MIRA
INFORM REPORT
|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZIQITZA HEALTH
CARE LIMITED |
|
|
|
|
Registered
Office : |
401 - B, Niranjan Building, 99, Marine Drive, Mumbai – 400002, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.11.2002 |
|
|
|
|
Com. Reg. No.: |
11-138005 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 62.925 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110MH2002PLC138005 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMZ00957F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ1733C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in providing a nationwide network of Life Support Ambulance Service which would provide basic life support, advances life support and patient transfer service. |
|
|
|
|
No. of Employees
: |
4859 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1058000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and
healthy. Profitability of the company is fair. Trade relations are fair. Business is sactive. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CRISIL |
|
Rating |
Long term rating BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
February 05, 2014 |
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 DENIED BY
|
Name : |
Ms. Smita Joshi |
|
Designation : |
Account Manager |
|
Contact No.: |
91-22-24397700 |
|
Date : |
23.04.2014 |
LOCATIONS
|
Registered Office : |
401 - B, Niranjan Building, 99, Marine Drive, Mumbai – 400002, Maharashtra,
India |
|
Tel. No. : |
91-22-24397700 |
|
Fax No. : |
91-22-24397798 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Correspondence Office : |
Sunshine Tower, 23rd Floor, Senapati Bapat Marg, Elphinstone Road, Dadar (West), Mumbai – 400013, Maharashtra, India |
|
Tel. No. : |
91-22-24397700 |
|
Fax No. : |
91-22-24397797 |
|
|
|
|
Branch Office : |
Located At: ² Trivandrum ² Cochin ² Patna ² Amritsar ² Mumbai ² Mohali ² Bhubaneswar ² Odisha |
DIRECTORS
As on 25.07.2013
|
Name : |
Mr. Naresh Dhanraj Kawarjain |
|
Designation : |
Director |
|
Address : |
C-8, Shastri Nagar, Jodhpur – 342003, Rajasthan, India s |
|
Date of Appointment : |
31.08.2004 |
|
DIN No. : |
00337573 |
|
|
|
|
Name : |
Mr. Ravi Krishna |
|
Designation : |
Whole-time Director |
|
Address : |
41/1310 C. P. Ummer Road, Ernakulam - 682035, Kerala, India |
|
Date of Birth/Age : |
02.05.1970 |
|
Date of Appointment : |
27.11.2002 |
|
PAN No.: |
ACMPK3857D |
|
DIN No. : |
01405950 |
|
|
|
|
Name : |
Ms. Sweta Mangal |
|
Designation : |
Director |
|
Address : |
Flat No. 302, C Wing, Golden Square CHSL, Sunder Nagar, Kalina
Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
03.02.1976 |
|
Date of Appointment : |
07.08.2007 |
|
DIN No. : |
02012640 |
|
|
|
|
Name : |
Rudra Sachindra Nath Jogendra Nath |
|
Designation : |
Nominee Director |
|
Address : |
Dheeraj DevikA CHS, Flat No-701, Opposite Bandra Police Station, Hill
Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
24.11.1971 |
|
Date of Appointment : |
04.12.2012 |
|
DIN No. : |
02647598 |
|
|
|
|
Name : |
Steven Gregory Murphy |
|
Designation : |
Nominee Director |
|
Address : |
100 S Birch Road, #901A, Fort Lauderdale, Florida – 33316, USA |
|
Date of Appointment : |
31.03.2010 |
|
DIN No. : |
03034398 |
KEY EXECUTIVES
|
Name : |
Ms. Sweta Mangal |
|
Designation : |
Manager |
|
Address : |
Flat No. 302, C Wing, Golden Square CHSL, Sunder Nagar, Kalina
Santacruz (East), Mumbai – 400055, Maharashtra, India |
|
Date of Birth/Age : |
03.02.1976 |
|
Date of Appointment : |
01.07.2007 |
|
PAN No.: |
ADAPM2733M |
|
|
|
|
Name : |
Ms. Manjula Easwaran |
|
Designation : |
Secretary |
|
Address : |
2, Jaypurna, Goshala Road, Mumbai (West), Mumbai – 400080, Maharashtra,
India |
|
Date of Birth/Age : |
25.04.1976 |
|
Date of Appointment : |
22.03.2012 |
|
PAN No.: |
AHEPR2590M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.07.2013
|
Names of Shareholders (Equity Shares) |
No. of Shares |
|
Shaffi Mather |
100 |
|
Manish Sacheti |
200 |
|
Ravi Krishna |
5889 |
|
Sunitha Marikose |
500 |
|
Chandra Sacheti |
52195 |
|
Nisha Purushotam |
12700 |
|
Mather and Company Private Limited |
56625 |
|
Grand Global Impex Pte. Limited |
22550 |
|
Richa Jain |
24626 |
|
Naresh Jain |
24012 |
|
Empee Holding Limited |
15000 |
|
Acumen Fund Inc |
10000 |
|
Mosaic Capital Service Private Limited |
2250 |
|
Mangal Capital Services Private Limited |
11250 |
|
Global Medical Response of India Limited |
1000 |
|
Acumen Capital Markets I, Limited |
1000 |
|
|
|
|
Total |
239897 |
|
Names of Shareholders (Cumulative Compulsorily Convertible Preference
Shares) |
No. of Shares |
|
Acumen Fund, Inc. |
5982638 |
|
|
|
|
Total |
5982638 |
|
Names of Shareholders (Non-Cumulative Compulsorily Convertible
Preference Shares) |
No. of Shares |
|
Acumen Fund, Inc. |
8837 |
|
Global Medical Response of India Limited |
43184 |
|
Acumen Capital Markets I, Limited |
12255 |
|
Housing Development Finance Corporation |
2350 |
|
Infrastructure Development Finance Corporation |
2209 |
|
Vishal G Nevatia |
158 |
|
Sanjay Narendrakumr Arte |
158 |
|
Mahesh Krishnamurthy |
158 |
|
Sunil Theckath Vasudevan |
157 |
|
Pramod Kabra |
158 |
|
George Thomas |
158 |
|
Vikram Nirula |
158 |
|
|
|
|
Total |
69940 |
As on 25.07.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
14.40 |
|
Bodies corporate |
35.49 |
|
Directors or relatives of Directors |
28.02 |
|
Other top fifty shareholders |
22.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing a nationwide network of Life Support Ambulance Service which would provide basic life support, advances life support and patient transfer service. |
GENERAL INFORMATION
|
No. of Employees : |
4859 (Approximately) |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
|
Bankers : |
Ø Dhanlakshmi Bank Limited, Sion East Branch, Mumbai – 400022, Maharashtra, India Ø ICICI Bank Limited, ICICI Towers Bandra Kurla Complex, Mumbai – 400051, Maharashtra, India |
|||||||||||||||||||||||||||
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|
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Facilities : |
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Walker Chandiok and Companys Chartered Accountants |
|
Address : |
16th Floor Tower-II, India Bulls, Finance Centre, S B Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
PAN
No. : |
AAAFW4298E |
|
|
|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their relatives
: |
Ø Ambulance Access for All Foundation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1250000 |
Equity Shares |
Rs.10/- each |
Rs.12.500 Millions |
|
7000000 |
Preference Shares |
Rs.10/- each |
Rs.70.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.82.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
239897 |
Equity Shares |
Rs.10/- each |
Rs.2.399 Millions |
|
6052578 |
Preference Shares |
Rs.10/- each |
Rs.60.526 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 62.925 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 |
62.925 |
62.925 |
62.925 |
|
(b) Reserves & Surplus |
201.541 |
151.279 |
134.546 |
|
(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) |
264.466 |
214.204 |
197.471 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
25.281 |
15.752 |
4.651 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
9.080 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.858 |
4.053 |
2.363 |
|
Total Non-current
Liabilities (3) |
31.139 |
19.805 |
16.094 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
196.111 |
141.083 |
158.103 |
|
(b) Trade
payables |
59.252 |
66.148 |
26.815 |
|
(c) Other
current liabilities |
38.820 |
50.726 |
28.424 |
|
(d) Short-term
provisions |
0.896 |
0.396 |
0.143 |
|
Total Current
Liabilities (4) |
295.079 |
258.353 |
213.485 |
|
|
|
|
|
|
TOTAL |
590.684 |
492.362 |
427.050 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
84.992 |
58.178 |
35.488 |
|
(ii)
Intangible Assets |
0.213 |
1.278 |
2.039 |
|
(iii)
Capital work-in-progress |
1.504 |
7.601 |
6.243 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
2.547 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.439 |
14.489 |
6.397 |
|
(e) Other
Non-current assets |
1.658 |
42.259 |
43.659 |
|
Total Non-Current
Assets |
109.353 |
123.805 |
93.826 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1.448 |
0.000 |
|
|
(c) Trade
receivables |
113.979 |
65.543 |
60.512 |
|
(d) Cash
and cash equivalents |
116.811 |
250.149 |
261.062 |
|
(e)
Short-term loans and advances |
66.553 |
44.636 |
10.665 |
|
(f) Other
current assets |
182.540 |
8.229 |
0.985 |
|
Total
Current Assets |
481.331 |
368.557 |
333.224 |
|
|
|
|
|
|
TOTAL |
590.684 |
492.362 |
427.050 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1024.167 |
778.680 |
280.088 |
|
|
|
Other Income |
14.870 |
28.774 |
8.494 |
|
|
|
TOTAL |
1039.037 |
807.454 |
288.582 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
722.082 |
525.802 |
169.770 |
|
|
|
Employees benefits expense |
113.865 |
104.146 |
46.240 |
|
|
|
Other expenses |
98.604 |
123.994 |
47.256 |
|
|
|
TOTAL |
934.551 |
753.942 |
263.266 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
104.486 |
53.512 |
25.316 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
19.514 |
25.085 |
8.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
84.972 |
28.427 |
17.059 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.028 |
10.663 |
9.527 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
64.944 |
17.764 |
7.532 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
14.682 |
1.031 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
50.262 |
16.733 |
7.532 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
209.51 |
69.74 |
23.91 |
|
|
|
Diluted |
121.80 |
40.55 |
18.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total
Income |
(%) |
4.84 |
2.07 |
2.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.34 |
2.28 |
2.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.07 |
3.66 |
1.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.08 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.84 |
0.73 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63 |
1.43 |
1.56 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
62.925 |
62.925 |
62.925 |
|
Reserves & Surplus |
134.546 |
151.279 |
201.541 |
|
Net
worth |
197.471 |
214.204 |
264.466 |
|
|
|
|
|
|
long-term borrowings |
4.651 |
15.752 |
25.281 |
|
Short term borrowings |
158.103 |
141.083 |
196.111 |
|
Total
borrowings |
162.754 |
156.835 |
221.392 |
|
Debt/Equity
ratio |
0.824 |
0.732 |
0.837 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
280.088 |
778.680 |
1024.167 |
|
|
|
178.013 |
31.526 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
280.088 |
778.680 |
1024.167 |
|
Profit |
7.532 |
16.733 |
50.262 |
|
|
2.69% |
2.15% |
4.91% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
11.609 |
6.325 |
2.154 |
|
|
|
|
|
|
Total |
11.609 |
6.325 |
2.154 |
|
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 |
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 |
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
121.809 |
0.000 |
|
Intercorporate borrowings |
35.000 |
0.000 |
|
|
|
|
|
Total |
156.809 |
0.000 |
CORPORATE INFORMATION
The Company is a Public Company domiciled in India and incorporated under the provisions of the Companies Act 1956. The Company is engaged in providing a nationwide network of Life Support Ambulance Service which would provide basic life support, advances life support and patient transfer service. The Company provides services in 2 different business models i.e. Dial 1298 for Ambulance (1298 Model) and Public Private Partnership (PPP Model) under 108 model. Under the 1298 model the Company provides ambulance services under the pay per use model to patients and a fixed price contracts to hospitals, government bodies and events. Under the PPP model for Dial 108 Emergency Responses Services Scheme, the Company provides ambulance services under contract with respective state government.
BUSINESS
Total revenue for the year increased from Rs. 807.500 millions in the previous fiscal to Rs. 1039.100 millions, growth of 29%. Of this approximately 94% of the revenue was generated from the PPP contracts and the rest from the Pay sper Use business.
The Company has also successfully launched operations in Odisha with 58 ambulances in March 2013 and till date the company has already launched 224 Ambulances. The Company has also won the tender for 2nd Phase of OMEAS of 140 Ambulances in the state of Odisha.
In the Pay per Use business, the Company added 27 Ambulances across India.
Their Operating profit for 2012-2013 stood at Rs 94.300 millions vs Rs 27.800 millions in the previous year. The Cost of Services has gone up by Rs 179.000 millions, an increase of Rs 24% compared to the previous year. The Finance cost has reduced by Rs 4.000 millions on account of Closure of Loan against deposit of Rs. 105.900 millions and efficient use of working capital limit. The Profit after Tax is Rs 48.800 millions vs Rs 16.700 millions in the previous year.
FUTURE OUTLOOK
The Company is operating under three verticals namely, PPP Model, Pay per Use and the Fixed Contracts Model.
Under the PPP Model, the Company has already won a contract for 420 ambulances in the State of Odisha which should get operationalized by end of 2014. The Contract in Rajasthan for operating 464 ambulances has come to an end. The Company shall actively participate in tenders for increasing business in this segment.
Under the Pay per Use model, The Company has been taken a conservative view and has launched ambulances in tested markets where there is assured demand. This is also in line with the approach of optimization of fund resources as it calls for investment of funds by way of acquisition of ambulances etc. The Company has also closed the sponsorship for 18 ambulances with ICICI Lombard for 2013-2014.
Under the Fixed Contracts business, they have added 19 contracts and 9 clients across the Country and many more are in the pipeline.
The Company is also actively pursuing international opportunities in MENA, Singapore etc. in which the market for outsourcing ambulance operations is just opening up. The Variable or Pay per Use business has also shown consistent growth. The revenue has increased from Rs. 46.700 millions in 2011-2012 to Rs. 60.800 millions in 2012-2013 achieving almost 30% growth.
AWARDS AND
RECOGNITIONS
This year they have been honored by several awards:
Ø The Times of India Social Impact Award Corporate Category in January, 2013
Ø Spirit of Humanity Award by Americares Foundation
Ø Excellence in Social Entrepreneurship Award to Ms. Sweta Mangal, CEO
FIXED ASSETS
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] on Violation of Anti-Corruption
Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
|
|
1 |
Rs.102.76 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.