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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED |
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Registered
Office : |
Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved
Road, Surat 395004, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.10.2001 |
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Com. Reg. No.: |
04- 040121 |
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Capital
Investment/ Paid-up Capital: |
Rs.49.384 Millions
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CIN No.: [Company Identification
No.] |
U33119GJ2001PTC040121 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS00849C |
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PAN No.: [Permanent Account No.] |
AALFS5210P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Developer and Manufacturer of minimally invasive coronary stent
systems, with one of the broadest product portfolio in the industry. |
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1083000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. There appears
some dip in the turnover as well as in the profitability of the company.
However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct and as per commitment. The company can be considered for normal 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 : |
Sahajanand Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved,
Ved Road, Surat 395004, Gujarat, India |
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Tel. No.: |
91-261-3060606 |
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Fax No.: |
91-261-3060607 |
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E-Mail : |
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Web Site: |
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Head Office: |
Head Office, Sahajanand House, |
DIRECTORS
AS ON 30.09.2011
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Name : |
Mr. Dhirajlal Vallabhbhai Kotadia |
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Designation : |
Director |
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Address : |
43, Narayanmuni Nagar, Near Swaminarayan Gurukul, |
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Date of Birth/Age : |
01.01.1958 |
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Qualification : |
B.E. |
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Date of Appointment : |
25.03.2004 |
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Din No.: |
00013035 |
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Other Directorship:
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Name : |
Mr. Dhirajkumar Savjibhai Vasoya |
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Designation : |
Director |
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Address : |
12-13, Raghuveer Society, Near Govindji Park, Opposite S.V.R.
Engineering College, Piplod, Surat – 395017, Gujarat, India |
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Date of Birth/Age : |
03.04.1962 |
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Date of Appointment : |
12.05.2006 |
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Din No.: |
00013067 |
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Other Directorship:
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|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Jayantilal Kanubhai Vaghasia |
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Designation : |
Director |
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Address : |
102, Saujanya Apartment, |
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Date of Birth/Age : |
15.04.1974 |
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Date of Appointment : |
02.08.2003 |
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Din No.: |
00035694 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
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No. of Shares |
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Sharada D. Kotadia |
|
3750000 |
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Dhirajlal V. Kotadia |
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38943800 |
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Dhirajkumar S. Vasoya |
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2135000 |
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Vinodkumar S. Vasoya |
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2093700 |
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Jitendra Kotadia |
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70000 |
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Naynaben Vasoya |
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336000 |
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Debadiprasad Roy |
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14000 |
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Rahul Gaywala |
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56000 |
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Hitesh Vachchani |
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70000 |
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Vallabhbhai Narola |
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28000 |
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Manish Patel |
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70000 |
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Sahajanand Technologies Private Limited, |
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810300 |
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Vasantben Vasoya |
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336000 |
AS ON 30.09.2011
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Category |
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Percentage |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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0.10 |
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Bodies corporate |
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1.54 |
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Directors or relatives of directors |
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96.72 |
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Other top fifty shareholders |
|
0.12 |
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Others |
|
1.52 |
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Total
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|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Developer and Manufacturer of minimally invasive coronary stent
systems, with one of the broadest product portfolio in the industry. |
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PRODUCTION STATUS as on 31.03.2011
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|
31.03.2011 |
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Bare Stent (Installed Capacity ) (As Certified By Management) |
30000 No.s |
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Actual Production |
20530 No.s |
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Installed Capacity Crimped Stent (As Certified By Management) |
25500 No.s |
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Actual Production Crimped Stent |
3765 No.s |
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Bare Stent |
No.s |
|
30000 |
20530 |
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Crimped Stent |
No.s |
|
25500 |
3865 |
Note: the items manufacturer by the company are not
covered by any license and not hence license capacity in not applicable in the products manufacturer by the company
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
ICICI Bank Limited, ·
HDFC Bank ·
Kotak Mahindra Bank ·
Punjab National Bank |
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Facilities : |
Rs.
In Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Surendra Shah and Associates Chartered Accountants |
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Address : |
7006, 7th Floor, World Trade Centre, Near Udhna Darwaja, |
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Tel. No.: |
91-261-2353774 / 2302346 / 3912346 / 6662346 |
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Fax No.: |
91-261-2334427 |
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E-Mail : |
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Pan No.: |
ACIPS3187Q |
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Group Company : |
Sahajanand Technologies (Private) Limited Sahajanand Life Sciences (Private) Limited |
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Subsidiaries : |
SMT Vasuler Hk Limited, |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Share |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
49383700 |
Equity Share |
Rs.10/- each |
Rs.49.383
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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|
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1] Share Capital |
49.384 |
49.384 |
49.175 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
221.331 |
197.455 |
115.933 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
270.715 |
246.839 |
165.108 |
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LOAN FUNDS |
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1] Secured Loans |
120.741 |
66.156 |
129.447 |
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2] Unsecured Loans |
0.000 |
0.000 |
6.400 |
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TOTAL BORROWING |
120.741 |
66.156 |
135.847 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
391.456 |
312.995 |
300.955 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.490 |
81.626 |
74.182 |
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Capital work-in-progress |
64.052 |
1.945 |
23.263 |
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INVESTMENT |
0.079 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
66.475
|
43.267
|
52.414
|
|
|
Sundry Debtors |
163.359
|
131.388
|
176.414
|
|
|
Cash & Bank Balances |
4.073
|
30.847
|
1.404
|
|
|
Other Current Assets |
3.536
|
90.532
|
73.993
|
|
|
Loans & Advances |
87.224
|
3.058
|
0.918
|
|
Total
Current Assets |
324.667
|
299.092 |
305.143 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
26.449
|
15.410
|
42.923 |
|
|
Other Current Liabilities |
49.301
|
36.841
|
50.127
|
|
|
Provisions |
7.606
|
17.427
|
8.762
|
|
Total
Current Liabilities |
83.356
|
69.678 |
101.812 |
|
|
Net Current Assets |
241.311
|
229.414 |
203.331 |
|
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MISCELLANEOUS EXPENSES |
3.524 |
0.010 |
0.179 |
|
|
|
|
|
|
|
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TOTAL |
391.456 |
312.995 |
300.955 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
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SALES |
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|
|
|
|
|
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Income |
328.899 |
421.262 |
351.136 |
|
|
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Other Income |
1.343 |
1.999 |
1.518 |
|
|
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TOTAL (A) |
330.242 |
423.261 |
352.654 |
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
267.669 |
288.915 |
330.480 |
|
|
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|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
62.573 |
134.346 |
22.174 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
9.732 |
10.403 |
19.542 |
|
|
|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
52.841 |
123.943 |
2.632 |
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|
|
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.022 |
26.814 |
28.675 |
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|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
29.819 |
97.129 |
(26.043) |
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|
|
|
|
|
|
|
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Less |
TAX (H) |
5.943 |
16.508 |
6.000 |
|
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|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
23.876 |
80.621 |
(32.043) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
23.876 |
80.621 |
(32.043) |
|
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|
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|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
98.41 |
152.530 |
146.367 |
|
|
|
|
|
|
|
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IMPORTS |
|
|
|
|
|
|
|
FOB value |
82.287 |
76.355 |
80.721 |
|
|
|
Custom Duty |
9.268 |
6.741 |
9.011 |
|
|
|
Freight, Insurance and Clearing forwarding
Expenses |
2.024 |
2.163 |
2.015 |
|
|
TOTAL IMPORTS |
93.579 |
85.259 |
91.747 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.48 |
1.63 |
(0.66) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.23
|
19.04 |
(9.09) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.07
|
23.06 |
(7.41) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.32
|
25.51
|
(6.87)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.39
|
(0.16)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.55
|
1.44
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.89
|
4.29
|
3.00
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
No |
|
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% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Note: The Registered office of the company has been
shifted from 304 Sahajanand House
Parsistreet
Saiyedpura Surat Gujarat - 395003
PERFORMANCE OF THE COMPANY:
During the year sales revenue from operations
decreased by 22% to Rs.326.670 Millions from Rs.421.300 Millions in previous
accounting period. The operating profit of the company has decreased to
Rs.62.600 Million from 134.300 Millions in the previous accounting period
profit after tax ahs decreased to Rs.23.900 Millions to Rs 60.600 Millions in
the previous accounting period
A change in product mix emphasizing more on
high margin products as well as higher inclination towards export has provided
a substantial upward thrust in the performance and prospects of the
company
A change in product mix emphasizing more on
high margin products has provided a substantial upward thrust and the
managements have tried their best to turn this as profitable year of the company
During the year they have progress well to build the
manufacturing facility at
The biggest achievement is the CE approval fro
Supralimus and Supralimus core, with the CE approval they are confident to
increase the export revenue by manifold
BUSINESS
The coronary stent industry witnessed double digit growth in
FROM 8:
|
Corporate identity number of the company |
U33119GJ2001PTC040121 |
|
Name of the company |
SAHAJANAND MEDICAL TECHNOLOGIES PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
Sahajanand
Estate, Wakharia Wadi, Nr. Dabholi Char Rasta, Nani Ved, Ved Road, Surat
395004, Gujarat, India Email: dlalkotadia@sahmed.com |
|
This form is for |
Creation of charge |
|
Type of charge |
· Book Debt ·
Movable Property |
|
Particular of charge holder |
Bank of Email: sayedp@bankofbaroda.com |
|
Nature of instrument creating charge |
Hypothecation Agreement |
|
Date of instrument Creating the charge |
04.05.2011 |
|
Amount secured by the charge |
Rs.150.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate
of interest 1. Cash Credit - 14.50% p.a. at present at
monthly rests. 2. PC/PCFC cum FBP/FCBP/FBD/FCBD- 10.50%
p.a. at present at monthly rests. Terms
of repayment Cash Credit, hence not applicable but repayable
on demand. Margin 1. Cash Credit- 25% for RM, SIP, FG,
Stores & Spares and Packing materials 40% for Book debts upto 90 days. 2. PC/PCFC cum FBP/FCBP/FBD/FCBD- 25% on
FOB value of export order. NIL on foreign bills to be purchased/discounted. 3. Inland/Foreign Letter of Credit (DP)
cum Letter of comfort - DP L/C: 25% Cash Margin at the time of establishing
L/C. Extent
and Operation of the charge: This charge will be for Rs.150.000
Millions against the hypothecation of the inventory, book debts and movable
assets of the company |
FIXED ASSETS
·
Building
·
Plant and Machinery
·
Office Equipments
·
Computers
·
Furniture and Fixtures
·
Vehicles
· Leasehold Improvements
· Patent
· Computer Software
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.56.53 |
|
|
1 |
Rs.88.09 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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 |
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 |
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.