MIRA
INFORM REPORT
|
Report Date : |
15.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANDOR MEDICAIDS PRIVATE
LIMITED |
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|
Registered
Office : |
# 8-2-326/5, 4th
Floor, Plot No.1, Road No.3, Banjara Hills, Hyderabad – 500 034, Andhra
Pradesh |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
04.10.1995 |
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Com. Reg. No.: |
01-021906 |
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Capital
Investment / Paid-up Capital : |
Rs.116.508
millions |
|
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|
|
CIN No.: [Company Identification
No.] |
U51101AP1995PTC021906 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDS04391C |
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PAN No.: [Permanent Account No.] |
AADCS4168H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject operates as a medical device and drugs
marketing and distribution company and
also provides medical and health care, diagnostics and R&D and
dialysis services. |
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|
|
No. of Employees
: |
400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 857000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. Reserves of the
company is low. However, the rating
takes into consideration sound financial risk profile and fair profitability
achieved by the company from its operation. Trade relations
are fair. Business is active. Payment terms are reported to be slow but
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.
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.
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 : |
Ms. Sharada |
|
Designation : |
Manager |
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Contact No.: |
91-40-23357048 |
|
Date : |
13.05.2014 |
LOCATIONS
|
Registered Office/ Head Office : |
# 8-2-326/5, 4th
Floor, Plot No.1, Road No.3, Banjara Hills, Hyderabad – 500 034, Andhra
Pradesh, India |
|
Tel. No.: |
91-40-23357048/ 49/ 50/ 51/ 23354824 |
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Fax No.: |
91-40-23357046 |
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E-Mail : |
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Website : |
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Branch Office : |
Located at: ·
Hyderabad ·
Visakhapatnam ·
Chennai ·
Coimbatore ·
Bangalore ·
Kochi ·
Mumbai ·
Indore ·
Ahmedabad ·
Kolkata ·
Bhubaneshwar ·
Patna ·
Guwahati ·
New
Delhi ·
Mohali ·
Panchkula ·
Lucknow · Jaipur |
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Distribution Points : |
Located at: ·
Madurai ·
Trivandrum ·
Goa ·
Nagpur ·
Pune ·
Aurangabad ·
Vadodara ·
Ranchi ·
Cuttack ·
Jalandhar ·
Ludhiana ·
Srinagar · Kanpur |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Rajeev Sindhi |
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Designation : |
Managing Director |
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Address : |
#203, Akarshan, Banjara Road No.3, Banjara Hills, Hyderabad – 500 034,
Andhra Pradesh, India |
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Date of Birth/Age : |
11.10.1961 |
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Date of Appointment : |
29.09.2007 |
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DIN No.: |
00184701 |
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PAN No.: |
AFVPS5709N |
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Other Directorship:
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Name : |
Venkata Muralidhar Reddy Kasiralla |
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Designation : |
Director |
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|
Address : |
# 8-3-1073-101, Flat No.62, Jyothi Mahal, Sri Nagar Colony, Hyderabad
– 500 073, Andhra Pradesh, India |
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Date of Birth/Age : |
01.12.1964 |
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Date of Appointment : |
16.05.2002 |
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DIN No.: |
01881121 |
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PAN No.: |
ADFPK1203R |
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Other Directorship:
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Name : |
Mr. Avinash Anand Kenkare |
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Designation : |
Director |
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Address : |
# 1602, Casa Grande Tower 1, Near Peninsula, Lower Parel, Mumbai – 400
013, Maharashtra, India |
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Date of Birth/Age : |
15.01.1962 |
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Date of Appointment : |
30.05.2011 |
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DIN No.: |
03303607 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Ms. Sharada |
|
Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of
Shareholders [Equity
Shares] |
|
No. of Shares |
|
Gunjan Sindhi |
|
68061 |
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Rakesh Sindhi, USA |
|
54682 |
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K. V. Muralidhar Reddy |
|
62500 |
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Renu Khanna |
|
5000 |
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Laura Sindhi, USA |
|
4000 |
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Smarth Sindhi represented
by his father, Rajeev Sindhi |
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11000 |
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Rajeev Sindhi |
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843918 |
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I. Jaipal Reddy |
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5000 |
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Somerset Indus Healthcare
Fund I Limited, Mauritius (formerly Leonardo Investments Limited) |
|
100 |
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Koduru Iswara Varaprasad
Reddy |
|
95238 |
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Mayur Sirdesai |
|
3756 |
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Total
|
|
1153255 |
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Names of
Shareholders [5% Cumulative
Compulsorily Convertible Preference Shares (CCPS)] |
|
No. of Shares |
|
Somerset Indus Healthcare
Fund I Limited, Mauritius (formerly Leonardo Investments Limited) |
|
518395 |
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Total
|
|
518395 |
AS ON 30.09.2013
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
5.10* |
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Directors
or relatives of directors |
|
85.45 |
|
Other
top fifty shareholders |
|
9.45 |
|
Total |
|
100.00 |
*
Out of this 5.09% is held by relatives of director and 0.01 % is held by
foreign company
BUSINESS DETAILS
|
Line of Business : |
Subject operates as a medical device and drugs
marketing and distribution company and
also provides medical and health care, diagnostics and R&D and
dialysis services. |
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Products/ Services : |
·
POCT (Point of Care Technology) Devices ·
Reprocessing Devices ·
Specialty Devices ·
Transdermal Drugs ·
Conventional Drugs ·
Perfusion Fluids ·
Cool-Touch They provide services in the field of: ·
Medical and Healthcare products ·
Diagnostics and Research ·
Nephrology / Dialysis Services |
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Exports : |
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Countries : |
·
Bangladesh ·
Sri Lanka |
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Imports : |
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Products : |
·
Finished Goods |
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Countries : |
·
UK ·
USA ·
Germany |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
L/C and Cheque |
GENERAL INFORMATION
|
Customers : |
Wholesalers,
Retailers and Distributors ·
Apollo
Hospitals ·
Fortis
Malar Hospital ·
Yashoda
Hospital ·
Dr.
Ram Manohar Lohia Hospital ·
All
India Institute of Medical Sciences ·
Sunshine
Hospitals ·
Star
Hospitals ·
Hinduja
Hospital ·
Medanta
The Medicity ·
KIMS ·
Kokilaben
Dhirubhai Ambani Hospital & Medical Research Institute ·
Lotus
Children's Hospital ·
Jaslok
Hospital ·
Global
Hospitals ·
SDMH ·
Lalita
Gayathri Hospital ·
Narayana
Hrudayalaya Hospitals ·
Manipal
Hospital ·
Niloufer
Hospital ·
Fernandez
Hospital ·
Calicut
Medical College ·
Christian
Medical College ·
National
Institute of Mental Health and Neuro Sciences ·
Nizam's
Institute of Medical Sciences ·
Banaras
Hindu University ·
Goa
Medical College ·
Post
Graduate Institute of Medical Education and Research Chandigarh |
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No. of Employees : |
400 (Approximately) |
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Bankers : |
·
State Bank of India, SME Branch, Saifabad, Haca Bhavan, Opposite
Assembly, Hyderabad – 500 004, Andhra Pradesh, India ·
Oriental Bank of Commerce, 9-1-129/1, Oxford Plaza, Sarojini Devi
Road, Secunderabad – 500 003, Andhra Pradesh, India |
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Facilities : |
Nature of security EM of open land adm 1042 sq.
yards bearing No.30, north part in S. No.46, SRB Cargo Ville, Shamshabad
First charge on the entire current assets of the company, both fixed and
future. First charge on the unencumbered fixed assets of the company, both
fixed and future. Equitable mortgage of House property bearing M. No.
8-2-326/s adm.815 sq. yards situated at Road No.3, Banjara Hills, Hyderabad
-34. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Harinarayan Loya and
Company Chartered Accountants |
|
Address : |
413, Raghav Ratna Towers,
Chirag Ali Lane, ABIDS, Hyderabad – 500 001, Andhra Pradesh, India |
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PAN No.: |
AAQPL5402R |
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Subsidiary Company : |
Sandor Nephro Services
Private Limited, India (CIN No.: U85100AP2011PTC072032) |
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Associate : |
Sandor Proteomics Private
Limited, India (CIN No.: U85110AP2004PTC043672) |
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|
Enterprises which are owned, or have significant influence of or are
partners with Key management personnel and their relatives : |
·
Sandor Associates, India ·
Harmonica Healthcare, India |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
|
518396 |
Preference Shares |
Rs.202.50/- each |
Rs.104.975 millions |
|
|
Total |
|
Rs.124.975
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1153275 |
Equity Shares |
Rs.10/- each |
Rs.11.533
millions |
|
518395 |
Preference Shares |
Rs.202.50/- each |
Rs.104.975
millions |
|
|
Total |
|
Rs.116.508 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 |
116.508 |
116.470 |
11.018 |
|
(b) Reserves & Surplus |
97.682 |
70.379 |
42.153 |
|
(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) |
214.190 |
186.849 |
53.171 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
33.372 |
37.491 |
22.550 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
2.628 |
2.700 |
2.475 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
36.000 |
40.191 |
25.025 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
120.324 |
90.000 |
58.178 |
|
(b)
Trade payables |
386.467 |
204.687 |
219.070 |
|
(c)
Other current liabilities |
29.611 |
13.903 |
15.733 |
|
(d) Short-term
provisions |
12.982 |
9.985 |
8.253 |
|
Total Current
Liabilities (4) |
549.384 |
318.575 |
301.234 |
|
|
|
|
|
|
TOTAL |
799.574 |
545.615 |
379.430 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
127.384 |
85.910 |
19.713 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
1.965 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.351 |
6.351 |
0.500 |
|
(c) Deferred tax assets (net) |
0.386 |
0.339 |
0.253 |
|
(d) Long-term Loan and Advances |
12.076 |
9.855 |
9.370 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
146.197 |
102.455 |
31.801 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
390.210 |
269.913 |
195.394 |
|
(c)
Trade receivables |
178.034 |
111.330 |
94.984 |
|
(d) Cash
and cash equivalents |
48.555 |
37.718 |
33.311 |
|
(e)
Short-term loans and advances |
36.578 |
24.199 |
23.940 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
653.377 |
443.160 |
347.629 |
|
|
|
|
|
|
TOTAL |
799.574 |
545.615 |
379.430 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income
from operation |
771.583 |
556.740 |
464.836 |
|
|
|
Other Income |
4.771 |
8.031 |
20.000 |
|
|
|
TOTAL (A) |
776.354 |
564.771 |
484.836 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
516.577 |
445.890 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
706.264 |
516.577 |
445.890 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
70.090 |
48.194 |
38.946 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.168 |
14.468 |
8.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44.922 |
33.726 |
30.412 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.123 |
3.738 |
3.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
40.799 |
29.988 |
26.964 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
14.219 |
11.305 |
9.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
26.580 |
18.683 |
17.634 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Payment received from customers |
2.791 |
7.289 |
6.204 |
|
|
TOTAL EARNINGS |
2.791 |
7.289 |
6.204 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Finished Goods |
547.423 |
391.935 |
403.271 |
|
|
TOTAL IMPORTS |
547.423 |
391.935 |
403.271 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
23.04 |
16.25 |
16.00 |
|
|
Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
1086.900 |
|
|
|
|
|
The above information has been parted by Ms. Sharada (Manager).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.42
|
3.31 |
3.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.29
|
5.39 |
5.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.15
|
5.56 |
7.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16 |
0.51 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.72
|
0.68 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.39 |
1.15 |
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 |
11.018 |
116.470 |
116.508 |
|
Reserves & Surplus |
42.153 |
70.379 |
97.682 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
53.171 |
186.849 |
214.190 |
|
|
|
|
|
|
Long-term borrowings |
22.550 |
37.491 |
33.372 |
|
Short term borrowings |
58.178 |
90.000 |
120.324 |
|
Total borrowings |
80.728 |
127.491 |
153.696 |
|
Debt/Equity ratio |
1.518 |
0.682 |
0.718 |
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) |
|
Income from operation |
464.836 |
556.740 |
771.583 |
|
|
|
19.771 |
38.589 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Income from operation |
464.836 |
556.740 |
771.583 |
|
Profit |
17.634 |
18.683 |
26.580 |
|
|
3.79% |
3.36% |
3.44% |
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 |
Yes |
|
19) Payments terms |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
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 |
No |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10438859 |
22/07/2013 * |
188,700,000.00 |
STATE BANK OF INDIA |
SME BRANCH, SAIFABAD, HACA BHAVAN, OPPOSITE
ASSEMBLY, HYDERABAD, ANDHRA PRADESH - 500004, INDIA |
B82097668 |
|
2 |
10387466 |
27/09/2012 |
7,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H" BLOCK, 1ST
FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B62333299 |
|
3 |
10161453 |
23/05/2011 * |
5,000,000.00 |
OREINTAL BANK OF COMMERCE |
9-1-129/1, OXFORD PLAZA,
SAROJINI DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
B13454483 |
|
4 |
10157026 |
29/04/2009 |
400,000.00 |
FAMILY CREDIT LIMITED |
TECHNOPOLIS, 7TH FLOOR, A- WING, PLOT NO.4,
BLOCK-BP, SECTOR-V, SALT LAKE, KOLKATA, WEST BENGAL - 700091, INDIA |
A61848354 |
|
5 |
10015243 |
18/12/2012 * |
164,700,000.00 |
ORIENTAL BANK OF COMMERCE |
9-1-129/1, OXFORD PLAZA, SAROJINI
DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
B65770018 |
|
6 |
90259296 |
21/01/2006 |
1,100,000.00 |
ORIENTAL BANK OF COMMERCE |
9-1-129/1; OXFORD PLAZA,
SAROJINI DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
7 |
90133143 |
17/11/2003 |
1,500,000.00 |
GLOBAL TRUST BANK LIMITED |
9-1-129/1; OXFORD PLAZA,
SAROJINI DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
|
8 |
90133112 |
30/06/2003 |
1,500,000.00 |
GLOBAL TRUST BANK LIMITED |
9-1-129/1; OXFORD PLAZA, SAROJINI
DEVI ROAD, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM
BORROWINGS |
|
|
|
Other loans and advances |
3.813 |
8.282 |
|
Total
|
3.813 |
8.282 |
Note:
The
registered office of the company has been shifted from # 101 and 102, Lateef Plaza, MCH
No.8-2-403/A/1/A, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh to
the present address w.e.f. 01.11.2013.
FINANCIAL RESULT, OPERATIONS AND PROSPECTS:
The company made a profit
before tax of Rs.40.800 millions against Rs.30.000 millions approximately last
year. The profit after tax also increased to Rs.26.600 millions.
The management is of the
opinion that the company performed well for the financial year and has clocked
a revenue of Rs.810.000 millions which is a growth of more than 37%. The
company also launched many new products during the financial year and the two
highlights are exclusive arrangement with Convatec and J&J for their
reprocessing system. There are many new contracts for sales and marketing which
were signed in the last 4 months which will help them achieve their aggressive
growth target of Rs.110.00 crores revenue for FY 2013-14 with a healthy EBIDTA.
The following were the
additional business opportunities that were converted to generate higher
revenues and EBIDTA for the company during the last FY:
Ø Abbott Point of Care, US based
diagnostic giant had amended the existing agreement to sell I-stat system
across entire Indian territory from June, 2012 for 5 years on a sole and
exclusive basis. This will add about Rs.50.000 millions additional revenues for
FY 2013-14. This will also give them an opportunity to sell their other point
of care products to this new customer base which will now be serviced by them
for supply of consumables.
Ø Their main drug
manufacturing partner, Genzyme Corporation, USA was bought by Sanofi of France
in the previous year and thereafter they have been working with Sanofi, India.
Due to the unique distribution chain that their company has created in India,
Sanofi has now added three of their products, Fludara, from Cadilla Healthcare,
Erythropoitin (Shanpoitin) and Hepatitis B Vaccine (Shanvac B) from Shantha
Biotech (acquired by Sanofi) to be distributed through their company.
Ø They have also launched
two new products in their point of care diagnostic devices division, namely
Coagusense (Coagulation analyser) and Glucose / Blood Ketone Meter which is a
synergetic product for their critical care division. Both these products are
closed loop systems which need consumables to be supplied through them.
Ø They have signed up with
Convatech, India for exclusive selling rights for their latest critical care
products for use in ICUs. These are high end consumables used for infection
control manufactured by the world leaders in this business.
Ø The company has also
signed up with Johnson and Johnson, India for their sterilizers for use in
Operating Rooms.
Ø The company is also
launching three of its own branded products in March/April this year. The first
one is a Transdermal Patch, Memory Touch, for use in Dementia and Alzimers. The
other two products are narcotic drugs, Fentanyl and Morphine which are being
manufactured by Rusan Pharma, Mumbai on loan licence on their brand name for
sale across India.
Ø The company has also for
the first time in licensed a patented product, IV Ibuprufen, with 10 years sole
and exclusive selling rights in India.
This product has the
potential to become a Rs.500.000 millions brand in the next 5-7 years and will
be launched in the next 6 months in India. Besides the above newly added /
amended contracts there is an average growth of about 16% on the existing
business by virtue of the closed loop nature of their products.
The above growth in revenue
will need a huge working capital support since the hospital healthcare system
works on long credit and considering the fact that they have a national cold
and room temperature distribution chain they always have to stock about 3
months stock across India to maintain adequate inventory. That also increases
their book debts considering the 65-70 days credit they offer to hospitals, nursing
homes and Government Institutions.
The company has also nearly
completed the construction of its new facility which will be ready to move in
by end of September 2013.
The
Board shall strengthen to ensure all applicable statutory compliances.
SUBSIDIARY COMPANY
As on 31.03.2013, the
Company had one subsidiary company, “Sandor Nephro Services Private Limited”
incorporated for the purpose of rendering mainly Dialysis Services in addition
to other services in the Medical Industry.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Refrigerator
and Temperature Recorder
·
Temperature
Control System
·
Air
Conditioners
·
Fax
Machine
·
Mobile
Phones
·
Cold
Storage Plant
·
Website
·
Telephone
Instrument + EPABX System
·
UPS
·
Stabilizer
·
Generator
·
Push
and Pull Trolley
·
Transformer
·
Attendance
Machine
·
Office Equipment
·
Computer Equipments
·
Leasehold Improvements
Intangible
Assets
·
Computer
Software
WEBSITE DETAILS:
PROFILE:
Subject is a medical
device and drugs marketing and distribution firm. Since its inception in 1995
in Hyderabad, the company has focused on making high-tech biomedical and
biotechnology products accessible to patients in India. Subject is recognized
as a pioneer in bringing the “Point of
Care” concept to India in 1996 in partnership with a leading Global
Healthcare Company who was then searching for a local partner for distribution
of their product.
In early 2000’s,
they built a national level distribution network together with cold chain
facilities covering most of India. Their innovative logistics solutions support
manufacturers in the medical devices and hospital supplies industries that look
for a temperature sensitive environment for their products.
A sub-network of 15
distribution centers ably supports subject’s existing efficient and effective Cold Chain Distribution Network. The entire network is centrally
monitored from the subject Head Office at Hyderabad.
Over the last
decade, they have expanded their presence in hospitals and specialities by
introducing additional products and field force. Their marketing and distribution team are professionals with experience
in most reputed Health Care Organizations across the country. They ensure the
products of their partners reach the customers at the Right Time, to the Right
Place, in the Right Form and for the Right Price.
They also offer Regulatory services to
manufacturers of medical device, drugs and Hospital supplies.
With a firm
foothold in the Indian medical business, subject has built good inroads in
the hospital system. Subject is the only reputable name in the organized sector
in India as of today, and stands as a full-fledged one-stop-shop for any
multinational firm interested in launching its products in Indian market.
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.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.