MIRA
INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARTEMIS MEDICARE SERVICES
LIMITED (w.e.f. 05.10.2009) |
|
|
|
|
Formerly Known
As : |
ARTEMIS
MEDICARE SERVICES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
414/1, 4th
Floor, DDA Commercial Complex, District Centre, Janakpuri,
New Delhi – 110 058 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.05.2004 |
|
|
|
|
Com. Reg. No.: |
55-126414 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.210.350 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110DL2004PLC126414 |
|
|
|
|
TIN No.: |
06461826988 |
|
|
|
|
Service Tax No.:
|
AAFCA0130MST001 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELA16048E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCA0130M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged in the business of managing and operating of multi-specialty
hospital. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5215000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. Profitability of
the company seems to be low during 2013. However, the rating
takes into consideration strength from the resourcefulness of the promoters
and stable demand prospects in the healthcare sector. 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 normal 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab Emirates
().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BBB |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
August 6, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 |
|
Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
|
Date |
August 6, 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. Brijesh |
|
Designation : |
Purchase Department |
|
Contact No.: |
91-124-6767999 |
|
Date : |
14.04.2014 |
LOCATIONS
|
Registered Office : |
414/1, 4th
Floor, DDA Commercial Complex, District Centre, Janakpuri,
New Delhi – 110 058, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Artemis Health
Institute : |
Sector-51, Gurgaon – 122 001, Haryana, India |
|
Tel. No.: |
91-124-6767999 |
|
Fax No.: |
91-124-6767701 |
|
|
|
|
Artemis Hospital : |
Plot No.14, Sector-20, Dwraka, New Delhi –
110 075, India |
|
Tel. No.: |
91-11-71111000 |
|
Fax No.: |
91-11-71111002 |
DIRECTORS
AS ON 02.08.2013
|
Name : |
Mr. Prem Narain Wahal |
|
Designation : |
Director |
|
Address : |
BP-79, Paschimi Shalimar Bagh,
Delhi – 110 088, India |
|
Date of Birth/Age : |
26.12.1949 |
|
Date of Appointment : |
24.01.2007 |
|
DIN No.: |
00058886 |
|
|
|
|
Name : |
Mr. Onkar S. Kanwar |
|
Designation : |
Director |
|
Address : |
3/3, Shanti Niketan,
New Delhi – 110 021, India |
|
Date of Birth/Age : |
01.03.1942 |
|
Date of Appointment : |
14.09.2006 |
|
DIN No.: |
00058921 |
|
|
|
|
Name : |
Ms. Shalini Chand |
|
Designation : |
Director |
|
Address : |
3/3, Shanti Niketan,
New Delhi – 110 021, India |
|
Date of Birth/Age : |
08.03.1968 |
|
Date of Appointment : |
24.01.2007 |
|
DIN No.: |
00015511 |
|
|
|
|
Name : |
Mr. Subbaraman Narayan |
|
Designation : |
Director |
|
Address : |
8, Golf Apartments, Opposite Sujan Singh
Park, New Delhi – 110 003, India |
|
Date of Birth/Age : |
20.06.1943 |
|
Date of Appointment : |
19.10.2006 |
|
DIN No.: |
00094081 |
|
|
|
|
Name : |
Mr. Neeraj Kanwar |
|
Designation : |
Director |
|
Address : |
3/3, Shanti Niketan,
New Delhi – 110 021, India |
|
Date of Birth/Age : |
06.09.1971 |
|
Date of Appointment : |
17.01.2008 |
|
DIN No.: |
00058951 |
|
|
|
|
Name : |
Ms. Pallavi Shardul
Shroff |
|
Designation : |
Director |
|
Address : |
S-270, Greater Kailash-II, New Delhi – 110
048, India |
|
Date of Birth/Age : |
22.04.1956 |
|
Date of Appointment : |
08.05.2008 |
|
DIN No.: |
00013580 |
|
|
|
|
Name : |
Sanjaya Baru |
|
Designation : |
Director |
|
Address : |
D-44, 3rd Floor, Panchsheel
Enclave, New Delhi – 110 017, India |
|
Date of Birth/Age : |
28.05.1954 |
|
Date of Appointment : |
02.08.2013 |
|
DIN No.: |
05344208 |
|
|
|
|
Name : |
Mr. Naveen Kapur |
|
Designation : |
Additional Director |
|
Address : |
D-187, Ground Floor, Saket, New Delhi – 110
017, India |
|
Date of Birth/Age : |
04.05.1958 |
|
Date of Appointment : |
06.11.2013 |
|
DIN No.: |
00024538 |
|
|
|
|
Name : |
Dr. Nirmal Kumar Ganguly |
|
Designation : |
Additional Director |
|
Address : |
701, Gayatri Apartment, GH-6, Sector-45, Faridabad – 121 003, Haryana,
India |
|
Date of Birth/Age : |
11.11.1941 |
|
Date of Appointment : |
10.02.2014 |
|
DIN No.: |
03406994 |
KEY EXECUTIVES
|
Name : |
Mr. Navneet Goel |
|
Designation : |
Secretary |
|
Address : |
377/11, Patel Nagar, New Mandi,
Muzaffarnagar, Uttar Pradesh, India |
|
Date of Birth/Age : |
09.05.1979 |
|
Date of Appointment : |
14.04.2010 |
|
PAN No.: |
AHPPG6518F |
|
|
|
|
Name : |
Mr. Vinod Kalra |
|
Designation : |
Manager |
|
Address : |
B-180A, Sushant Lok
Phase-I, Gurgaon – 122 002, Haryana,
India |
|
Date of Birth/Age : |
29.03.1962 |
|
Date of Appointment : |
29.01.2010 |
|
PAN No.: |
AHDPK3626Q |
|
|
|
|
Name : |
Mr. Brijesh |
|
Designation : |
Purchase Department |
|
|
|
|
Name : |
Dr. Devlina
Chakravarty |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
44
Years |
|
Qualification : |
MBBS, MD (Radio
Diagnosis), DMRD |
|
Experience : |
20
Years |
|
Date of Appointment : |
01.11.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 02.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Rani Saxena |
|
1 |
|
Artemis Health Sciences Limited, India |
|
18009994 |
|
Pradeep Kumar |
|
1 |
|
Ashish Jain |
|
1 |
|
G.G. Gupta |
|
1 |
|
Sanjay Mudgil |
|
1 |
|
Seema Thapar |
|
1 |
|
PTL Enterprises Limited, India |
|
3025000 |
|
Total
|
|
21035000 |
AS ON 02.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of managing and operating of multi-specialty
hospital. |
||||
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|
|
||||
|
Products/ Services : |
|
||||
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|
|
||||
|
Terms : |
|
||||
|
Selling : |
Credit |
||||
|
|
|
||||
|
Purchasing : |
Credit |
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
·
State Bank of India, Commercial Branch, Vankarath
Towers, 1st Floor, Bye Pass Road, Padivattom,
Kochi – 682 024, Kerala, India ·
HDFC Bank Limited ·
Yes bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
GE Money Financial Services
Private Limited, 401-402, 4th Floor, Aggarwal
Millenium Tower, E1-2-3, Netaji
Subhash Place, Pitampura,
Delhi – 110 034, India |
|
|
|
|
Auditors : |
|
|
Name : |
S.P.
Puri and Company Chartered
Accountants |
|
Address : |
4/18,
Asaf Ali Road, New Delhi, India |
|
PAN No.: |
AACFS2752D |
|
|
|
|
Ultimate Parent Company: |
PTL Enterprises Limited |
|
|
|
|
Holding Company: |
Artemis
Health Sciences Limited |
|
|
|
|
Enterprises owned or significantly influenced by key management personnel
or their relatives: |
·
Apollo Tyres Limited ·
Apollo International Limited ·
Travel Tracks Limited |
CAPITAL STRUCTURE
AS ON 02.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21035000 |
Equity Shares |
Rs.10/- each
|
Rs.210.350
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
210.350 |
210.350 |
180.100 |
|
(b) Reserves & Surplus |
1093.523 |
1089.796 |
694.644 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1303.873 |
1300.146 |
874.744 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
916.996 |
929.422 |
1597.239 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
23.904 |
4.055 |
3.152 |
|
Total Non-current
Liabilities (3) |
940.900 |
933.477 |
1600.391 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
41.796 |
67.322 |
0.000 |
|
(b)
Trade payables |
243.283 |
158.865 |
190.475 |
|
(c)
Other current liabilities |
340.231 |
394.621 |
175.748 |
|
(d) Short-term
provisions |
2.547 |
1.425 |
0.981 |
|
Total Current
Liabilities (4) |
627.857 |
622.233 |
367.204 |
|
|
|
|
|
|
TOTAL |
2872.630 |
2855.856 |
2842.339 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2363.076 |
2378.686 |
2414.070 |
|
(ii)
Intangible Assets |
11.788 |
11.015 |
12.560 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development or
work-in-progress |
0.292 |
1.551 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
136.570 |
82.339 |
22.626 |
|
(e) Other
Non-current assets |
0.100 |
1.220 |
23.500 |
|
Total Non-Current
Assets |
2511.826 |
2474.811 |
2472.756 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
44.115 |
51.589 |
44.840 |
|
(c) Trade
receivables |
236.051 |
230.802 |
138.924 |
|
(d) Cash
and cash equivalents |
35.209 |
42.023 |
151.196 |
|
(e)
Short-term loans and advances |
9.813 |
3.635 |
16.857 |
|
(f)
Other current assets |
35.616 |
52.996 |
17.766 |
|
Total
Current Assets |
360.804 |
381.045 |
369.583 |
|
|
|
|
|
|
TOTAL |
2872.630 |
2855.856 |
2842.339 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
2170.824 |
1895.806 |
1543.457 |
|
|
|
Other Income |
22.229 |
17.071 |
24.321 |
|
|
|
TOTAL (A) |
2193.053 |
1912.877 |
1567.778 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases
of stock-in-trade |
609.538 |
591.674 |
431.015 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
8.846 |
(7.247) |
6.066 |
|
|
|
Employee
benefit expense |
425.099 |
307.245 |
240.781 |
|
|
|
Other
expenses |
901.057 |
770.086 |
683.574 |
|
|
|
Prior
Period Items |
0.000 |
0.000 |
1.291) |
|
|
|
TOTAL (B) |
1944.540 |
1661.758 |
1360.145 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
248.513 |
251.119 |
207.633 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
150.852 |
160.578 |
156.974 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
97.661 |
90.541 |
50.659 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
93.934 |
88.245 |
86.841 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
3.727 |
2.296 |
(36.182) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.400 |
0.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
3.727 |
1.896 |
(36.213) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY - |
|
|
|
|
|
|
|
Income
towards services rendered |
20.580 |
17.311 |
14.088 |
|
|
TOTAL EARNINGS |
20.580 |
17.311 |
14.088 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.18 |
0.10 |
(2.08) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.17
|
0.10 |
(2.31) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.17
|
0.12 |
(2.34) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.13
|
0.08 |
(1.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.00 |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.74
|
0.77 |
1.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.57
|
0.61 |
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
180.100 |
210.350 |
210.350 |
|
Reserves & Surplus |
694.644 |
1089.796 |
1093.523 |
|
Net worth |
874.744 |
1300.146 |
1303.873 |
|
|
|
|
|
|
Long-term borrowings |
1597.239 |
929.422 |
916.996 |
|
Short term borrowings |
0.000 |
67.322 |
41.796 |
|
Total borrowings |
1,597.239 |
996.744 |
958.792 |
|
Debt/Equity ratio |
1.826 |
0.767 |
0.735 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1543.457 |
1895.806 |
2170.824 |
|
|
|
22.829 |
14.507 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1543.457 |
1895.806 |
2170.824 |
|
Profit |
(36.213) |
1.896 |
3.727 |
|
|
(2.35%) |
0.10% |
0.17% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
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 |
No |
|
18) Major customers |
No |
|
19) Payments terms |
Yes |
|
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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10410068 |
10/12/2013 * |
250,000,000.00 |
GE MONEY FINANCIAL
SERVICES PRIVATE LIMITED |
401-402, 4TH FLOOR, AGGARWAL
MILLENIUM TOWER, E1-2-3, |
B93331130 |
|
2 |
10280204 |
31/08/2012 * |
140,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY
OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
B58984402 |
|
3 |
10054463 |
29/07/2008 * |
640,000,000.00 |
STATE BANK OF MYSORE |
3, 4 AND 5 DDA BUILDING,
NEHRU PLACE, NEW DELHI, DELHI - 110009, INDIA |
A44466258 |
|
4 |
10036985 |
12/12/2012 * |
570,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
VANKARATH TOWERS, 1ST FLOOR, BYE PASS ROAD, PADIVATTOM, KOCHI, KERALA -
682024, INDIA |
B65401895 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and advances from others |
118.628 |
50.500 |
|
Total
|
|
|
Note:
The registered office of the company has been shifted from M-4, Surya Mansion, 1, Kaushalya Park, Hauz Khas, New Delhi – 110 016 to the present address w.e.f. 25.02.2008.
NATURE OF OPERATIONS:
The Company was
incorporated on 18th May, 2004. The Company is engaged in the
business of managing and operating of multi-specialty hospital and commenced
its commercial operation by setting up the Artemis Health Institute-Gurgaon on July 16, 2007. Pursuant to the provisions of
Section 24 and 31 read with Section 44 of the Companies Act, 1956, the company
has been converted into a Public Limited Company w.e.f.
October 5, 2009 and consequently the name of the Company has been changed from
‘Artemis Medicare Services Private Limited’ to ‘Artemis Medicare Services
Limited’.
OPERATIONS:
During the year, the gross
revenue of the Company increased to Rs.2193.053 millions as compared to
Rs.1912.877 millions in the previous year, registering an impressive growth of
14.65%. Cash profit stood at Rs.97.661 millions against previous year cash
profit of Rs.90.147 millions. The profit after tax for the year was Rs.3.727
millions against a profit after tax of Rs.1.902 millions of the previous year.
Above performance of the
Company should sustain well expectations of its promoters, bankers and
management of the company as it also account for the losses suffered towards
initial gestation period from the launch of a 47 bedded Hospital unit at New
Delhi. During the year, the management of the Company reinforced extensive
efforts towards maintaining margins, generating efficiencies through increased
productivity and leveraging scale.
Despite
challenging market conditions, Artemis has taken a big leap into the heart of
its customers by creating customer and service centric programmes. Artemis has aggressively
focused on good clinical outcomes through stringent medical audits,
surveillance and ethical practice. They are proud that Artemis Health Institute
has successfully received accreditation from the Joint Commission International
(JCI) and National accreditation Board for testing and calibration Laboratories
(NABL) during the year and also received re-accreditation from National
accreditation Board for Hospitals (NABH). Also, Artemis Health Institute has
also been awarded as ‘Best Super Specialty Hospital in Gurgaon’
for the year 2012 by Big Research group.
During the year, a new 47
bedded Hospital unit in the name and style of ‘Artemis Hospital’ at Dwarka, New Delhi have commenced operations in September
2012. The hospital has advanced clinical programmes and provides
super-specialized care in Cardiology, Orthopaedics, Mother and child care,
Endocrinology and Pulmonology. It offers 24 hour
emergency services, diagnostic services and critical care units.
During the year, focused
outreach programmes in both domestic and international markets have taken the
Artemis Brand forward. The Company plans to further develop newer domestic and
international avenues for growth. The Company also adopted a new brand by the
name of “Artemis Hospitals” with the tag line “Our Specialty is You”.
The Directors are confident
of scaling new heights in the coming year as well in terms of not only
improving impressively the top line and bottom line of its financial statement
but also by retaining and enhancing customer delight by keeping the focus on
patient safety and quality healthcare of standards acceptable at International
levels.
FUTURE OUTLOOK:
During the forthcoming
year, The Company intends to consolidate on the efforts taken by the management
in the area of product mix, product re-launch, maintaining margins, generating
efficiencies through increased productivity and leveraging scale.
The directors are confident
that their market strategy will yield favorable
growth and that “Artemis Brand” shall remain most trusted Brand in the
Healthcare sector not only in Gurgaon but globally as
one of the most preferred medical tourism destination in India.
The Company looks forward
to a sustained healthy growth by nurturing long term committed relationship
with its doctors, staff while ensuring good clinical outcomes coupled with
customer delight and greater satisfaction.
FIXED ASSETS:
Tangible
Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible
Assets
·
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 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.60.26 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.