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Report Date : |
09.06.2012 |
IDENTIFICATION DETAILS
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Name : |
EL OS FORMUSOLS INDIA PRIVATE LIMITED |
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Registered
Office : |
4 and 5, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
12.07.2000 |
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Com. Reg. No.: |
18-009420 |
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Capital
Investment / Paid-up Capital : |
Rs.5.000 Millions |
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CIN No.: [Company Identification
No.] |
U72200TZ2000PTC009420 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Developers and Manufacturers of Solutions for Dialysis and
Other Usage. |
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No. of Employees
: |
Not Divulged |
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 30100 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 but correct. The company can be considered for small 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) |
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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 : |
4 and 5, Subbu Plaza, 2nd Floor, 85-A, State Bank Road,
Coimbatore – 641018, Tamilnadu, India |
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Tel. No.: |
91-422-2393618 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
#85, Tank Road, Chinnavedapatty, Coimbatore – 641006, Tamilnadu, India |
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Tel. No.: |
91-422-6580887 |
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Fax No.: |
91-422-2306161 |
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E-Mail : |
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Branch Office : |
No.36, Iyyanar Kovli, 2nd Street, K. K. Ngar, Madurai –
625020, Tamilnadu, India |
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Tel No.: |
91-452-6503360 |
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Email : |
DIRECTORS
(AS ON 15.09.2011)
|
Name : |
Mr. Santhanam Jagan |
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Designation : |
Director |
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Address : |
77-M, Surya Apartments, srinivasan Ragavan Street, R. S. Puram,
Coimbatore – 641002, Tamilnadu, India |
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Date of Birth/Age : |
07.12.1971 |
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Date of Appointment : |
12.07.2000 |
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DIN No.: |
00020990 |
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Name : |
Mr. Venkaatesan Balan |
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Designation : |
Director |
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Address : |
No.1, Warners Road, Contonment, Tiruchi – 620001, Tamilnadu, India |
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Date of Birth/Age : |
06.02.1969 |
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Date of Appointment : |
12.07.2000 |
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DIN No.: |
00022711 |
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Name : |
Mr. Krishnan Anand |
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Designation : |
Director |
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Address : |
No.23, Mullai Nagar, Coimbatore – 641041, Tamilnadu, India |
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Date of Birth/Age : |
17.08.1973 |
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Date of Appointment : |
12.07.2000 |
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DIN No.: |
00022763 |
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Name : |
Mr. Ashok Parasuraman |
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Designation : |
Director |
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Address : |
No.70, SRP Nagar No.1, Alagesan Road No. II, Post, Coimbatore – 641011,
Tamilnadu, India |
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Date of Birth/Age : |
26.04.1954 |
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Date of Appointment : |
03.06.2009 |
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DIN No.: |
01968517 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 15.09.2011)
|
Names of Shareholders |
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No. of Shares |
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Jagan Santhanam |
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90000 |
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Krishnan Anand |
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80000 |
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Venkaatesan Balan |
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82000 |
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Ranjani Ashok |
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91000 |
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Vidhya Bathrinarayan |
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71000 |
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S, Srikanth |
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86000 |
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Total |
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500000 |
(AS ON 30.09.2011)
Equity Shares Break – up
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Developers and Manufacturers of Solutions for Dialysis and
Other Usage. |
PRODUCTION STATUS (AS ON 31.03.2011)
A] As no Industrial License is required, Licensed Capacity cannot be
mentioned.
B) Installed Capacity 24.00 lac ltrs / annum.
C) Actual Production:
|
Particulars |
Ltrs/ Kgs 2010-2011 |
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Concentrated Acetate Solution |
29720.00 Ltrs |
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Concentrated Bicarbonate Solution |
1773520.00Ltrs |
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Dextrose Monohydrate Powder |
10692.00 Kgs |
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Sodium Bicarbonate Powder |
2107993.35Kgs |
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Sodium Chloride Powder |
71443.00 Kgs |
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Cleaning Fluid |
3080.00 Ltrs |
GENERAL INFORMATION
|
Suppliers : |
· Advanced Life Sciences Private Limited · Asia Crystal Chemicals Private Limited · B Braun Medical (India) Private Limited · B. L. Lifesciences Private Limited · Deluxe Packaging · Gemm Chemical · Gokul Water Supply · J.N. Freight Forwarders Private Limited · Kirloskar Technologies (Private) Limited · Ksk Diagnostics Private Limited · KPC Filtech Private Limited · Medi Focus India Private Limited · R.N. Poly Container Private Limited · Roche Diagnostics India Private Limited · Sandor Medicaids Private Limited · Sathyam Trading Corporation · The Precision Scientific Company · Thudiyalur Medical Stores · Vadamalayan Hospital |
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Customers : |
· Anbu Hospital Multi Speciality · Apex Agencies · Apollo Logo Hospital · Babu Dialysis Centre · B| Braun Medical India Private Limited · Carris Pipes And Tubes (Private) Limited · Coimbatore Kidney Care and Research Centre · Fisher and Paykel Healthcare India Private Limited · G. Kuppusamy Naidu Memorial Hospital · Gem Hospital Private Limited · Hindu Mission Health Services · Hll Lifecare Limited · Kalki Medical Enterprises · Medi Tech Corporations · Pariyaram Medical College and Hospital · Progressive Health Care · Rmi Win Medical Agencies · Sri Abirami Hospital Private Limited · Sri Kumaran Hospital · Sri Chakra Multi Speciality Hospital · Supreme Health Care (Bangalore) Private Limited · Vasantham Health Centre (Private) Limited · Vedanayagam Hospital (Private) Limited · Vinayaka Research Foundation · Wewin Enterprises |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of Travancore P. N. Palayam Branch, 725-B, Avinashi Road, Coimbatore – 641018, Tamilnadu, India · Kotak Mahindra Bank · Oriental Bank of Commerce · ICICI Bank · State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kaleem and Company Chartered Accountant |
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Address : |
II Floor, 434, Oppanakara Street, Coimbatore – 641001, Tamilnadu,
India |
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PAN No.: |
AAJFK3383K |
CAPITAL STRUCTURE
(AS ON 15.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.525 |
1.212 |
0.770 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.525 |
1.812 |
1.370 |
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LOAN FUNDS |
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1] Secured Loans |
27.694 |
3.336 |
0.460 |
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2] Unsecured Loans |
5.273 |
6.735 |
3.970 |
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TOTAL BORROWING |
32.967 |
10.071 |
4.430 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
40.492 |
11.883 |
5.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.449 |
1.824 |
1.676 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
3.005 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.158 |
0.063 |
0.070 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.192
|
5.385 |
0.234 |
|
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Sundry Debtors |
19.909
|
4.675 |
2.376 |
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Cash & Bank Balances |
3.013
|
0.599 |
0.107 |
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Other Current Assets |
1.627
|
0.528 |
0.327 |
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Loans & Advances |
5.352
|
7.871 |
5.146 |
|
Total
Current Assets |
47.093
|
19.058 |
8.190 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Sundry Creditor |
14.712
|
4.945 |
0.642 |
|
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Other Current Liabilities |
1.114
|
3.503 |
2.668 |
|
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Provisions |
1.387
|
0.614 |
0.826 |
|
Total
Current Liabilities |
17.213
|
9.062 |
4.136 |
|
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Net Current Assets |
29.880
|
9.996 |
4.054 |
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
40.492 |
11.883 |
5.800 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
TOTAL (A) |
97.975 |
26.938 |
11.996 |
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
93.607 |
25.638 |
10.732 |
|
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|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.368 |
1.300 |
1.264 |
|
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|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
2.101 |
0.209 |
0.186 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.267 |
1.091 |
1.078 |
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.766 |
0.480 |
0.472 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.501 |
0.611 |
0.606 |
|
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|
Less |
TAX (H) |
0.187 |
0.200 |
0.170 |
|
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|
PROFIT AFTER TAX
(G-H) (I) |
1.314 |
0.411 |
0.436 |
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IMPORTS |
|
|
|
|
|
|
|
Dialog+ Dialysis Machines and Medical Disposables (Trading) |
17.491 |
4.977 |
Nil |
|
|
TOTAL IMPORTS |
17.491 |
4.977 |
Nil
|
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|
Earnings Per
Share (Rs.) |
2.62 |
6.85 |
7.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.34
|
1.53 |
3.63 |
|
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.75
|
2.93 |
6.14 |
|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.34 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.67
|
10.56 |
6.25 |
|
|
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|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.10 |
1.98 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
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Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
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Premises details |
No |
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Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
No |
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No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
----- |
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Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
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Details of sister concerns |
No |
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Major Suppliers |
Yes |
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Major Customers |
Yes |
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Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
Yes |
NOTE:
The Registered office of the company has been shifted
from, 77-H, Surya Apartment, S Srinivasa Ragavan Street, R S Puram, Coimbatore
– 641002, Tamilnadu, India, to the present address w.e.f. 23.07.2010.
REVIEW OF
OPERATION
The company manufactures
dialysis fluids and imports dialysis disposables, for resale.
The Directors
proudly states that with the award of Distributorship for the states of
Tamilnadu and Kerala by M/s. B|Braun Medical SDN BHD Germany, the company
performed far and above the expected levels. Appreciating the super performance
by the company M/s. B|Braun Medical SDN BHD Germany have awarded them the
franchisee for selling trading of sparse, service and installation of their
Dialog + Dialysis machines in the states of Tamilnadu and kerala. With the
absorption of the firms M/s. Heartassist and M/s. Lifemedsystem the company
could perform far better and has multiplied the sales Turnover. The Company has
been very highly successful in all the fronts it has taken up business and it
is expected that the turnover would more than double in the ensuing financial
year. The company has standardized all its functions and operations and has
been awarded ISO 9001: 2008 quality
management certification by Bureau of Assessment services.
FIXED ASSETS:
· Air Conditioner
· Computer
· Electrical Equipment
· Fax
· Fax Machine
· Furniture and Fixture
· Land
· Mobile Phone
· Plant and Machinery
· Printer
WEBSITE DETAILS:
PROFILE:
Company started in the year 2000, situated in a place called Coimbatore the Manchester of South India, one of the fastest growing cities in southern India situated in Tamilnadu; they also have an easy accessibility to all the southern states of India. Having been in the market for a decade, they now hold a market share of around 40-50 % due to the quality, standards and produce which they have done for the last couple of years. They wish to uphold and expand in a big way in the days to come with the support of all their customers. The primary objective is to produce not quantity but the quality of Haemodialysis fluid that could make a difference to mankind.
The company is well equipped and furnished within an area of around 3000sq.ft
built to the standard requirements and specifications of Schedule “M” - GMP of
the Pharmaceutical act which is the basic standards for this industry.
The in house laboratory which is fully equipped with latest equipments confirms
the quality of the product produced.
The Microbiological Laboratory support the Industrial Hygienists for Microbiological
Contaminants.
RESEARCH AND DEVELOPMENT (R&D)
The Research and Development wing is in the Development of Powder form of
Dialysate for easy Transportation and to Save Storage Space. Patient Friendly and
User Friendly devices are their keen departments.
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.55.36 |
|
|
1 |
Rs.85.64 |
|
Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--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.