MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
POLY MEDICURE LIMITED |
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Registered
Office : |
First Floor, 12,
Sant Nagar, East of Kailash, New Delhi - 110065 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.03.1995 |
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Com. Reg. No.: |
55-066923 |
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Capital
Investment / Paid-up Capital : |
Rs. 110.125 Millions |
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CIN No.: [Company Identification
No.] |
L40300DL1995PLC066923 (New) L74899DL1995PLC066923 (Old) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKP01741F |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Seller of Medical Devices. |
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No. of Employees
: |
1210 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3720000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a good track record.
Financial position of the company appears to be healthy. Trade relations are
reported as decent. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
July 06, 2012 |
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Rating Agency Name |
CRISIL |
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Rating |
A1 (Short Term Rating) |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
July 06, 2012 |
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.
LOCATIONS
|
Registered Office : |
First Floor, 12,
Sant Nagar, East of Kailash, New Delhi - 110065, India |
|
Tel. No.: |
91-11-26481889/
93/ 99/ 38/ 33550700/ 47687000 |
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Fax No.: |
91-11-26481894/
39 |
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E-Mail : |
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Website : |
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Marketing Office/ Factory
1 : |
Plot No. 104-105 and 115, Sector – 59, HSIDC Industrial
Area, Ballabgarh, Faridabad - 121004,
Haryana, India |
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Tel. No.: |
91-129-2307000/
4287000/ 3355070 |
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Fax No.: |
91-129-2309401/
2309102 |
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E-Mail : |
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Factory 2 : |
Plot No. 115-116, Sector 59, HSIDC Industrial Estate, Ballabhgarh,
Faridabad - 124004, Haryana, India |
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Tel. No.: |
91-129-2307000/ 4287000 |
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Fax No.: |
91-129-2307007 |
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E-Mail : |
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Factory 3: |
Plot No. 17,
Sector-3, I.I.E SIDCUL, Haridwar, Uttarakhand, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Devendra Raj Mehta |
|
Designation : |
Chairman |
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Date of Appointment: |
17.05.2010 |
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DIN No.: |
01067895 |
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Name : |
Mr. Himanshu Baid |
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Designation : |
Managing Director |
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Date of Birth/Age : |
44 Years |
|
Qualification : |
Electronics
Engineer |
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Date of Appointment: |
01.08.2011 |
|
Experience : |
24 Years |
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DIN No.: |
00014008 |
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|
Name : |
Mr. Sohan Raj Mohnot |
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Designation : |
Director |
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Date of Birth/Age : |
15.03.1929 |
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Qualification : |
Ph. D., C.M.C., F.I.M.C.I.,
F.I.S.T.D. |
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Date of Appointment : |
22.09.1997 |
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DIN No.: |
00006889 |
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Name : |
Mr. Jugal Kishore Baid |
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Designation : |
Director |
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Date of Appointment: |
10.05.1995 |
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DIN No.: |
00077347 |
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Name : |
Mr. Yashwant Singh Choudhary |
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Designation : |
Independent Director |
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Date of Appointment: |
17.02.1997 |
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DIN No.: |
00006906 |
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Name : |
Mr. Prakash Chand Surana |
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Designation : |
Independent Director |
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Date of Birth/Age : |
09.02.1947 |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
22.09.1997 |
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DIN No.: |
00361485 |
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Name : |
Mr. Shailendra Raj Mehta |
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Designation : |
Additional Director (w.e.f.28th May 2012) |
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Date of Birth/Age : |
09.07.1959 |
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Qualification : |
B.A. M.A. From |
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Date of Appointment : |
28.05.2012 |
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Name : |
Mr. Rishi Baid |
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Designation : |
Executive Director |
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Date of Birth/Age : |
40 Years |
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Qualification : |
BSME, MSME |
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Experience : |
40 Years |
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Date of Appointment |
01.08.2011 |
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DIN No.: |
00048585 |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Baid |
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Designation : |
President (Corporate Business) |
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Name : |
Mr. Deepak Gupta |
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Designation : |
Senior Vice President (OPEX, HR and Admin) |
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Name : |
Mr. V. K. Khera |
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Designation : |
Vice President (Operations) |
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Name : |
J. K. Oswal |
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Designation : |
Vice President (Finance) |
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Name : |
Mr. Hemant Bhalla |
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Designation : |
A V P (Sales and Marketing) |
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Name : |
H. V. Suresh |
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Designation : |
Senior General Manager
(Research and Development) |
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Name : |
Ms. Sonia Singh |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
4472176 |
40.61 |
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|
862143 |
7.83 |
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|
5334319 |
48.44 |
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|
28400 |
0.26 |
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|
28400 |
0.26 |
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Total shareholding of Promoter and Promoter Group (A) |
5362719 |
48.70 |
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(B) Public Shareholding |
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|
3785443 |
34.37 |
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|
|
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|
677732 |
6.15 |
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|
104197 |
9.46 |
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|
144659 |
1.31 |
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|
83949 |
0.76 |
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|
60710 |
0.55 |
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|
5649781 |
51.30 |
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Total Public shareholding (B) |
5649781 |
51.30 |
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Total (A)+(B) |
11012500 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
- |
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|
Total (A)+(B)+(C) |
11012500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Medical Devices. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed Capacity |
Installed
Capacity |
Actual
Production |
|
Medical Devices and Components |
Nos. (in Lacs) |
10189.80 |
3640 |
3,041.61 |
|
Scrap |
Kgs |
-- |
-- |
862,799 |
GENERAL INFORMATION
|
No. of Employees : |
1210 (Approximately) |
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Bankers : |
Ø
State Bank of India Ø
Citibank N.A |
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Facilities : |
Notes: Details of security: a Term Loans from State Bank of India are secured by way of first charge
over entire fixed assets both present and future including equitable mortgage
of factory land and buildings and are further secured by way of extension of
charge on entire current assets of the company both present and future and
are guaranteed by Managing Director and Executive Director of the company. b Vehicle Loans are secured by hypothecation/lien of the respective
vehicles. c Deferred payment liabilities relates to
capital assets acquired from overseas suppliers under letter of credit. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Doogar and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
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Subsidiaries : |
Ø
US Safety Syringes Company LLC, USA Ø
Poly Medicure (Laiyang) Company Limited, China |
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Associate : |
Ø Ultra For
Medical Products (UMIC), Egypt |
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Enterprises Over Which Key Management Personnel and Their Relatives
Exercise Significant Influence |
Ø Vitromed
Healthcare Ø Jai Polypan
Private Limited Ø Stilocraft Ø Polycure Martech
Limited Ø Jaichand Lal
Hulasi Devi Baid Charitable Trust |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11012500 |
Equity Shares |
Rs.10/- each |
Rs. 110.125 Millions |
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|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting year :
|
Particulars |
No. of Shares |
Amount in Millions |
|
At the beginning of the year |
11012500 |
110.125 |
|
Add: Issued during the year |
- |
- |
|
Less: Bought back during the year |
- |
- |
|
Outstanding at the end of year |
11012500 |
110.125 |
Terms/rights attached to equity shares :
The company has
only one class of equity shares having a par value of Rs. 10/-. Each holder of
equity shares is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting.
During the year
ended 31st March 2012, the amount of per share dividend recognised as distribution
to equity share holders is Rs. 3 (31st March 2011 Rs. 3)
In the event of liquidation of the Company, the holders of equity shares
will be 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.
Details of
shareholders' holding more than 5% shares in the company :
|
Particulars |
No. of Shares |
% of Holding |
|
Allegeny Finlease Private Limited |
1571686 |
14.27% |
|
Rishi Baid |
1228256 |
11.15% |
|
BS Trade Invest Private Limited |
1198080 |
10.88% |
|
Himanshu Baid |
1009328 |
9.17% |
|
Vision Millenium Exports Private Limited. |
588131 |
5.34% |
The aforesaid disclosure
is based upon percentages computed separately for class of shares outstanding,
as at the balance sheet date. As per of the company, including its register of
shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
110.125 |
110.125 |
110.125 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
818.833 |
667.650 |
488.284 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
928.958 |
777.775 |
598.409 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
341.856 |
285.544 |
328.659 |
|
|
2] Unsecured Loans |
0.000 |
2.237 |
0.000 |
|
|
TOTAL BORROWING |
341.856 |
287.781 |
328.659 |
|
|
DEFERRED TAX LIABILITIES |
53.694 |
31.693 |
43.335 |
|
|
|
|
|
|
|
|
TOTAL |
1324.508 |
1097.249 |
970.403 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
854.623 |
669.992 |
581.391 |
|
|
Capital work-in-progress |
12.710 |
55.091 |
41.188 |
|
|
|
|
|
|
|
|
INVESTMENT |
69.139 |
69.139 |
69.138 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
279.166
|
241.219 |
211.992 |
|
|
Sundry Debtors |
323.042
|
262.294 |
223.115 |
|
|
Cash & Bank Balances |
5.290
|
5.083 |
10.742 |
|
|
Other Current Assets |
76.758
|
47.845 |
10.929 |
|
|
Loans & Advances |
176.921
|
168.894 |
104.527 |
|
Total
Current Assets |
861.177
|
725.335 |
561.305 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
189.761
|
152.785 |
167.366 |
|
|
Other Current Liabilities |
226.470
|
214.009 |
71.709 |
|
|
Provisions |
56.910
|
55.514 |
43.544 |
|
Total
Current Liabilities |
473.141
|
422.308 |
282.619 |
|
|
Net Current Assets |
388.036
|
303.027 |
278.686 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1324.508 |
1097.249 |
970.403 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2089.186 |
1696.675 |
1360.046 |
|
|
|
Other Income |
6.195 |
3.931 |
5.290 |
|
|
|
TOTAL |
2095.381 |
1700.606 |
1365.336 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials including Packing Materials Consumed |
660.147 |
|
|
|
|
|
Purchases of Stock-in-trade |
68.960 |
17.477 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(11.502) |
9.861 |
|
|
|
|
Employee Benefit Expenses |
329.356 |
266.571 |
|
|
|
|
Research and Development Expenses |
25.835 |
7.038 |
|
|
|
|
Other Expenses |
564.857 |
431.515 |
|
|
|
|
TOTAL |
1637.653 |
1333.986 |
1070.934 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
457.728 |
366.620 |
294.402 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
69.336 |
41.453 |
41.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
388.392 |
325.167 |
253.107 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
99.552 |
85.879 |
70.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) |
288.840 |
239.288 |
182.408 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
96.244 |
22.386 |
18.115 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) |
192.596 |
216.902 |
164.293 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports During the Year |
1188.475 |
984.062 |
774.002 |
|
|
|
Others (Freight, Insurance, Commission, Interest, fees etc. recovered) |
43.181 |
24.501 |
22.701 |
|
|
|
Dividend / Governing Council share from Associates |
0.230 |
1.025 |
1.376 |
|
|
TOTAL EARNINGS |
1231.886 |
1009.588 |
798.079 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
343.359 |
320.599 |
287.080 |
|
|
|
Traded Goods |
63.825 |
14.391 |
0.000 |
|
|
|
Stores, Spares & Packing Materials |
62.489 |
25.359 |
17.265 |
|
|
|
Capital Goods |
94.662 |
78.010 |
71.542 |
|
|
TOTAL IMPORTS |
564.335 |
438.359 |
375.887 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.49 |
19.70 |
14.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
577.800 |
623.600 |
629.900 |
691.200 |
|
Total Expenditure |
488.700 |
535.200 |
465.500 |
529.400 |
|
PBIDT (Excl
OI) |
89.100 |
88.400 |
164.400 |
161.800 |
|
Other Income |
1.100 |
1.000 |
1.300 |
8.100 |
|
Operating
Profit |
90.200 |
89.400 |
165.700 |
169.900 |
|
Interest |
19.800 |
14.600 |
18.800 |
5.800 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
70.300 |
74.900 |
146.900 |
164.100 |
|
Depreciation |
28.100 |
29.100 |
31.000 |
30.000 |
|
Profit
Before Tax |
42.200 |
45.800 |
115.900 |
134.200 |
|
Tax |
11.800 |
10.900 |
33.400 |
41.600 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
30.500 |
34.800 |
82.500 |
92.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
30.500 |
34.800 |
82.500 |
92.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
9.19
|
12.75 |
12.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.83
|
14.10 |
13.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.83
|
17.15 |
15.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31
|
0.31 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.37
|
0.37 |
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.72 |
1.99 |
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 |
No |
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
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 |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
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 LOAN
|
PARTICULARS |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Deferred Payment Liabilities |
0.000 |
2.237 |
|
Total |
0.000 |
2.237 |
FINANCIAL
PERFORMANCE
During the year,
total income increased to Rs. 2095.381 millions from Rs. 1700.606 millions in the
previous year, registering a growth of 23.21%. EBIDTA amounted to Rs. 457.728
millions as against Rs. 366.620 millions in the preceding year which translates
into an expansion of 24.85%. Profit before Tax (PBT) stood at Rs. 288.840
millions up by 20.71% from Rs. 239.288 millions in the previous year. However,
the profit after tax declined to Rs. 192.596 millions from Rs. 216.902 millions
due to higher tax outgo which was due to non availability of tax relief u/s 10B
of Income Tax Act 1961.
In the financial
year 2010-11, the Company enjoyed favourable tax regime under Section 10B of
the Income Tax Act, 1961, the said deduction was available only upto the
financial year 2010-11 (assessment year 2011-12), which affects the net
profitability of the Company for the year. Despite the higher tax outgo, the
Company’s results are very reassuring. Fortunately, the global downturn has not
affected the progress of the Company. This manifests the inherent strength,
resilience and sustainability for the Company’s business.
EXPANSION PROGRAMME
In view of the
growing demand for the Company’s products, the Company is in the process of
expanding its installed capacity by approx. 20% in the current financial year,
at a capital cost of Rs. 420.000 millions. A
sum of` Rs. 250.000 millions is proposed to be raised by way of debt and
the balance will be met from internal accruals.
SUBSIDIARIES / JOINT VENTURES
Briefly, the subsidiary companies performed
as follows:
Poly Medicure
(Laiyang) Company Limited, China - The Company achieved a turnover of Rs.
81.207 millions as on 31st March, 2012 against Rs. 32.838 millions in the
previous year ended on 31st March, 2011.
US Safety Syringes
Company, LLC, USA – The Company is not carrying on any business
activities at present. The Company has one Joint Venture in Egypt, viz.,
Ultra for Medical
Products, Egypt - The Joint Venture is performing well and has achieved sales of Rs.
283.436 millions during the year 2011 against Rs. 257.946 millions in the
previous year ended on 31st December 2010.
MANAGEMENT DISCUSSION and ANALYSIS
AN OVERVIEW : HEALTHCARE
INDUSTRY PROSPECTS
The Healthcare
Industry in
The current
National Health Policy aims at increasing the contribution from healthcare to
touch more than 2% of the GDP by the end of the current Five Year Plan, a
substantial increase from the present contribution of 0.9%. The Government
initiatives like National Rural Health Mission (NRHM), National Urban Health
Mission (NUHM) and Rashtriya Swasthya Bima Yojana (RSBY) are working towards
better healthcare for the poor. In
With more and more
globalization, the Medical Device Industry is globally experiencing a robust
growth of 8% annually. Emerging economies like
According to a
Report by Pricewaterhouse Coopers, an estimated 189 million people in the
country will be of more than 60 years of age by 2025, needing higher healthcare
expenditure. A combined study by an Industry body and Ernst and Young suggest
that
The rural
Healthcare Sector is also witnessing considerable growth, with the sector
adding around 15,000 health sub-centres and employing 28,000 nurses and
midwives during the last five years, as per rural health survey of the Ministry
of Health. As per the Report, the primary health centres in the country have
reached 20,107, growing by 84% percent.
STRONG GOVERNMENT
POLICY SUPPORT
The Healthcare
Industry in India is reckoned to be one of the main beneficiaries of the
Economy’s growth in the years to come.
The Union Budget
2012-13 has provided a boost to the Healthcare Industry. For new hospitals with
at least 100 beds, earlier 100% deduction for capital expenditure was permitted
for taxation purpose. This deduction has been increased upto 150% of capital
expenditure. Enhanced rate of deduction linked to capital expenditure is
expected to attract more investments in hospitals in the coming years. Besides,
the government is extending the concessional rate of 5% of Basic Custom Duty
with full exemption from excise duty/CVD to specified life saving drugs. These
are used for prevention of ailments such as HIV-AIDS, cancer etc.
The outlay for the
National Rural Health Mission has been hiked by 15% to ` 208.22 billion for the
Financial Year 2012-13. National Urban Health Mission (NUHM) will be launched
soon, which is expected to encompass primary healthcare needs of people in the
urban and rural areas.
The Pradhan Mantri
Swasthya Suraksha Yojna (PMSSY) aimed at setting up of All India Institutes of
Medical Sciences (AIIMS) and upgradation of existing Government Medical
Colleges, is being expanded to cover upgradation of 7 more Government Medical
Colleges.
To promote
Research and Development, the Government extended the weighted deduction of
200% for RandD expenditure on in-house facility beyond 31st March, 2012 for a
further period of five years.
BUSINESS
EXCELLENCE
The Company’s
direction towards innovation and sustained business performance continues to
align with its ever growing sector.
The Company is now
considered to be a leading player in the healthcare sector for quality Medical
Devices. The Company has also achieved market leader status in Infusion Therapy
Devices and investing in new technologies using state-of-the-art, automation
equipment and adopting best manufacturing practices to further strengthen its
position in India as well as developed international markets. The Company is
fully committed to its mission, vision and core values and building a knowledge
reservoir for future sustainability.
PROMISING NEW
OPPORTUNITIES
Booming Medical
Tourism in India. The Government’s support to improved healthcare infrastructure and rich
cultural heritage have taken the Indian Medical Tourism to new heights. India
has emerged as one of the world’s most efficient medical tourism destinations,
and thus, attained a position among the global leaders. Indian Medical Devices
and Technology Industry is expected to reach US$ 14 Billion by 2020 as per
report by Pricewaterhouse Coopers.
Improving Health
Insurance Penetration – With increasing demand for affordable quality
healthcare services, the penetration of Health Insurance is poised to grow
exponentially in the coming years. The health insurance premium is expected to
grow at a CAGR of over 28% for the period spanning from 2008-09 to 2012-13.
Larger access to insurance coverage will lead to increased options for
treatment of diseases directly benefiting the Healthcare sector.
Increasing Penetration
of Private Players - In India, private healthcare accounts for almost
68% of the country’s total expenditure. Rising income levels led to greater
affordability of superior quality private sector healthcare facilities. A
majority of healthcare players are now expanding in Tier II and Tier III cities
due to significant demand for high quality, multi-specialty healthcare services
and quick treatment modalities. All major healthcare players are also entering
into new segments such as primary care and diagnostics. Dynamics of
demographics, health awareness and increasing capacity to spend are the key
drivers of the private healthcare segment in India.
RISING INCOME FUEL
DEMAND FOR BETTER QUALITY
Healthcare - Due to increase in
incidence of lifestyle diseases such as heart related ailments, obesity
diseases, diabetes etc, the per capita income on healthcare is likely to
increase at CAGR of 13.1% over the period FY 11 to FY 15.
THE COMPANY’S ROLE
In pursuance of
the foregoing healthcare perspective at the national level, the Company is
engaged in making its contribution through its business of manufacture and sale
of Medical Devices in both domain markets, viz. domestic and export. The
Company’s performance is very reassuring in both domains.
OUTLOOK FOR THE
YEAR 2012-2013
With the growth
and allocation of funds in Indian Health Care Sector, the Company’s prospects
look very promising. The focus on quality, delivery and with larger basket of
products, the company’s products are accepted in more than 80 countries in
South and Central America, Europe, Asia, South Africa, Australia, Middle East.
Unchanging thrust
for growth through innovation has made this Company one of largest producers of
Infusion Therapy Products in India. Improving productivity by waste control
technology and upgradation and focus on Human Resource is helping the company
to increase sustainability.
The Company is
further enhancing its product range in Infusion Therapy segment and plans to
introduce 8 to 10 new products in this segment. The company is focusing on
innovation, safety and quality through its sustained R and D programme.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
|
PARTICULARS |
31.03.2012 (Rs. In Millions) |
|
Show Cause notices from excise department |
2.852 |
|
Compensation for enhanced cost of Land contested
in Punjab and Haryana High Court (Amount paid Rs. 0.233 millions, Previous
year Rs. 0.233 millions) |
0.934 |
|
Liabilities against legal suits filed |
0.721 |
|
Income tax matters under appeal |
0.710 |
FIXED ASSETS:
Tangible Assets:
- Freehold Land
- Leasehold
Land
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Office
Equipment
- Vehicles
Intangible Assets:
- Software
- Patent and Trade
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. 55.99 |
|
|
1 |
Rs. 84.19 |
|
Euro |
1 |
Rs. 71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.