%20PRIVATE%20LIMITED%20-%20153408%2009-Sep-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
09.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
MIV THERAPEUTICS (INDIA) PRIVATE LIMITED (w.e.f. 24.06.1985) |
|
|
|
|
Formerly Known
As : |
BIOSYNC SCIENTIFIC PRIVATE LIMITED |
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|
|
|
Registered
Office : |
Plot No. 136-B, Surat Special Economic Zone, Road No. 4, GIDC, Sachin,
Surat – 394230, Gujarat |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
01.08.2006 |
|
|
|
|
Com. Reg. No.: |
04-048811 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.82.181
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U33112GJ2006PTC048811 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTB01511G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB9552B |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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|
|
|
Line of Business
: |
To carry on business of manufacturing and marketing of all kinds of
endo / Cardio Vascular equipments. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (14) |
|
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 |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of MIV Therapeutics Inc. Canada. It is an established company having moderate track. There appears huge
accumulated loses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 136-B, Surat Special Economic Zone, Road No. 4, GIDC, Sachin,
Surat – 394230, Gujarat, India |
|
Tel. No.: |
91-261-2397066 |
|
Fax No.: |
91-261-2398016 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Rajesh Laljibhai Vaishnav |
|
Designation : |
Director |
|
Address : |
B-102, Opera House, NR Adrasen Bhavan, City Light Road, Surat Gujarat,
India |
|
Date of Appointment : |
01.08.2006 |
|
Din No.: |
00256858 |
|
|
|
|
Name : |
Mr. Nariya Jayantilal Limbabhai |
|
Designation : |
Director |
|
Address : |
36, Sharddhadeep Bunglows, Causeway Road, Singanpore Road, Gujarat,
India |
|
Date of Appointment : |
10.08.2006 |
|
Din No.: |
00265683 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vaishnav Viral laljibhai |
|
100 |
|
Nariya Jayantilal Limbabhai |
|
100 |
|
Vaishnav Rajesh Laljibhai |
|
100 |
|
MIV Therapeutic Incorporation, Canada |
|
8217816 |
|
Landsay Alan P |
|
1 |
|
|
|
|
|
Total |
|
8218117 |
AS ON 30.09.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
To carry on business of manufacturing and marketing of all kinds of endo
/ Cardio Vascular equipments. |
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Stents |
Pcs. |
23760 |
23760 |
6351 |
|
Plastics |
Pcs. |
137700 |
137700 |
7949 |
|
|
|
|
|
|
GENERAL INFORMATION
|
Bankers : |
Central Bank of India, Kanpith Branch, Surat – 395003, Gujarat, India |
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|
|
|
Facilities : |
----- |
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|
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|
Banking
Relations : |
----- |
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|
|
|
Auditors : |
|
|
Name : |
Shirish Desai and Company Chartered Accountant |
|
Address : |
312, 5th Floor, New Opera House, Civil Crossing, Kothodara,
Surat – 395002, Gujarat, India |
|
|
|
|
Holding Company : |
MIV Therapeutics Incorporation |
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|
|
|
Fellow Company : |
MIV Technologies Incorporation |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8218117 |
Equity Shares |
Rs.10/- each |
Rs.82.181
Millions |
|
|
|
|
|
Note :
1. 8218117 equity shares of Rs. 10 each are held by MIV Therapeutics Inc, Canada,
the Holding Company including 1 Equity Shares in the name of Me. Alan P Landsay
as its nominee.
2.
Of the above 2150000
shares of Rs. 10 each are allotted as fully paid up pursuant to Contracts, for
consideration other than cash.
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 |
82.181 |
82.178 |
79.016 |
|
|
2] Share Application Money |
0.000 |
0.00 |
0.000 |
|
|
3] Reserves & Surplus |
7.902 |
7.902 |
2.595 |
|
|
4] (Accumulated Losses) |
(133.131) |
(126.910) |
(75.292) |
|
|
NETWORTH |
(43.048) |
(36.830) |
6.319 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(43.048) |
(36.830) |
6.319 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
45.326 |
53.145 |
63.578 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.997 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11.123
|
20.383 |
30.326 |
|
|
Sundry Debtors |
13.978
|
17.542 |
1.445 |
|
|
Cash & Bank Balances |
2.510
|
0.206 |
5.815 |
|
|
Other Current Assets |
0.108
|
0.108 |
0.223 |
|
|
Loans & Advances |
3.598
|
3.625 |
3.281 |
|
Total
Current Assets |
31.317
|
41.864 |
41.090 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
21.519
|
28.769 |
10.050 |
|
|
Other Current Liabilities |
86.910
|
89.284 |
87.307 |
|
|
Provisions |
11.264
|
13.788 |
1.989 |
|
Total
Current Liabilities |
119.693
|
131.841 |
99.346 |
|
|
Net Current Assets |
(88.376)
|
(89.977) |
(58.256) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(43.048) |
(36.830) |
6.319 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
75.216 |
44.879 |
48.290 |
|
|
|
Other Income |
0.001 |
0.920 |
0.371 |
|
|
|
TOTAL (A) |
75.217 |
45.799 |
48.661 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Decrease / (Increase) in Investments |
3.895 |
1.150 |
1.615 |
|
|
|
Raw Material Consumed |
25.524 |
22.278 |
33.962 |
|
|
|
Employees Cost |
22.755 |
26.739 |
32.749 |
|
|
|
Operating and Other Direct Expenses |
2.397 |
1.731 |
2.911 |
|
|
|
Selling and Distribution and Other Expenses |
25.077 |
10.613 |
15.677 |
|
|
|
Foreign Exchange Fluctuation |
(9.614) |
21.990 |
(1.582) |
|
|
|
TOTAL (B) |
70.034 |
84.501 |
85.332 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5.183 |
(38.702) |
(36.671) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.971 |
0.522 |
0.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4.212 |
(39.224) |
(36.833) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.493 |
12.376 |
9.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(6.281) |
(51.600) |
(46.677) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
0.000 |
0.154 |
0.679 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-I) (J) |
(6.281) |
(51.754) |
(45.998) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(126.910) |
(75.292) |
(28.206) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(133.131) |
(126.910) |
(75.292) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8.953 |
27.485 |
36.016 |
|
|
TOTAL EARNINGS |
8.953 |
27.485 |
36.016 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(0.63) |
(5.16) |
(4.69) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(8.35)
|
(113.00) |
(94.52) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.35)
|
(114.98) |
(96.65) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.19)
|
(54.31) |
(44.59) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.14)
|
(1.40) |
(7.38) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.78)
|
(3.57) |
7.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.26
|
0.31 |
0.41 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND AND
NATURE OF OPERATIONS :
Subject is a Wholly owned subsidiary of MIV Therapeutics Inc., Canada
its Main Business is to carry on business of manufacturing and marketing of all
kinds of endo / Cardio Vascular equipments, machinery, mounted stents bare
metal stents.
FORM : 8
|
Corporate identity number of the company |
U33112GJ2006PTC048811 |
|
Name of the company |
BIOSYNC SCIENTIFIC PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Plot No. 136-B, Surat Special Economic
Zone, Road No. 4, G.I.D.C, Sachin, Surat –
394230, Gujarat, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Central Bank Of India, Kanpith Branch,
Kanpith, Surat – 395003, Gujarat, India |
|
Nature of instrument creating charge |
Memorandum Of Equitable Mortgage |
|
Date of instrument Creating the charge |
01/12/2006 |
|
Amount secured by the charge |
Rs. 50.581 millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest For Term Loan I, II, and III
BPLR+0.5% i.e. 12% For Cash Credit At BPLR i.e.11.5%i Packing Credit And EBP/EBD As
Per RBI /Central Office Rules Terms
of repayment Term Loan Repayable In Monthly
Installments As Per Agreement Cash Credit/Packing Credit/Ebp/Ebd
Facility Repayable On Demand/Due Date Margin Term Loan 25% Packing Credit 20% EBP/EBD 20% For Cash Creidit 25% Extent
and operation of the charge The Charge Operates As Additional Security
For Term Loans And Cash Credit Facilities/Packing Credit And For Securing Ebp/Ebd Facilities Other
Nil |
|
Short particulars of the property charged
(Including location of the property) |
All That Piece and Parcle Of Plot No.136/B
Adm 500 Sq.Mts With Construction Thereon On Land Bearing R S. No. 388(P),
397(P) and 398(P) Situated At Gidc Sachin Tal. Choryasi Dt. Surat |
FIXED ASSETS :
·
Building
·
Plant and Machinery
·
Furniture
·
Computers
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. 46.17 |
|
|
1 |
Rs. 73.64 |
|
Euro |
1 |
Rs. 64.95 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
14 |
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.