MIRA
INFORM REPORT
|
Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
THYROCARE TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
D-37/1, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai – 400 703, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
28.01.2000 |
|
|
|
|
Com. Reg. No.: |
11-123882 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.108.094 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110MH2000PLC123882 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT07390F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT2577P |
|
|
|
|
Legal Form : |
A closely held public limited liability company |
|
|
|
|
Line of Business
: |
Subject is a Thyroid Testing Laboratory, provides Specialised Tests
with International Quality. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
D-37/1, TTC Industrial Area, MIDC, Turbhe, Navi Mumbai – 400 703, |
|
Tel. No.: |
91-22-67123456 / 30900000 / 27622762 |
|
Fax No.: |
91-22-27682409 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 07.09.2010
|
Name : |
Mr. Velumani Arokiaswamy Naidu |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
306, Frangipani, Nahar Amrit Shakti Sakinaka, Andheri (East), Mumbai –
400 072, |
|
Date of Birth/Age : |
12.04.1958 |
|
Date of Appointment : |
28.01.2000 |
|
DIN No.: |
00002804 |
Other Directorship
|
S.No. |
CIN |
Name of the Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U85110MH2000PLC123882 |
Thyrocare
Technologies Limited |
Managing
director |
01-04-09 |
28-01-00 |
Active |
NO |
|
2 |
U85196MH2005PLC157815 |
Thyrocare
Hospitals Limited |
Director |
05-12-05 |
05-12-05 |
Active |
NO |
|
3 |
U74120MH2011PLC212839 |
Nueclear
Healthcare Limited |
Director |
31-01-11 |
31-01-11 |
Active |
NO |
|
|
|
|
Name : |
Mr. Sundararaju Arogiaswamy Naidu
|
|
Designation : |
Managing Director |
|
Address : |
Row House 1, Jimmy Towers 1 and 2 Co-Operative Housing Society, Plot
No. 19-22, Sector 18, Koparkhairane, Navi Mumbai – 400 706, |
|
Date of Birth/Age : |
04.09.1958 |
|
Date of Appointment : |
28.01.2000 |
|
DIN No.: |
00003260 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U85110MH2000PLC123882 |
Thyrocare
Technologies Limited |
Whole-time
director |
01-04-09 |
28-01-00 |
- |
Active |
NO |
|
2 |
U51109WB1995PTC067875 |
Pavilion Commercial
Private Limited |
Director |
01-04-01 |
01-04-01 |
- |
Active |
NO |
|
3 |
U85100MH1996PTC097153 |
Thyrocare
Bio-Tech Private Limited |
Director |
16-08-01 |
16-08-01 |
- |
Active |
NO |
|
4 |
U99999MH1996PLC100018 |
Thyrocare
Laboratories Ltd |
Director |
06-03-02 |
06-03-02 |
04-02-11 |
Active |
NO |
|
5 |
U63090MH2002PTC135841 |
Thyrocare
Publications Private Limited |
Director |
10-05-02 |
10-05-02 |
- |
Active |
NO |
|
6 |
U45201MH2002PTC135842 |
Thyrocare Properties
And Infrastructure Private Limited |
Director |
10-05-02 |
10-05-02 |
- |
Active |
NO |
|
7 |
U28920MH1998PTC115804 |
Mahima
Advertising Private Limited |
Director |
26-08-02 |
26-08-02 |
- |
Active |
NO |
|
8 |
U85195MH2004PTC144058 |
Total T3T4TSH
Diagnostics Private Limited |
Director |
19-01-04 |
19-01-04 |
- |
Active |
NO |
|
9 |
U85196MH2005PLC157815 |
Thyrocare
Hospitals Limited |
Director |
05-12-05 |
05-12-05 |
- |
Active |
NO |
|
10 |
U85195MH1996PTC097154 |
Thyrocare Diagnostics
Private Limited. |
Director |
01-07-06 |
01-07-06 |
- |
Active |
NO |
|
11 |
U52190WB1994PTC062664 |
Alexandra
Vinimay Private Limited |
Director |
22-02-07 |
22-02-07 |
- |
Active |
NO |
|
12 |
U52599WB2002PTC094911 |
Navkamna Marketing
Private Limited |
Director |
22-02-07 |
22-02-07 |
- |
Active |
NO |
|
13 |
U51109WB1985PTC038514 |
|
Director |
01-04-08 |
01-04-08 |
- |
Active |
NO |
|
14 |
U74120MH2011PLC212839 |
Nueclear Healthcare
Limited |
Director |
31-01-11 |
31-01-11 |
- |
Active |
NO |
|
|
|
|
Name : |
Mrs. Sumathi Velumani Naidu |
|
Designation : |
Director |
|
Address : |
306, Frangipani, Nahar Amrit Shakti Sakinaka, Andheri (East), Mumbai –
400 072, |
|
Date of Birth/Age : |
06.12.1960 |
|
Date of Appointment : |
28.01.2000 |
|
DIN No.: |
00002812 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of appointment
at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U85110MH2000PLC123882 |
Thyrocare
Technologies Limited |
Director |
28-01-00 |
28-01-00 |
- |
Active |
NO |
|
2 |
U99999MH1996PLC100018 |
Thyrocare
Laboratories Limited |
Director |
26-06-02 |
26-06-02 |
15-01-11 |
Active |
NO |
|
3 |
U74120MH2011PLC212839 |
Nueclear
Healthcare Limited |
Director |
31-01-11 |
31-01-11 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Rajgopal Jayahari Keshava Rao |
|
Designation : |
Director |
|
Address : |
C9, Parmanu Nagar, Vashi, Navi Mumbai – 400 703, |
|
Date of Birth/Age : |
01.05.1972 |
|
Date of Appointment : |
16.08.2001 |
|
DIN No.: |
00003309 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U85100MH1996PTC097153 |
Thyrocare
Bio-Tech Private Limited |
Director |
23-12-98 |
23-12-98 |
- |
Active |
NO |
|
2 |
U85110MH2000PLC123882 |
Thyrocare
Technologies Limited |
Director |
16-08-01 |
16-08-01 |
27-12-10 |
Active |
NO |
|
3 |
U85195MH1996PTC097154 |
Thyrocare
Diagnostics Private Limited. |
Director |
16-08-01 |
16-08-01 |
- |
Active |
NO |
|
4 |
U99999MH1996PLC100018 |
Thyrocare
Laboratories Limited |
Director |
26-06-02 |
26-06-02 |
15-01-11 |
Active |
NO |
|
5 |
U28920MH1998PTC115804 |
Mahima
Advertising Private Limited |
Director |
30-10-03 |
30-10-03 |
- |
Active |
NO |
|
6 |
U85196MH2005PLC157815 |
Thyrocare
Hospitals Limited |
Director |
05-12-05 |
05-12-05 |
- |
Active |
NO |
|
7 |
U52190WB1994PTC062664 |
Alexandra
Vinimay Private Limited |
Director |
29-03-11 |
29-03-11 |
- |
Active |
NO |
|
8 |
U52599WB2002PTC094911 |
Navkamna
Marketing Private Limited |
Director |
29-03-11 |
29-03-11 |
- |
Active |
NO |
|
9 |
U51109WB1985PTC038514 |
|
Director |
29-03-11 |
29-03-11 |
- |
Active |
NO |
|
10 |
U85195MH2004PTC144058 |
Total T3T4TSH
Diagnostics Private Limited |
Director |
29-03-11 |
29-03-11 |
- |
Active |
NO |
|
11 |
U63090MH2002PTC135841 |
Thyrocare Publications
Private Limited |
Director |
29-03-11 |
29-03-11 |
- |
Active |
NO |
|
|
|
|
Name : |
Mr. Rathinaswamy Arokiaswamy Naidu
|
|
Designation : |
Director |
|
Address : |
Row House 1, Jimmy Towers 1 and 2 Co-Operative Housing Society, Plot No.
19-22, Sector 18, Koparkhairane, Navi Mumbai – 400 706, |
|
Date of Birth/Age : |
07.11.1960 |
|
Date of Appointment : |
10.04.2008 |
|
DIN No.: |
01060027 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current designation
of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U85195MH1996PTC097154 |
Thyrocare
Diagnostics Private Limited. |
Director |
16-08-01 |
16-08-01 |
- |
Active |
NO |
|
2 |
U85196MH2005PLC157815 |
Thyrocare
Hospitals Limited |
Director |
05-12-05 |
05-12-05 |
- |
Active |
NO |
|
3 |
U85110MH2000PLC123882 |
Thyrocare
Technologies Limited |
Director |
10-04-08 |
10-04-08 |
27-12-10 |
Active |
NO |
|
|
|
|
Name : |
Mr. Vatsal Goyal |
|
Designation : |
Alternate Director |
|
Address : |
D-1081, |
|
Date of Birth/Age : |
21.01.1985 |
|
Date of Appointment : |
27.12.2010 |
|
DIN No.: |
03390413 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
No. of Shares |
|
Velumani Arokiaswamy Naidu |
2091385 |
|
Rajgopal Jayahari Keshava Rao |
156854 |
|
Sumathi Velumani Naidu |
130712 |
|
Sundararaju Arokiaswamy Naidu |
130712 |
|
Bhamini Sundararaju Naidu |
155120 |
|
Susila Selvaraj Naidu |
5228 |
|
Selvaraj Krishnswamy Naidu |
238300 |
|
Rathinaswamy Arokiaswamy Naidu |
84630 |
|
Vasanthamani Rathinaswamy Naidu |
81900 |
|
Arokiaswamy Peria Naidu |
109569 |
|
Sayammal Arokiaswamy Naidu |
109569 |
|
A Velumani HUF |
998362 |
|
A Sundararaju HUF |
699115 |
|
A Rathinaswamy HUF |
143470 |
|
Mahima Advertising Private Limited, |
315000 |
|
Thyrocare Properties Private Limited, |
1624450 |
|
Navkamna Marketing Private Limited, |
787500 |
|
Alexandra Vinimay Private Limited, |
700000 |
|
Thyrocare Publications Private Limited, |
1633625 |
|
Anand Velumani Naidu |
130712 |
|
Bennett Coleman and Company Limited, |
352500 |
|
Amruta Velumani Naidu |
130712 |
|
Total |
10809425 |
As on 07.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
50.00 |
|
Directors
or relatives of directors |
|
50.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a Thyroid Testing Laboratory, provides Specialised Tests with
International Quality. |
|
|
|
|
Services : |
Testing Services |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Not Available |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S D Khanolkar and Company Chartered Accountants |
|
Address : |
210 Jolly Bhavan No. 2, 51 New Marine Lines, Churchgate, Mumbai – 400
020, |
|
Tel. No.: |
91-22-22642569 / 22641399 |
|
Fax No.: |
|
|
|
|
|
Associates : |
·
Thyrocare Diagnostics Private Limited ·
Thyrocare Biotech Private Limited ·
Thyrocare Properties and Infrastructure Private
Limited ·
Thyrocare Laboratories Limited ·
Thyrocare Hospitals Limited ·
Thyrocare Publications Private Limited ·
Total T3T4TSH Diagnostics Private Limited ·
Pavilion Commercial Private Limited ·
Mahima Advertising Private Limited ·
Alexandra Vinimay Private Limited ·
Navkamna Marketing Private Limited ·
Dee Anu Trading Company Private Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10809425 |
Equity Shares |
Rs.10/- each |
Rs.108.094
millions |
Note
The Company had
bought back 303000
fully paid up equity shares of face value of Rs.10/- each repesenting 2.73% of
issued, subscribed and paid up equity share capital of the Company at Rs.470/- per
share pursuant to Scheme of Buy-Back on 24.10.2009, in accordance with the
provisions of the Companies Act, 1956 as amended and Private Limited Company
and Unlisted Public Limited Company (Buy-back of Securities) Rules. 1999.
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 |
108.094 |
111.124 |
104.074 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
313.144 |
460.152 |
201.767 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
421.238 |
571.276 |
305.841 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
250.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
250.000 |
|
|
DEFERRED TAX LIABILITIES |
0.653 |
2.226 |
2.511 |
|
|
|
|
|
|
|
|
TOTAL |
421.891 |
573.502 |
558.352 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
150.205 |
196.082 |
175.383 |
|
|
Capital work-in-progress |
1.197 |
0.000 |
1.098 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
16.768 |
16.768 |
|
|
DEFERREX TAX ASSETS |
0.703 |
0.391 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
24.855
|
34.158 |
30.264 |
|
|
Sundry Debtors |
17.909
|
14.401 |
24.614 |
|
|
Cash & Bank Balances |
84.658
|
36.513 |
118.272 |
|
|
Other Current Assets |
5.699
|
49.159 |
39.669 |
|
|
Loans & Advances |
437.079
|
435.351 |
499.126 |
|
Total
Current Assets |
570.200
|
569.582 |
711.945 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
32.858
|
39.481 |
29.757 |
|
|
Other Current Liabilities |
29.559
|
25.683 |
25.565 |
|
|
Provisions |
238.060
|
144.416 |
291.905 |
|
Total
Current Liabilities |
300.477
|
209.580 |
347.227 |
|
|
Net Current Assets |
269.723
|
360.002 |
364.718 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.063 |
0.259 |
0.385 |
|
|
|
|
|
|
|
|
TOTAL |
421.891 |
573.502 |
558.352 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Testing, Services charges and sales revenue |
583.251 |
452.586 |
443.866 |
|
|
|
Income from dealing in properties |
0.180 |
0.198 |
0.241 |
|
|
|
Other Income |
68.137 |
11.173 |
66.917 |
|
|
|
TOTAL (A) |
651.568 |
463.957 |
511.024 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Reagents, consumables, services |
208.147 |
174.286 |
115.568 |
|
|
|
Employee Cost |
39.387 |
27.497 |
19.493 |
|
|
|
Other Operating Expenses |
58.372 |
130.754 |
51.278 |
|
|
|
TOTAL (B) |
305.906 |
332.537 |
186.339 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
345.662 |
131.420 |
324.685 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
0.095 |
0.000 |
0.624 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
345.567 |
131.420 |
324.061 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.216 |
13.698 |
12.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
331.351 |
117.722 |
311.238 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
99.991 |
41.089 |
92.206 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
231.360 |
76.633 |
219.032 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.426 |
19.990 |
5.341 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENTS |
1.295 |
(0.317) |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
AMOUNT
TRANSFERRED FROM GENERAL RESERVES |
13.864 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
INCOME TAX OF
EARLIER YEARS |
0.000 |
0.000 |
(0.189) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividends on equity shares |
0.000 |
0.000 |
156.111 |
|
|
|
Interim Dividends on equity shares |
205.379 |
52.037 |
0.000 |
|
|
|
Tax on Dividend |
34.904 |
8.843 |
26.539 |
|
|
|
General Reserve |
23.140 |
15.000 |
21.922 |
|
|
BALANCE CARRIED
TO THE B/S |
3.522 |
20.426 |
19.990 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
Nil |
0.317 |
0.198 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
NA |
7.986 |
5.054 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
21.40 21.07 |
6.90 7.01 |
21.00 21.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
35.51
|
16.52 |
42.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
56.81
|
26.01 |
70.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
45.96
|
15.38 |
35.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.79
|
0.21 |
1.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.71
|
0.37 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
2.72 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
The Registered Office of the company has been shifted from Thyrocare House,
Opposite Tikujiniwadi, Thane (West) – 400 086,
OPERATING RESULTS
AND BUSINESS
Be it a country or
company, if they have not lost anything during the so called "economic
crisis" or "meltdown", they have gained a lot during the
recovery phase more than the rest. Company, instead of sizing down the Human
Resources Strength to combat downturn, it silently and intelligently worked on
improving the strength by 30% and consolidating them by enhancing the training
systems and frequencies. A lot of emphasis was given to Marketing, and IT to
enhance and sustain their reach to more laboratories, hospitals and doctors,
improved and effective reach using Loyalty Card (to patients), Personalised
Requision Forms (PRF) for medical doctors, Client Code Cards (CCC) for B to B
clients has started yielding results in the last quarter of the Financial year
and will now continue to remain vital schemes for an improved performance for
at least a Decade.
The investments
and the Research company has been doing in preventive care market has shown
results and they have processed more than 1000 BIOT specimen per day within one
year of its launch while Alc size has doubled within just 6 months of making a
focused effort to grow it. Choice of Manpower, their meticulous training has
helped us to have measurable improvements in Quality (pre-analytical,
analytical as well as post analytical). Company has focused and invested
significantly in creating and adequate training in marketing department in
which more than 50 staff are in the field (major metros) to add more
franchisees and specimen collection points. They also help in monitoring and
enhancing the service delivery criteria of the network.
The Company has by
now understood that the market for this unorganised diagnostic business is too
big to even assess and has planned to focus for growth using various dedicated
departments for - Insurance business, Corporate Business, Hospital Business and
International Business. Company has, had its share of attrition problems but
could manage to improve the head counts to cross 300 and intends to add 10%
more every quarter for next 10 quarters. By increasing the number of staff,
giving a right kind of training, by investing on a "Track Automation"
it can continue to have, if not better, the growth it has seen in 2009-2010 for
the decade till 2020. Company is planning to invest wisely in the following
seven segments to see a possibility of 60 to 80% year over year growth for next
10 years.
·
Penetrate the geography where their reach is not
there or not adequate.
·
Keep quality marketing manpower to support the
turnover growth of the under performing TSP.
·
Explore global market by appointing TSP in
Asia-pacific and African countries.
·
Enlarge the test menu by 10% every year.
·
Take the reach from District Head quarters to Taluk
Head Quarters.
·
By investing adequately in IT and Training for both
employees, network and their employees to enhance the productivity, and
·
Creating running separate profit centres for
Insurance Business, Government Business and Hospital Business.
CONTINGENT LIABILITIES (As on 31.03.2010)
·
Counter guarantees given to banks- Rs. Nil
·
Claims against the Company not acknowledged as
debts- Rs.0.121 million.
FIXED ASSETS
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Computer, Software
·
Office and Lab Equipments
·
Motor Vehicle
WEB DETAILS
Profile
Subject is the industry
leader, trend setter and innovators in Indian Diagnostic industry. A company
with a network of more than 20,000 Service Centers across the country, its
laboratory is certified ISO 9001-2000, accredited by NABL (National
Accreditation Board for Testing and Calibration Laboratories) and to keep it
ready to take on the global market, in 2007, it has been accredited by the
College of American Pathologists (CAP), a global accrediting organisation.
Subject’s network is vast enough to process in a day 50,000 investigations as
on date and it has a capacity to process 5,00,000 investigations per day in its
current facilities in Mumbai. This unique, single laboratory model could take
on the entire country market, using its innovative and intelligent logistics.
It believes that by having centralised operations the same standards of quality
control and accuracy in reporting can be maintained. barcoding and
bidirectional interfacing error-free and stress-free reporting and operations.
Using an air cargo driven logistics for incoming specimens, the laboratory
receives every night, same night, before midnight, from 90% of Indian
geography. With a backend prowess in IT, this webserver controlled operations
deliver reports every morning in every part of the country. It has redefined
and single handedly controlled nationwide, the costs involved in specialized laboratory
testing. Subject's unique combination of Quality, Cost, Speed, Reach and
Systems has created new benchmarks in the diagnostic industry. Infact, for a
laboratory which started in 1995 among 3000 competitors, today it searches for
a true competition.
The
concept is simple. It had kept its rates fair in an industry where volumes were
never dreamt. Volumes helped the laboratory to do an organized business. A
laboratory which started with no automations has within 10 years transformed to
100% barcoded system with bidirectional interfacing. With best of the brands
occupying the floor, we give the best of the quality for preventive care. By
rightly blending the biotechnology and information technology, subject brought
the world class diagnostic services to the nooks and corners of the country at
costs which almost everyone can afford.
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.48.89 |
|
|
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
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 |
NO |
|
--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 |
YES |
|
--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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.