|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEDSOURCE HEALTHCARE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
2nd, Floor, D-1/5, Okhla Industrial Area, Phase – II, New
Delhi - 110020 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.07.2002 |
|
|
|
|
Com. Reg. No.: |
55-116043 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5.007 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51397DL2002PTC116043 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM07104G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM0896S |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is engaged in procurement, transportation, distribution,
warehousing, logistic and supply chain of Pharmaceuticals and Healthcare
products. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (15) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred huge accumulated losses, which has eroded the
net worth of the company. Liquidity position of the company is under
pressure. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on safe and
secured 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.2453.2 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.
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. Manish Shing |
|
Designation : |
Head of Department |
|
Contact No.: |
91-11-30148200 |
LOCATIONS
|
Registered Office : |
2nd, Floor, D-1/5, Okhla Industrial Area, Phase – II, New
Delhi – 110020 |
|
Tel. No.: |
91-11-30148200 |
|
Mobile No.: |
91-9999888287 (Mr. Manjeet) |
|
Fax No.: |
91-11-30148284 |
|
E-Mail : |
niti.biyala@religarewelleness.com himanshu.gupta@religarewllness.com |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Rahul Chadha |
|
Designation : |
Director |
|
Address : |
B-1, Gulmohar Park, New Delhi - 110049, India |
|
Date of Birth/Age : |
07.11.1970 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
00042270 |
|
|
|
|
Name : |
Mr. Atul Gupta |
|
Designation : |
Director |
|
Address : |
Flat No. 42, Prayag Apartment, Plao No. B-1, Vasundhara Enclave, New
Delhi - 110096, India |
|
Date of Birth/Age : |
07.07.1968 |
|
Date of Appointment : |
06.03.2009 |
|
DIN No.: |
00510562 |
|
|
|
|
Name : |
Mr. Sunil Kumar Garg |
|
Designation : |
Director |
|
Address : |
Lincoil – C/ Linc 302, Grand Omaxe, Expressway, Sector – 93 B, Noida –
201304, Uttar Pradesh , India |
|
Date of Birth/Age : |
21.10.1968 |
|
Date of Appointment : |
31.03.2011 |
|
DIN No.: |
01179441 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Shing |
|
Designation : |
Head of Department |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
**Religare Wellness Limited, India (Formerly known as Fortis
HealthWorld Limited) |
|
500668 |
|
*Shivnder Mohan Singh |
|
1 |
|
*Dr. Sanjeev K. Chaudhry |
|
1 |
|
*Sunil Godhwani |
|
1 |
|
*Anil Saxena |
|
1 |
|
*Shachindra Nath |
|
1 |
|
*Atul Gupta |
|
1 |
|
*Sunil Kumar Garg |
|
1 |
|
Total |
|
500675 |
*As nominee of Religare Wellness Limited
**Name changed to RWL HealthWorld Limited w.e.f. October 21, 2013
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2013
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in procurement, transportation, distribution, warehousing,
logistic and supply chain of Pharmaceuticals and Healthcare products. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
RRCA and Associates Chartered Accountants |
|
Address : |
505 A, 5th Floor, D-4, Rectangle I, District Center, Saket,
New Delhi – 110017, India |
|
PAN No.: |
AAKFR6727K |
|
|
|
|
Holding
Company : |
U85121DL2006PLC148330 |
|
|
|
|
Enterprises
which are owned, or have
significant influence of or are partners with Key management personnel and their
relatives : |
CIN No.: U67190DL2007PTC162322
CIN No.:L65999DL1978PLC099476
CIN No.:U85110HR1998PLC048142
CIN No.:U85110CH2000PLC023744
CIN No.:U93000DL2009PLC222166
CIN No.:U85110DL2011PLC217187
CIN No.:U74140DL2011PLC225477
CIN No. L72300DL2009PLC190552 |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500675 |
Equity Shares |
Rs.10/- each |
Rs.5.007 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 |
5.007 |
5.007 |
5.007 |
|
(b) Reserves & Surplus |
(36.139) |
(40.517) |
(11.151) |
|
(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) |
(31.132) |
(35.510) |
(6.144) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(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 |
1.249 |
1.329 |
0.606 |
|
Total Non-current
Liabilities (3) |
1.249 |
1.329 |
0.606 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
81.179 |
89.708 |
0.000 |
|
(b) Trade
payables |
96.936 |
84.013 |
66.613 |
|
(c) Other current
liabilities |
11.058 |
15.465 |
94.699 |
|
(d) Short-term
provisions |
20.275 |
38.768 |
26.193 |
|
Total Current
Liabilities (4) |
209.448 |
227.954 |
187.505 |
|
|
|
|
|
|
TOTAL |
179.565 |
193.773 |
181.967 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9.629 |
10.840 |
12.286 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13.770 |
9.970 |
8.271 |
|
(e) Other Non-current
assets |
0.000 |
0.244 |
0.264 |
|
Total Non-Current
Assets |
23.399 |
21.054 |
20.821 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
87.113 |
124.762 |
115.912 |
|
(c) Trade
receivables |
46.443 |
1.291 |
5.543 |
|
(d) Cash
and cash equivalents |
16.241 |
16.783 |
6.865 |
|
(e)
Short-term loans and advances |
6.058 |
29.551 |
32.820 |
|
(f) Other
current assets |
0.311 |
0.332 |
0.006 |
|
Total
Current Assets |
156.166 |
172.719 |
161.146 |
|
|
|
|
|
|
TOTAL |
179.565 |
193.773 |
181.967 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
|
|
TOTAL INCOME |
1177.366 |
1114.751 |
812.478 |
|
|
|
|
|
|
|
Less |
EXPENSES |
1172.986 |
1141.652 |
812.988 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
4.380 |
(26.901) |
(0.510) |
|
|
|
|
|
|
|
Less |
EXTRA-ORDINARY
ITEM |
0.000 |
2.431 |
12.911 |
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENSES |
0.002 |
0.034 |
0.004 |
|
|
|
|
|
|
|
Less |
TAX |
2.444 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
MAT CREDIT |
(2.444) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX |
4.378 |
(29.366) |
(13.425) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(40.517) |
(11.151) |
2.274 |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(36.139) |
(40.517) |
(11.151) |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.74 |
NA |
NA |
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
2300.000 |
The above information has been parted by Mr. Manish Singh, Head of
Department.
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans and advances from related parties |
|
|
|
RHC Holding Private Limited |
65.311 |
80.000 |
|
Oscar Investment Limited |
2.150 |
0.000 |
|
Total |
67.461 |
80.000 |
Note: None of the loan have guaranteed by the directors. There is no default as on the balance sheet date in repayment of loans and interest.
OVERVIEW:
The Company was incorporated on 2 nd July, 2002 as Medsource Healthcare
Private Limited. The Company is a subsidiary of Religare Wellness Limited,
formerly Fortis Health world Limited which holds 100% equity shares of the
company. The company is engaged in procurement, transportation, distribution,
warehousing, logistic and supply chain of Pharmaceuticals and Healthcare
products.
PERFORMANCE OF THE COMPANY
During the year the total income of the Company has increased by 5.62% as compared to last year sales. There has been concurrent increase in expenditure to meet the larger scale of operations.
FUTURE OUTLOOK
The Directors have high expectations and foresees immense growth prospects in near future to come.
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.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.