MIRA INFORM REPORT
|
Report Date : |
14.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHALBY LIMITED (w.e.f.13.02.2008) |
|
|
|
|
Formerly Known
As : |
SHALBY HOSPITALS LIMITED (w.e.f.26.07.2006) SHALBY HOSPITAL PUBLIC LIMITED (w.e.f.15.05.2006) SHALBY HOSPITAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Near
Prahladnagar Garden, Ahmedabad - 380015, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.08.2004 |
|
|
|
|
Com. Reg. No.: |
04-044667 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 353.337
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U85110GJ2004PLC044667 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
AHMS09965E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAICS5593B |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
Providing Health Care Services. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the profit of the company during financial
year 2013. However, networth of the company is satisfactory. General
financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms 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.
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 : A- |
|
Rating Explanation |
Adequate degree of safety it carry low
credit risk. |
|
Date |
February 20, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-79-40203000)
LOCATIONS
|
Registered Office : |
Opposite Karnavati Club, Sarkhej Gandhinagar Highway, Near
Prahladnagar Garden, Ahmedabad - 380015, Gujarat, India |
|
Tel. No.: |
91-79-40203000 |
|
Fax No.: |
91-79-40203109 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
City Centre Unit : |
Vijay Cross Road, Near Fire
Station, Navrangpura, Ahmedabad - 380009, Gujarat, India |
|
Tel. No.: |
91-79-27910700/ 27910800 |
|
Fax No.: |
91-79-27911322 |
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|
|
|
Hospitals : |
Located at: · Ahmedabad – Ghuma · Ahmedabad – Maninagar · Vapi ·
Goa |
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|
|
|
Clinics : |
Located at: · Ahmedabad · Mumbai · Delhi · Kolkatta · Surat · Bardoli · Vadodara · Rajkot · Bhavnagar · Jaipur · Bikaner · Jodhpur · Indore · Ajmer · Kota ·
Nairobi, Kenya |
DIRECTORS
AS ON 30.11.2013
|
Name : |
Mr. Vikram Indrajit Shah |
|
Designation : |
Managing director |
|
Address : |
6, Rupam Society, Near Memnagar Fire Station, Vijay Cross Roads,
Navrangpura, Ahmedabad - 380009, Gujarat, India |
|
Date of Birth/Age : |
13.12.1962 |
|
Date of Appointment : |
20.03.2006 |
|
PAN No.: |
AINPS8443G |
|
DIN No.: |
00011653 |
|
|
|
|
Name : |
Mr. Kiritbhai Chimanlal Shah |
|
Designation : |
Director |
|
Address : |
22, Amrashirish Bunglow, Opposite Chmanbhai Patel Inst., Near Auda
Garden, Ahmedabad – 380051, Gujarat, India |
|
Date of Birth/Age : |
07.01.1936 |
|
Date of Appointment : |
01.12.2007 |
|
DIN No.: |
00011586 |
|
|
|
|
Name : |
Mr. Shyamal Shivkumar Joshi |
|
Designation : |
Director |
|
Address : |
40, Prerana Tirth-1, B/H. Someshwar II, Satellite, Ahmedabad - 380015,
Gujarat, India |
|
Date of Birth/Age : |
12.08.1949 |
|
Date of Appointment : |
01.06.2010 |
|
DIN No.: |
00005766 |
|
|
|
|
Name : |
Mr. Nimish Kalyanbhai Vasa |
|
Designation : |
Director |
|
Address : |
"AVAS", Nandanvan, Monreposr Farm, Near Karnavati Club, Sarkhej-Gandhinagar
Highway, Ahmedabad - 380058, Gujarat, India
|
|
Date of Birth/Age : |
05.09.1954 |
|
Date of Appointment : |
30.11.2013 |
|
DIN No.: |
00020089 |
KEY EXECUTIVES
|
Name : |
Mr. Jayesh Ravajibhai Patel |
|
Designation : |
Secretary |
|
Address : |
53, Darshan Bungalows, Opposite Bopalgram Panchayat, Ahmedabad -
380058, Gujarat, India |
|
Date of Birth/Age : |
14.07.1976 |
|
Date of Appointment : |
01.07.2010 |
|
PAN No.: |
AHBPP3491L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.11.2013
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.11.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
0.05 |
|
Bodies
corporate |
36.56 |
|
Directors
or relatives of directors |
63.21 |
|
Others |
0.18 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing Health Care Services. |
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|
Products/ Services : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai - 400013, Maharashtra, India · ABN Amro Bank N.V. 3rd Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi - 110001, Delhi, India · The Royal Bank of Scotland N. V. 3rd Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi - 110001, Delhi, India ·
Axis Bank Limited |
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Facilities : |
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|
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
G. K. Chokshi and Company Chartered Accountants |
|
Address : |
Madhuban, Near Madalpur Underbridge, Ellisbridge,
Ahmedabad – 380006, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFG7623H |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
· Shalby Orthopedic Hospital and Research Centre · Xeon Devices (a unit of Zodiac Devices) · Uranus Medical Devices Limited · Shalby Orthopedic LLP ·
Zodiac Mediquip Limited · Shably Infrastructure Private Limited · Friends of Shalby Foundation · Slaney Healthcare Private Limited ·
Sigma Wellness Private limited |
|
|
|
|
Other Related Parties : |
· Kusha Healthcare Limited ·
YHL-Maninagar |
|
|
|
|
Subsidiary company
: |
· Shalby Pune Limited [U85110GJ2012PLC071824] · Shalby (Kenya) Limited · Vrundavan Shalby Hospitals Limited [U85110GA1995PLC001851] · Kusha Healthcare Limited [U85110GJ2004PLC045076] · Yogeshwar Healthcare Limited [U85110GJ1997PLC032486] |
CAPITAL STRUCTURE
AS ON 30.11.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 872.500 Millions |
|
2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 892.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34,941,972 |
Equity Shares |
Rs. 10/- each |
Rs. 349.420
Millions |
|
430,100 |
Preference Shares |
Rs. 10/- each |
Rs. 4.301
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 353.721 Millions |
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87,250,000 |
Equity Shares |
Rs. 10/- each |
Rs. 872.500 Millions |
|
2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 892.500
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34,903,620 |
Equity Shares |
Rs. 10/- each |
Rs. 349.036
Millions |
|
430,100 |
Preference Shares |
Rs. 10/- each |
Rs. 4.301
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 353.337 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 |
353.337 |
351.096 |
248.853 |
|
(b) Reserves & Surplus |
687.588 |
493.208 |
232.471 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.384 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1041.309 |
844.304 |
481.324 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4.195 |
0.309 |
2.023 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
6.324 |
8.324 |
|
(c)
Other long term liabilities |
94.092 |
0.000 |
0.000 |
|
(d)
long-term provisions |
1.485 |
0.983 |
0.687 |
|
Total
Non-current Liabilities (3) |
99.772 |
7.616 |
11.034 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
38.181 |
0.000 |
0.000 |
|
(b)
Trade payables |
174.592 |
82.563 |
34.444 |
|
(c)
Other current liabilities |
117.202 |
32.924 |
35.558 |
|
(d)
Short-term provisions |
0.656 |
0.504 |
1.806 |
|
Total
Current Liabilities (4) |
330.631 |
115.991 |
71.808 |
|
|
|
|
|
|
TOTAL |
1471.712 |
967.911 |
564.166 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
909.833 |
313.198 |
301.510 |
|
(ii)
Intangible Assets |
3.831 |
6.565 |
7.260 |
|
(iii)
Capital work-in-progress |
12.380 |
1.627 |
0.122 |
|
(iv) Intangible assets under development |
0.062 |
0.062 |
0.000 |
|
(b) Non-current
Investments |
176.631 |
85.925 |
0.868 |
|
(c) Deferred tax assets
(net) |
7.710 |
0.000 |
0.545 |
|
(d) Long-term Loan
and Advances |
46.274 |
11.832 |
1.043 |
|
(e)
Other Non-current assets |
5.315 |
3.598 |
0.000 |
|
Total
Non-Current Assets |
1162.036 |
422.807 |
311.348 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1.000 |
0.000 |
62.588 |
|
(b)
Inventories |
54.724 |
41.045 |
27.402 |
|
(c)
Trade receivables |
130.765 |
92.628 |
88.916 |
|
(d)
Cash and cash equivalents |
44.107 |
394.333 |
62.382 |
|
(e)
Short-term loans and advances |
72.907 |
9.228 |
8.759 |
|
(f)
Other current assets |
6.173 |
7.870 |
2.771 |
|
Total
Current Assets |
309.676 |
545.104 |
252.818 |
|
|
|
|
|
|
TOTAL |
1471.712 |
967.911 |
564.166 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2082.795 |
1644.000 |
1323.208 |
|
|
|
Other Income |
50.264 |
40.757 |
9.031 |
|
|
|
TOTAL (A) |
2133.059 |
1684.757 |
1332.239 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
475.054 |
|
|
|
Purchases of Stock-in-Trade |
28.350 |
18.101 |
12.102 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.857) |
(1.115) |
(1.644) |
|
|
|
Employees benefits expense |
124.001 |
78.723 |
75.143 |
|
|
|
Other expenses |
1493.167 |
1150.289 |
510.925 |
|
|
|
TOTAL (B) |
1643.661 |
1245.998 |
1071.580 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
489.398 |
438.759 |
260.659 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.227 |
0.957 |
2.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
486.171 |
437.802 |
258.107 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
264.418 |
54.252 |
52.322 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
221.753 |
383.550 |
205.785 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.966 |
125.500 |
69.673 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
190.787 |
258.050 |
136.112 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
50.999 |
82.800 |
37.075 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
25.786 |
41.763 |
0.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.47 |
7.51 |
5.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.94 |
15.32 |
10.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.65 |
23.33 |
15.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.39 |
43.57 |
36.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.45 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
4.70 |
3.52 |
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 |
248.853 |
351.096 |
353.337 |
|
Reserves & Surplus |
232.471 |
493.208 |
687.588 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.384 |
|
Net
worth |
481.324 |
844.304 |
1041.309 |
|
|
|
|
|
|
long-term borrowings |
2.023 |
0.309 |
4.195 |
|
Short term borrowings |
0.000 |
0.000 |
38.181 |
|
Total
borrowings |
2.023 |
0.309 |
42.376 |
|
Debt/Equity
ratio |
0.004 |
0.000 |
0.041 |
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 |
1323.208 |
1644.000 |
2082.795 |
|
|
|
24.244 |
26.691 |
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 |
1323.208 |
1644.000 |
2082.795 |
|
Profit |
136.112 |
258.050 |
190.787 |
|
|
10.29% |
15.70% |
9.16% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities
of long-term debt |
|
|
|
|
Term Loans from
Banks Royal Bank of Scotland [Vehicle Loans] |
0.000 |
0.075 |
0.149 |
|
From Banks Kotak Mahindra Prime Limited |
0.080 |
0.330 |
0.275 |
|
Axis Bank Limited |
0.027 |
0.559 |
0.965 |
|
HDFC Car Loan |
1.040 |
0.000 |
0.000 |
|
Others Cholamandalam Investment and Finance Company Limited |
0.205 |
0.745 |
0.674 |
|
|
|
|
|
|
Total |
1.352 |
1.709 |
2.063 |
|
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 |
No |
|
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 |
Yes |
|
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 |
10227781 |
02/06/2014 * |
268,800,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
C05917737 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
11.615 |
0.000 |
|
|
|
|
|
Total |
11.615 |
0.000 |
CHANGE OF ADDRESS:
The Registered office of the company has been shifted from 6, Rupam Society,
Near Memnagar Fire Station, Vijay Cross Road, Navrangpura, Ahmedabad – 380009,
Gujarat, India to the present address w.e.f.01.07.2009.
FINANCIAL
PERFORMANCE
During the year, the income from Healthcare services of the Company increased
to Rs. 2082.800 millions as compared to Rs. 1644.000 millions in the previous
year registering an impressive growth of 26.69%. The Company has incurred
financial cost of Rs. 3.230 millions and depreciation of Rs. 264.420 millions.
The Company has earned Net Profit of Rs. 190.790 millions after adjustment of
business/depreciation loss of Ghuma Division, which was transferred to the
Company in accordance with the demerger scheme against previous year of Rs.
258.050 millions The Company has carried net surplus of Rs. 681.110 millions to
the next year.
AMALGAMATIONS
During the year, the
Company has initiated the Composite Scheme of Arrangement (‘Composite Scheme’)
in the nature of De-merger and Restructure of Share Capital u/s. 391 to 394
read with section 100 to 103 of the Companies Act, 1956 between the Company and
Yogeshwar Healthcare Limited According to the said Composite Scheme, Ghuma
Division of Yogeshwar Healthcare Limited(Demerged Company), along with all the
assets and liabilities pertaining to Ghuma Division, shall be deemed to be
transferred to and vested in the company with effect from the appointed
date,1st April, 2012 at values appearing in the books of demerged company.
The Company has
received judgment of Hon’ble High Court of Gujarat alongwith certified copy of
the order on 30th September, 2013 and filed certified copy of the said order
sanctioning the Composite Scheme along with requisite form with the office of
the Registrar of Companies, Gujarat on 1st October, 2013. Subsequent to year
end date, upon the Composite Scheme become effective, Ghuma Division of
Yogeshwar Healthcare Limited has been demerged from Yogeshwar Healthcare
Limited so as to transfer to the company with effect from 1st April, 2012.
Accordingly the Company has incorporated the assets and liabilities pertaining
to Ghuma Division of Yogeshwar Healthcare Limited at the values appearing in
the books of Demerged Company. The difference between values of assets and
liabilities of Ghuma Division incorporated in the books is disclosed as
‘Goodwill Generated on Merger’ under the head ‘Intangible Assets’ in the
financial statements and adhering to significant policy adopted the same is
amortised and charged to statement of profit and loss in the year in which it
is generated. The Company has also given effect of capital reduction carried
out by Yogeshwar Healthcare Limited in the books by reducing its investment
value on proportionate basis as envisaged in the scheme and the sum of Rs 6.963
Millions has been disclosed as ‘Entitlement Rights in Equity’ under the head
‘Investment’ in the financial statement. Upon transfer of Ghuma Division
pursuant to the sanctioned Composite Scheme, the Authorised Equity Share
Capital of Rs 392.500 Millions of demerged company has been transferred to the
company and further, the Company is required to issue and allot 38352 equity
shares of Rs 10/- each fully paid up at par, to all the members of the demerged
company in the ratio specified in the said scheme, except to the company in
respect of its own shareholding in Demerged Company. Accordingly the sum of Rs
0.384 Million has been disclosed as ‘Capital Suspense’ under the head ‘Share
Capital’ in the financial statements.
NEW PROJECTS
Company has planned to start a Greenfield hospital in the Naroda area of
Ahmedabad, the Land has been finalized and construction will be started very
soon. In the similar line, the Company has also purchased a land at Jaipur to
start Greenfield hospital to explore the opportunities. In year 2012, the
Company has acquired Krishna Heart Hospitals based at Ghuma-Bopal, Ahmedabad
which is just 6 kms from their proposed project at Bopal. Thus the company
decided to defer Greenfield hospital project at Bopal, Ahmedabad till further
notice. The Company is in process to finalize, depending on market condition,
Greenfield hospital project at Indore.
NEW ACQUISITIONS
AND SUBSIDIARIES
The Company has acquired around 95% equity stake in Yogeshwar Healthcare
Limited known as Krishna Heart Institute having two divisions, one at
Ghuma-Bopal and at Maningar, both in Ahmedabad. The Ghuma division of the
Company has 110 beds capacity and the Maninagar unit has 10 bed capacity.
During the year, the Company has incorporated a LLP in the name of
Shalby Orthopedic LLP in which the Company is a designated partner.
During the year, the Company also incorporated a wholly owned Subsidiary
Company in the name of Shalby Pune Limited.
The Company has attached the financial statements of its following
subsidiary companies with this report pursuant to Section 212 of the Companies
Act, 1956:-
a) Kusha Healthcare Limited
b) Vrundavan Shalby Hospitals Limited
c) Yogeshwar Healthcare Limited
d) Shalby Pune Limited
e) Shalby (Kenya) Limited
DEMERGER SCHEME
The Board of Directors of the Company, subject to the requisite
approvals, approved the Composite Scheme (the scheme} of Arrangement in the
nature of de-merger and transfer of Ghuma division of Yogeshwar Healthcare
Limited to their Company and restructure of Share capital of Yogeshwar
Healthcare Limited. After the approval/NOC from member, creditors, Regional
Director, the Hon’ble High Court of Gujarat approved the scheme on August 8,
2013. The appointed date under the scheme was April 1, 2012 however the scheme
became effective on October 1, 2013, the date on which the certified true copy
of the order of Hon?ble High Court of Gujarat filed with the office of the
Registrar of Companies, Gujarat.
Pursuant to the approval of the said Scheme, the Ghuma division of
Yogeshwar Healthcare Limited shall be transferred to the Company and the
Authorised Share Capital of Rs. 392.5 mn of Yogeshwar Healthcare Limited shall
be transferred to the Company.
AWARDS/RECOGNISITION
The Company had the honor to receive the Business Today-Yes Bank SME
Awards 2012 on 10th April, 2013 at a special function held at ITC Maurya, New
Delhi. The Company won the top position as the ‘Star SME’ in Service Industry
Category. The award was received by Dr. Vikram Shah, Chairman and Managing Director
of the Company, Dr. Darshini Shah- Medical Director (Dental) and Mr. Ravi
Bhandari, Chief Executive Officer of the Company. The Company was chosen among
410,000 competitive entries. The Company was also nominated among the top three
finalists in ‘Environment and Social Responsibility Category’.
The Company also received the award at 5th Annual India Healthcare
Excellence Awards 2013 by Frost and Sullivan held at The Lalit, Mumbai on 27th
September 2013. The Company was recognized ‘Healthcare Service Provider Company
of the year (Revenue less than Rs 5000.000 Millions)’ by Frost and Sullivan
during the award night held with grand celebrations. The award program by Frost
and Sullivan, a growth partnership company, is to recognize innovative growth strategies
and solutions adopted by the best companies in the healthcare Industry.
NABH RENEWAL
ASSESSMENT
The Company has successfully completed three years of continues
accreditation with India’s prestigious National Accreditation Board for
Hospitals and Healthcare Providers (NABH). During the year, a team from
National Accreditation Board for Hospitals and Healthcare Providers (NABH) had
come to review and assess the quality standard of SG Highway unit of the
Company as per the quality standards of NABH, The assessment was done by NABH
review team and declared their hospital situated SG Highway, Ahmedabad to
comply with NABH requirement and certificate of accreditation has been issued
for another three years ending on March 2, 2016.
CME PROGRAMMES
The Company regularly holds CME Programmes, Workshops and Health Talk on
healthcare like Orthopaedics, Cardiology, Neurology etc. The Hospital has been
offering DNB Courses in Orthopaedic specialty which was approved by the Central
Government. All the seats are filled up with post-graduate Medical
professionals who are pursuing these Super Specialty Courses.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Contingent Liabilities
not provided for in respect of |
|
|
|
(i) Claim against the company not acknowledged as debt |
0.759 |
0.000 |
|
(ii) Pending export obligations liability on account of custom duty on import |
0.000 |
2.130 |
|
(iii) Income-tax Demand for A.Y. : 2010-2011 |
24.609 |
0.000 |
|
(iv) Letter of Credit |
35.054 |
0.000 |
|
(v) Bank Guarantee |
5.119 |
3.819 |
|
|
|
|
|
Total |
65.541 |
5.949 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
· Goodwill
· 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. 59.48 |
|
|
1 |
Rs. 100.93 |
|
Euro |
1 |
Rs. 80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.