MIRA INFORM REPORT

 

 

Report Date :

09.12.2013

 

IDENTIFICATION DETAILS

 

Name :

STERIMED SURNGICALS (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Q – 21 A, Model Town, Delhi 110009

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

10.12.1991

 

 

Com. Reg. No.:

05-046699

 

 

Capital Investment / Paid-up Capital :

Rs.10.443 Millions

 

 

CIN No.:

[Company Identification No.]

U74899DL1991PTC046699

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Medical Disposable and Adhesive Tapes.

 

 

No. of Employees :

250 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 140000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record.

 

External borrowing of the company has increased. Rating also traces into consideration modest scale of operation and large working capital requirement.

 

However, trade relation are improving. Business is active. Payment terms are slow but correct.

 

The company can be considered for business dealings with some caution.

 

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INDIAN ECONOMIC OVERVIEW

 

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

 

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

 

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

 

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1st November.

 

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating = B+

Rating Explanation

Risk prone credit quality and very high credit risk

Date

31.10.2013

 

Rating Agency Name

CRISIL

Rating

Short Term Rating = A4

Rating Explanation

Minimal degree of safety and very high credit risk

Date

31.10.2013

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

 

 

 

 

INFORMATION PARTED BY

 

Name :

Mr. Raghu Kapoor

Designation :

Finance Head

Contact No.:

91-8930008841

Date :

29.11.2013

 

 

LOCATIONS

 

Registered Office :

Q – 21 A, Model Town, Delhi 110009, India

Tel. No.:

91-11-42466396/42466396

Mobile No.:

91-8930008841 (Mr. Raghu Kapoor)

Fax No.:

91-11-25220907

E-Mail :

sterimed.corporate@gmail.com

Website :

www.sterimedfroup.com

Area :

250 Sq. Ft.

Location :

Owned

 

 

Corporate Office :

201, Ring Road Mall, Rohini,  New Delhi - 110001, India

Area :

3000 Sq. Mtr

Location :

Owned

 

 

Factory  :

E 11 Old Industrial Area, Bahadurgarh 124507, Haryana, India

Area :

5000 Yard

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2013

 

Name :

Mr. Sarabjot Singh Narang

Designation :

Director

Address :

Q – 21 A, Model Town, Delhi 110009, India

Date of Birth/Age :

19.06.1959

Date of Appointment :

10.12.1991

Election Commission Identity Card No.: 

DL/06/061/246786

DIN No.:

00212133

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U74899DL1991PTC046699

STERIMED SURNGICALS (INDIA) PRIVATE LIMITED

Director

10/12/1991

10/12/1991

-

Active

NO

2

U33119DL2003PTC119500

STERIMED MEDICAL DEVICES PRIVATE LIMITED

Director

21/03/2003

21/03/2003

-

Active

NO

3

U29195DL2004PTC126726

PRECISION THERMACOAT TECHNOLOGIES PRIVATE LIMITED

Director

02/06/2004

02/06/2004

-

Active

NO

 

 

Name :

Mr. Sarabdeep Singh Narang

Designation :

Director

Address :

Q – 21 A, Model Town, Delhi 110009, India

Date of Birth/Age :

02.07.1967

Date of Appointment :

10.12.1991

DIN No.:

00287132

Election Commission Identity Card No.: 

DL/06/061/246783

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U74899DL1991PTC046699

STERIMED SURNGICALS (INDIA) PRIVATE LIMITED

Director

10/12/1991

10/12/1991

-

Active

NO

2

U33112DL1996PTC081354

HI-TECH MEDISYST PRIVATE LIMITED

Director

22/08/1996

22/08/1996

-

Active

NO

3

U33119DL2003PTC119500

STERIMED MEDICAL DEVICES PRIVATE LIMITED

Director

21/03/2003

21/03/2003

-

Active

NO

 

 

Name :

Mr. Beant Singh Narang

Designation :

Director

Address :

Q – 21 A, Model Town, Delhi 110009, India

Date of Birth/Age :

14.01.1928

Date of Appointment :

10.12.1991

DIN No.:

00619561

Election Commission Identity Card No.: 

DL/06/061/246045

Other Directorship:

S.No.

CIN/LLPIN

Name of the Company/ LLP

Current designation of the Director/ Designated Partner

Date of appointment at current designation

Original date of appointment

Date of cessation

Company/ LLP Status

Defaulting status

1

U74899DL1991PTC046699

STERIMED SURNGICALS (INDIA) PRIVATE LIMITED

Director

10/12/1991

10/12/1991

-

Active

NO

2

U33119DL2003PTC119500

STERIMED MEDICAL DEVICES PRIVATE LIMITED

Director

21/03/2003

21/03/2003

-

Active

NO

 

 

KEY EXECUTIVES

 

Name :

Mr. Raghu Kapoor

Designation :

Finance Head

 

 

MAJOR SHAREHOLDERS

 

As on 30.09.2013

 

Names of Shareholders

 

 

No. of Shares

Beant Singh Narang

 

10615

Sarabdeep Narang

 

41721

Sarabjot Narang

 

14966

Inderjeet Kaur

 

1425

Jasmeet Kaur

 

4950

Gagan Preet Kaur

 

3450

Devionder Kaur

 

1150

Bvhawam Deep Singh

 

350

Randhir Singh Kohli

 

900

Amrit Kohli

 

150

Chattar Singh Bedi

 

500

Paramjeet Singh Bedi

 

1310

Arvinder Kaur Bedi

 

1840

Vijender Mittal

 

1000

Ipninder Kaur

 

500

Swarn Ahuja

 

1000

Avtar Singh Arora

 

1000

Anil Kumar Garg

 

1000

Swastik Leasing Private Limited, New Delhi

 

2000

Cilsin Finance Limited, New Delhi

 

4800

Musk Export and Marketing Limited, New Delhi

 

4800

Cilson Organics Limited, New Delhi

 

3000

Harinder Pal Singh Gulati

 

2000

Total

 

104427

 

Equity Share Break up (Percentage of Total Equity)

 

As on 30.09.2013

 

Category

Percentage

Bodies corporate

14.00

Directors or relatives of Directors

78.00

Other top fifty shareholders

8.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Medical Disposable and Adhesive Tapes.

 

 

Exports :

 

Products :

Medical Disposable and Adhesive Tapes

Countries :

·         Dubai

·         USA

 

 

Imports :

 

Products :

Raw Material

Countries :

Japan

Taiwan

China

 

 

Terms :

 

Selling :

At Site

 

 

Purchasing :

L/C and Credit (30 Days and 60 Days)

 

 

GENERAL INFORMATION

 

Suppliers :

Mitsui, Japan

 

 

Customers :

Hero Motor Cop

 

 

No. of Employees :

250 (Approximately)

 

 

Bankers :

State Bank of India, SME Branch, Chandani Chowk, Delhi – 110006, India

 

 

Facilities :

Total Facilities = Rs. 55.000 Millions

 

SECURED LOANS

31.03.2013

Rs. In Millions

31.03.2012

Rs. In Millions

Long Term Borrowings

 

 

From State Bank of India

 

 

A/c No. 30471284185

0.000

0.264

A/c No. 32589485260

5.744

0.000

A/c No. 31037717902

0.000

1.358

A/c No. 32040720310

8.216

9.360

Deferred CST and HGST

3.316

6.743

Short Term Borrowings

 

 

Working Capital Finance

 

 

From S.B.I, Chandni Chowk (10820290248)

(Secured against Hypothecation of Stock, Debtors AND Other Receivable)

42.878

25.043

SBI, Bahadurgarh (Subject to Clearing Effect)

0.007

0.000

Total

60.161

42.768

 

Long Term Borrowings

 

From State Bank of India

 

(Secured against equitable mortgage of Land, hypothecation of Plant & Machinery and personal guarantee of directors.)

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

R. Grover and Company

Chartered Accountant

Address :

306, Shiv Chambers, 2830/18, Beadon Pura, Karol Bagh, New Delhi 110005, India

Tel. No.:

91-11-25761890 / 25718218

PAN No.:

AAIPG18736F

 

 

Sister Concerns :

·         Sterimed Devices Private Limited, Bahadurgarh, Haryana, India

·         Mega Care

 

 

CAPITAL STRUCTURE

 

As on 30.09.2013

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

125000

Equity Shares

Rs. 100/- each

Rs.12.500 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

104427

Equity Shares

Rs. 100/- each

Rs.10.443 Millions

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

FINANCIAL DETAILS FILE ATTACHED

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of Establishment

Yes

2]

Locality of the firm

Yes

3]

Constitutions of the firm

Yes

4]

Premises details

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----------

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

Yes

18]

Major customers

Yes

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

----------

22]

Litigations that the firm / promoter involved in

----------

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

----------

26]

Buyer visit details

----------

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

Yes

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10460157

17/10/2013

1,374,000.00

State Bank of India

SME Branch, Chandni Chowk, Delhi, Delhi - 110006, INDIA

B89513899

2

10231153

13/05/2010

850,000.00

State Bank of India

Chandni Chowk, Delhi, Delhi - 110006, INDIA

A88554340

3

10167731

08/07/2009

800,000.00

STATE BANK OF INDIA

CHANDNI CHOWK, DELHI, Delhi - 110006, INDIA

A66374604

4

10118968

13/09/2012 *

75,500,000.00

State Bank of India

SME Branch, Chandni Chowk, Delhi, Delhi - 110006, INDIA

B59209742

5

10002301

27/03/2006

2,650,000.00

Governor of Haryana Through General Manager

District Industries Centre, Jhajjar At Bahadurgarh, Bahadurgarh, Haryana - 124507, India

A00306019

6

90034973

09/09/2004 *

2,400,000.00

STATE BANK OF INDIA

Chandni Chowk, Delhi, Delhi, India

-

* Date of charge modification

 

TRADE REFERENCES:

 

·         Mitsui, Japan

·         Hero Motor Cop

 

FIXED ASSETS:

 

·         Building

·         Plant and Machinery

·         Electrical Installation

·         Air Conditioner

·         EPBX

·         Lab Instrument

·         Inverter

·         Tools and Equipment

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No 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 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.61.67

UK Pound

1

Rs.100.65

Euro

1

Rs.84.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

HNA

 

 

Report Prepared by :

VNT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--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

YES

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

 

 

 

TOTAL

 

31

 

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

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.