MIRA
INFORM REPORT
|
Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
MAESTROS MEDILINE SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Plot No. EL-63, TTC Industrial Area, Electronic Zone Mahape, Navi
Mumbai -400710, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.12.1972 |
|
|
|
|
Com. Reg. No.: |
016208 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.43.733 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65990MH1972PLC16208 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Medical Equipment. |
|
|
|
|
No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 650000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
There appears slight dip in sales turnover and profitability during 2012. However, General financial strength is good. Trade relations are
reported to be fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered 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.
EXTERNAL AGENCY RATING
October, 2012
Care has suspended its rating due to lack of
information.
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 : |
Ms. Krishna |
|
Designation : |
H R Manager |
|
Contact No.: |
91-22-41193100 |
|
Date : |
25.06.2013 |
LOCATIONS
|
Registered Office/ Factory 1: |
Plot No. EL-63, TTC Industrial Area, Electronic Zone Mahape, Navi
Mumbai -400710, Maharashtra India |
|
Tel. No.: |
91-22-27611311/ 41193100/ 3200 |
|
Fax No.: |
91-22-27622153/ 41193130 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Plot No.82-A, Sector – I. Industrial Area, Paruwanoo, District Solan –
173220, Himachal Pradesh, India |
|
|
|
|
Branch Offices : |
Located at: · Andhra Pradesh · Bihar · Delhi · Goa · Gujarat · Himachal Pradesh · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Punjab · Rajasthan · Tamilnadu · Uttar Pradesh · West Bengal |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Dr. Krishna Kumar Menon |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Balkrishna Tendulkar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Dr. Nitin Paranjape |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Narendra Mahajani |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Dhananjay Mahajani |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Ketan Shah |
|
Designation : |
Independent Non-Executive Director |
KEY EXECUTIVES
|
Name : |
Ms. Krishna |
|
Designation : |
H R Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2013)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2136307 |
48.85 |
|
|
2136307 |
48.85 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2136307 |
48.85 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
50000 |
1.14 |
|
|
15000 |
0.34 |
|
|
238726 |
5.46 |
|
|
303726 |
6.95 |
|
|
|
|
|
|
|
|
|
|
383497 |
8.77 |
|
|
|
|
|
|
591653 |
13.53 |
|
|
886690 |
20.28 |
|
|
|
|
|
|
71387 |
1.63 |
|
|
58397 |
1.34 |
|
|
8020 |
0.18 |
|
|
4970 |
0.11 |
|
|
1933227 |
44.21 |
|
|
|
|
|
Total Public
shareholding (B) |
2236953 |
51.15 |
|
|
|
|
|
Total (A)+(B) |
4373260 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
4373260 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Sr. No. |
Name of the Shareholder |
Details of Shares held |
Encumbered shares (*) |
|||
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
||
|
1 |
Chitralekha K Menon |
71,466 |
1.63 |
71466 |
100.00 |
1.63 |
|
2 |
Krishna Kumar Menon |
11,54,175 |
26.39 |
1154175 |
100.00 |
26.39 |
|
3 |
Dr Nitin Sadashiv Paranjape |
6,09,466 |
13.94 |
0 |
0.00 |
0.00 |
|
4 |
Balkrishna Kamlakar Tendulkar |
3,01,200 |
6.89 |
0 |
0.00 |
0.00 |
|
|
Total |
21,36,307 |
48.85 |
1225641 |
57.37 |
28.03 |
|
(*) The term encumbrance has the same meaning as assigned
to it in regulation 28(3) of the SAST Regulations, 2011. |
||||||
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Mavi Investment Fund Limited |
238726 |
5.46 |
|
|
2 |
Premlata Ramesh Sarogi |
105000 |
2.40 |
|
|
3 |
Evermore Stockbrokers Private Limited |
80000 |
1.83 |
|
|
4 |
Sunglow Fininvest Private Limited |
75000 |
1.71 |
|
|
5 |
Gayatri Agarwal |
68903 |
1.58 |
|
|
6 |
Prabhudas Lilladher Private Limited |
57659 |
1.32 |
|
|
7 |
Saroj Jugal Maheshwani |
53271 |
1.22 |
|
|
8 |
Birla Sun Life Trustee Company Private
Limited A/a Birla Sun Life Equity Fund
|
50000 |
1.14 |
|
|
9 |
Jugal Kishore Maheshwari |
48870 |
1.12 |
|
|
10 |
Govind Kishan Lal Agarwal |
48600 |
1.11 |
|
|
11 |
Karuna Goyal |
45127 |
1.03 |
|
|
12 |
Indiafin Technologies Limited |
45000 |
1.03 |
|
|
|
Total |
916156 |
20.95 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
Mavi Investment
Fund Limited |
238726 |
5.46 |
|
|
|
Total |
238726 |
5.46 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medical Equipment. |
|
|
|
|
Exports : |
|
|
Products : |
Medical Equipment |
|
Countries : |
Philippines |
|
|
|
|
Imports : |
|
|
Products : |
Materials and Parts |
|
Countries : |
China |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30-60 days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30-60 days) |
GENERAL INFORMATION
|
Customers : |
· Jaslok Hospital · Pragathi Speciality Hospital · Riddhi Vinayak Critical Care and Cardiac Centre · The Apollo Clinic · Somayaji Diagnostics and Research Centre · Grant Medical Foundation Ruby Hall Clinic · Avanti Institute of Cardiology Private Limited · Thunga Hospital · Koval Diabetes Speciality Center and Hospital · Nanavati Hospital · Orange City Hospital and Research Institute · Dhanyaa Heart Centre · Arvind Eye Hospital |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
250 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
RAR and Associates Chartered Accountants |
|
|
|
|
Subsidiaries: |
· Maestros Middle East (FZE) · Maestros Equipment Services Private Limited |
|
|
|
|
Enterprises
over which key management personnel exercise significant influence: |
· Maestros Software Solutions Private Limited · Maestros Electronics and Telecommunications Systems Limited · MMS Infrastructure Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55,00,000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,73,260 |
Equity Shares |
Rs.10/- each |
Rs.43.733
Millions |
|
|
|
|
|
a] Reconciliation of the number of shares outstanding at the beginning and
end of the reporting period :
|
Particulars |
As at 31st
March, 2012 |
|
|
|
No. of Shares |
(Rs. In
Millions) |
|
|
|
|
|
Shares outstanding at the beginning of the year |
4,373,260 |
43.733 |
|
Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
|
|
|
|
Shares
outstanding at the end of the period of the year |
4,373,260 |
43.733 |
b] Terms and Rights attached to equity shares:
The Company has only
one class of equity shares having a par value of ` 10 per share. Each holder of
the equity shares is entitle to one vote per share. The Company declares and
pays dividend in Indian rupees. The dividend proposed by Board of Directors is
subject to approval of the shareholders in the ensuing Annual General Meeting.
In the event of
liquidation of the Company the holders of Equity shares are entitled to receive
remaining assets of the Company after distribution of all preferential amounts.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
c] Shares held by
holding/ultimate holding company and/or their subsidiaries/associates:
The Company does not have any holding or ultimate holding company.
d] Details of shareholders holding more than 5% shares in the Company:
|
Name of the Shareholders |
As at 31st
March, 2012 |
|
|
|
No. of Shares |
% of holding |
|
Dr. Krishnakumar Menon |
1,154,174 |
26 |
|
Dr. Nitin Sadashiv Paranjape |
609,466 |
14 |
|
Mavi Investment Fund Limited |
238,726 |
5 |
|
Balkrishna Kamlakar Tendulkar |
301,200 |
7 |
e] Aggregate number and class of shares bought back in the preceding
five years:
In October 2008, the
Board of Directors of the Company approved a proposal to repurchase fully paid
equity shares up to 9% of the paid up capital and free reserves, at a maximum
price of Rs.75/- per equity share [from the open market through Bombay Stock
Exchange], for an aggregate amount of Rs.32.562 Millions. The buyback proposal
had been approved in accordance with the provision of Section 77A, 77AA, 77B
and other applicable provision of Companies Act,1956 and the provisions of
Securities and Exchange Board of India (Buy-back of Securities) Regulations,
1998 (‘Buy back Regulations’). The Company commenced buy back of shares on 24th
November, 2008.
In the financial
year 2008-09 the Company bought back 1,36,951 equity shares and extinguished on
different dates.
In the financial year 2009-10 the Company bought back 39,729 equity
shares and extinguished on different dates.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
43.733 |
43.733 |
|
(b) Reserves & Surplus |
|
118.388 |
339.388 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1)+(2) |
|
162.121 |
383.121 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
238.927 |
35.509 |
|
(b) Deferred tax liabilities (Net) |
|
0.725 |
32.530 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
5.049 |
5.141 |
|
Total Non-current
Liabilities (3) |
|
244.701 |
73.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
131.868 |
81.781 |
|
(b)
Trade payables |
|
99.465 |
80.063 |
|
(c)
Other current liabilities |
|
80.973 |
113.639 |
|
(d) Short-term
provisions |
|
6.257 |
5.934 |
|
Total Current
Liabilities (4) |
|
318.563 |
281.417 |
|
|
|
|
|
|
TOTAL |
|
725.385 |
737.718 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
152.270 |
311.332 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
74.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
7.312 |
15.406 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other
Non-current assets |
|
1.830 |
0.000 |
|
Total Non-Current
Assets |
|
235.412 |
326.738 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
136.636 |
130.057 |
|
(c)
Trade receivables |
|
211.147 |
135.083 |
|
(d) Cash
and cash equivalents |
|
37.778 |
41.320 |
|
(e)
Short-term loans and advances |
|
102.900 |
102.580 |
|
(f)
Other current assets |
|
1.512 |
1.940 |
|
Total
Current Assets |
|
489.973 |
410.980 |
|
|
|
|
|
|
TOTAL |
|
725.385 |
737.718 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
43.733 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
314.373 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
358.106 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
74.984 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
74.984 |
|
|
DEFERRED TAX LIABILITIES |
|
|
32.301 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
465.391 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
281.573 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
10.306 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
103.076 |
|
|
Sundry Debtors |
|
|
117.132 |
|
|
Cash & Bank Balances |
|
|
62.785 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
113.997 |
|
Total
Current Assets |
|
|
396.990 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
88.474 |
|
|
Other Current Liabilities |
|
|
128.852 |
|
|
Provisions |
|
|
7.333 |
|
Total
Current Liabilities |
|
|
224.659 |
|
|
Net Current Assets |
|
|
172.331 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.181 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
465.391 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
322.568 |
390.616 |
285.860 |
|
|
|
Other Income |
2.213 |
7.990 |
9.456 |
|
|
|
TOTAL (A) |
324.781 |
398.606 |
295.316 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
145.154 |
226.753 |
|
|
|
|
Changes in Inventories of Finished Goods, Stock-in-Process and
Stock-in-Trade |
(24.739) |
(26.981) |
|
|
|
|
Employee Benefit Expense |
69.934 |
68.953 |
|
|
|
|
Other Expenses |
58.937 |
51.042 |
|
|
|
|
TOTAL (B) |
249.286 |
319.767 |
250.161 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75.495 |
78.839 |
45.155 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.957 |
29.381 |
23.853 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.538 |
49.458 |
21.302 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
18.117 |
23.441 |
17.324 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
17.421 |
26.017 |
3.978 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1.407) |
1.002 |
1.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.828 |
25.015 |
2.177 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
70.003 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
72.180 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8.243 |
7.548 |
5.310 |
|
|
TOTAL EARNINGS |
8.243 |
7.548 |
5.310 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
43.707 |
55.101 |
48.245 |
|
|
|
Bought Outs |
1.780 |
26.329 |
25.403 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.096 |
|
|
TOTAL IMPORTS |
45.487 |
81.430 |
73.744 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.31 |
5.72 |
0.50 |
|
|
Particulars |
|
|
31.03.2013 |
|
Sales Turnover (Approximately) |
|
|
360.000 |
Expected Sales (2013-14): Rs.400.000 Millions
The above information has been parted by Mr. Krishna
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
42.600 |
18.300 |
17.700 |
|
Total Expenditure |
33.700 |
26.200 |
30.100 |
|
PBIDT (Excl OI) |
8.900 |
(7.900) |
(12.400) |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
8.900 |
(7.900) |
(12.400) |
|
Interest |
4.500 |
4.400 |
9.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
4.400 |
(12.300) |
(22.300) |
|
Depreciation |
3.100 |
3.200 |
3.300 |
|
Profit Before Tax |
1.300 |
(15.500) |
(25.600) |
|
Tax |
0.100 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1.200 |
(15.500) |
(25.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1.200 |
(15.500) |
(25.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.80
|
6.28 |
0.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.40
|
6.66 |
1.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.70
|
3.60 |
0.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.07 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.29
|
0.31 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.46 |
1.77 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
99.465 |
80.063 |
88.474 |
|
|
|
|
|
|
Total |
99.465 |
80.063 |
88.474 |
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
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 |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
142.123 |
0.000 |
|
|
|
|
|
Total |
142.123 |
0.000 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Indian economic growth remained at 6.9 percent as compared to 8.4 percent in 2011-12. The Indian economy continued to grow both in manufacturing and service sector in the year. The Government continued its program for improvement of health care systems in India. The performance of the Company during the year under report has shown the good improvement over the previous year.
The total revenue for the year ended March 31, 2012 amounted to Rs.324.782 Millions, as against Rs.398.606 Millions, has decreased by 19 per cent over the last year as last year’s revenue also includes Electrocnis and Infra activity.
SEGMENT WISE
OPERATIONAL PERFORMANCE
The Company has two main segments of business viz. Medical Embedded Systems (“MES”), Information Technology (“IT”).
The sale of MES division has increased by 13 per cent. The sale of IT Division has increased substantially. During the year the Company has upgraded its existing products with better technology and features.
OUTLOOK
The overall outlook for the Indian Economy continues to be positive and growth oriented. The focus on strengthening the health care and IT with increase in all allocation for capital goods and infrastructure related projects in Public and private sectors, both the business segments are expected to accelerate the growth rate in the year ahead.
DEMERGER OF
ELECTRONICS AND INFRA DIVISION
The “Electronics Division” and “Infra Division” of the Company have been demerged and the same is transferred to Maestros Electronics and Telecommunications Systems Limited and MMS Infrastructure Limited with effect from appointed date i.e.1st April, 2009. The Hon’ble High Court of Bombay has sanctioned the scheme of arrangement vide order dated 10th June, 2011, a certified true copy of which was received by the Company filed the said order with the Registrar of Companies, Bombay on dated 15th September, 2011. Company was holding 43,73,260 equity shares of face value of Rs.10/- each. Company has issued and allotted 3279945 equity shares of face value of Rs.10/- each to the shareholders of the Maestros Electronics and Telecommunications Systems Limited on dated 6th February, 2012 in ratio 3:4 and 8746520 equity shares of face value of Rs.10/- each to the shareholders of the MMS Infrastructures Limited on dated 6th February, 2012 in ratio 2:1.
Consequent upon demerger, becoming effective from dated 20th July, 2011, the figures of current year are not comparable with previous year. The figures of previous year have been regrouped wherever necessary.
OPERATIONS
Consequent upon demerger, the Company’s operations will include manufacture of Medical Embedded Systems and services related to Information Technology.
CONTINGENT LIABILITIES
a Estimated amount of contracts remaining to be executed on
capital account and not provided for Rs. Nil (Previous year Rs. Nil).
b Guarantees issued by banks on behalf of the Company, counter
guaranteed by the Company Rs.17.451 Millions (Previous year Rs.9.432 Millions).
FIXED ASSETS
· Leasehold Land
· Factory Premises
· Office Premises
· Plant and Machinery
· Electrical Installations
· Furniture and Fixtures
· Air Conditioner
· Office Equipments
· Computers and Software
· Vehicles
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 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.59.72 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.