 |
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Niamatali Habibool |
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63018 |
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Mr. Yamani Kumar – |
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133333 |
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B. China Ram Mohan Raju |
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66667 |
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G2 Corporate Services Limited |
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710135 |
As on 30.09.2010
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Category |
Percentage |
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Bodies corporate |
12.90 |
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Directors or relatives of Directors |
87.10 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Innovation Driven Device |
PRODUCTION STATUS AS ON (31.03.2010)
|
Particulars |
Unit |
Licensed
and Installed Capacity |
Actual
Production |
|
Stents |
Nos. |
500000 |
-- |
|
Cobal Stents |
Nos. |
-- |
4796 |
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Legend Stents |
Nos. |
-- |
659 |
GENERAL INFORMATION
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial
Institution : |
The Andhra Pradesh State Financial Corporation, Chirag Ali Lane, Hyderabad
– 500001, Andhra Pradesh, India |
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Auditors : |
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Name : |
P. Murali Mohana Rao Chartered Accountant |
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Address : |
6-3-655/2/3, Somajiguda, |
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Tel. No.: |
91-40-23326666 |
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PAN No.: |
AAWPP7457L |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,000,000 |
Equity Shares |
Rs.10/-each |
Rs.70.000 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6,191,730 |
Equity Shares |
Rs.10/-each |
Rs.61.917
million |
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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 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
61.917 |
58.240 |
45.371 |
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2] Share Premium |
198.210 |
189.391 |
154.458 |
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3] Reserves & Surplus |
7.968 |
8.294 |
2.891 |
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4] Share Application Money |
0.000 |
3.314 |
0.000 |
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NETWORTH |
268.095 |
259.239 |
202.720 |
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LOAN FUNDS |
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1] Secured Loans |
258.438 |
228.502 |
137.005 |
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2] Unsecured Loans |
68.830 |
26.914 |
10.880 |
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TOTAL BORROWING |
327.268 |
255.416 |
147.885 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
595.363 |
514.655 |
350.605 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
324.637 |
280.515 |
217.978 |
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Capital work-in-progress |
182.588 |
112.906 |
58.276 |
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INVESTMENT |
0.006 |
0.006 |
0.006 |
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DEFERREX TAX ASSETS |
1.262 |
3.381 |
(2.633) |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
87.399
|
96.224 |
50.714 |
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Sundry Debtors |
7.324
|
19.388 |
4.076 |
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Cash & Bank Balances |
0.136
|
3.660 |
0.146 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.372
|
9.249 |
13.910 |
|
Total
Current Assets |
105.231
|
128.521 |
68.846 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditors |
4.505
|
11.644 |
0.034 |
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Other Current Liabilities |
31.482
|
13.502 |
6.866 |
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Provisions |
0.625
|
0.000 |
0.000 |
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Total
Current Liabilities |
36.612
|
25.146 |
6.900 |
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Net Current Assets |
68.619
|
103.375 |
61.946 |
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MISCELLANEOUS EXPENSES |
18.251 |
14.472 |
15.032 |
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TOTAL |
595.363 |
514.655 |
350.605 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
40.285 |
31.085 |
11.664 |
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Other Income |
0.423 |
0.930 |
0.390 |
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TOTAL (A) |
40.708 |
32.015 |
12.054 |
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Less |
EXPENSES |
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Cost of Goods Sold |
24.323 |
6.982 |
6.876 |
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Manufacturing Cost |
3.010 |
5.993 |
0.000 |
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Selling and Distribution Expenses |
1.017 |
0.815 |
0.110 |
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Misc. Exp. Written Off |
0.000 |
1.608 |
0.237 |
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TOTAL (B) |
28.350 |
15.398 |
7.223 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.358 |
16.617 |
4.832 |
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Less |
FINANCIAL EXPENSES (D) |
5.551 |
3.891 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6.807 |
12.726 |
4.831 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.687 |
10.801 |
3.820 |
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PROFIT BEFORE
TAX (E-F) (G) |
2.120 |
1.925 |
1.011 |
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Less |
TAX (I) |
0.328 |
0.217 |
0.090 |
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PROFIT AFTER TAX
(G-I) (J) |
1.792 |
1.708 |
0.921 |
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DEFERRED INCOMETAX
LIABILITY PROVISION |
(2.118) |
6.014 |
(3.761) |
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PROFIT/LOSS
AFTER DEFERRED TAX |
(0.326) |
7.722 |
(2.840) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.294 |
2.891 |
5.865 |
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Provision for FBT |
0.000 |
0.230 |
0.134 |
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Prior Period Adjustments |
0.000 |
2.089 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
7.968 |
8.294 |
2.891 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export of Goods |
19.669 |
0.548 |
0.343 |
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TOTAL EARNINGS |
19.669 |
0.548 |
0.343 |
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Earnings Per
Share (Rs.) |
0.29 |
0.29 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.40
|
5.33 |
7.64 |
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Net Profit Margin (PBT/Sales) |
(%) |
5.26
|
6.19 |
8.67 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.49
|
0.47 |
0.35 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.36
|
1.08 |
0.76 |
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Current Ratio (Current Asset/Current Liability) |
|
2.87
|
5.11 |
9.98 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered office
address of the company has been shifted from Flat no.408, Air Bus Apartments,
Himayatnagar,
Review Of
Operations For The Year
1. The Company's Manufacturing Facility was
commissioned in full scale.
2. During the year the company has infused fresh equity of Rs 125 Millions
3. The company has signed a non-binding term sheet with US based venture
capitalist M/s Caduceus Asia Mauritius Limited (ORBIMED) for an investment of
Rs. 250 millions to enable meet the expansion plans like increased working
capital requirements, regulatory affairs and clinical trails etc.
4. During the year the company has procured and commissioned
sophisticated equipments like Laser Cutting Equipment for Peripheral Stents
application and ETO Sterilizer (as per USFDA norms) and various production and
laboratory equipment like PTCA balloon manufacturing facility, SEM Analytical
Microscope, Catheter Extruder and High End Microscopes made fully operational.
a. In the current financial year, the company has strengthened the
domestic sales and marketing force.
b. The company has applied for conversion of OBL CE Certification to OEM
CE certification for Cobalt+CE Mounted Stent.
c. The company has completed CE dossiers for Cobalt+C , Legend V and Dx
catheter and will be shortly filing for CE marking. The company already
obtained IS0 certification for the facility and the entire range of products.
d. The company has developed Rapomycin coated stents and the product
currently undergoing invitro evaluation.
e. The Company has executed export order worth 3,95,160 USD for supply
of Cobalt+CE stents to MIS. Limit Medikal Limited,Turky and is expected to
execute supply of 5000 Stents per annum to the same customer during the
Financial Year 2010-1 1.
f. The company has signed Annual supply contract worth of Rs. 65 Millions
with M/s Eurocor Singapore Pte Limited( Subsidiary of Mls.Opto Circuits
Limited) for supply of 15000 Cobalt chromium Stent systems and 5000 PTCA
Balloon Catheters and will be executed during the financial year 2010-1 1.
g. The Company is in the process of entering into MOU with some of the
renowned Medical Devices Distributors in
h. With the above developments, the turnover of the company is likely to
grow manifold in domestic and international markets during the current
financial year.
FIXED
ASSETS :
- Land
- Furniture and
Fixture
- Lab Equipment
- Plant and
Machinery
- Office
Equipment
- Computers
- Vehicle
- Building
- Electrical
Installations
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U85101AP1997PLC028153 |
|
Name of the
company |
RELISYS MEDICAL
DEVICES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sy No.312, |
|
This form is for |
Creation
of Charge |
|
Type of charge |
Movable Property
(not being pledge) |
|
Particular of
charge holder |
Department of
BNoi technology, Block 2, CGO Complex, Lodhi Road, New Delhi – 110003, Delhi,
India Email : sninawe@dbt.nic.in |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 22nd July, 2009 |
|
Date of
instrument Creating the charge |
22.07.2009 |
|
Amount secured by
the charge |
Rs.80.000 million |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest
- Upto Rs.100 Lakhs : 1% More than Rs.100 Lakhs
: 2% Terms of
Repayment - Repayable in 10 equal yearly installments starting six months
after completion of the project. Margin - 36.33% Extent and
Operation of the charge - Whole of the movable and immovable properties
acquired from the loan sanctioned by the Department of Biotechnology (DBT)
under the SBIRI scheme including its movable plant and machinery, machinery
spares, tools and accessories and other movables both present and future
(save and except book debts)s |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Whole of the
movable and immovable properties acquired from the loan sanctioned by the
Department of Biotechnology (DBT) under the SBIRI scheme. The above movable
and immovable properties includes movable plant and machinery, machinery
spares, tools and accessories and other movables both present and future
(save and except book debts) |
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.44.96 |
|
|
1 |
Rs.73.56 |
|
Euro |
1 |
Rs.63.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.