MIRA INFORM REPORT

 

 

Report No. :

333318

Report Date :

27.07.2015

 

IDENTIFICATION DETAILS

 

Name :

ARKRAY HEALTHCARE PRIVATE LIMITED (w.e.f.17.05.2011)

 

 

Formerly Known As :

ARKRAY PIRAMAL MEDICAL PRIVATE LIMITED (w.e.f 17.12.2007)

 

NPIL DIAGNOSTICS PRIVATE LIMITED

 

 

Registered Office :

7th Floor, Opulence, 6th  Road, TPS III, Santacruz (East), Mumbai – 400055, Maharashtra

Tel. No.:

91-22-61559355

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

17.10.2007

 

 

Com. Reg. No.:

11-175112

 

 

Capital Investment / Paid-up Capital :

Rs. 657.965 Million

 

 

CIN No.:

[Company Identification No.]

U51507MH2007PTC175112

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAGCA6760J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader of Diagnostic Equipment.

 

 

No. of Employees :

100 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 59000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track record.

 

ARKRAY Healthcare Private limited is a wholly owned subsidiary of ARKRAY Global Business Inc. Japan.

 

Profitability of the company is under pressure. The company has achieved better growth in its sales turnover whereas has reported a loss from its operations during FY2014.

 

There was increase in the income of the Company by Rs. 25.705 Million. However, due to the increase in the expenses, the company has incurred losses of Rs. 148.207 Million during FY 2014.

 

Rating takes into consideration, subjects moderate financial risk profile marked by accumulated losses incurred by the company, weak net worth base and small cash reserves.

 

However, subject has strong managerial, financial and operational support from its holding company.

 

The company's accumulated losses of Rs 489.055 Million have substantially eroded the net worth of the company during 2013.

 

However their net worth has increased in FY 2014 after the promoters infused money.

 

The ratings also take into consideration, the infusion of funds as capital from the promoters which further supports the liquidity position.

 

Trade relations are fair. Business is active. Payment terms are reported to be slow.

 

In the view of strong support from holding company, the subject can be considered for business dealings with some caution.

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

Not Available

Rating

Not Available

Rating Explanation

Not Available

Date

Not Available

 

 

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 31-03-2013.

 

INFORMATION PARTED BY

 

Name :

Ma. Varsha

Designation :

Accountant

Contact No.:

91-22-61559355

Date :

27.07.2015

 

 

LOCATIONS

 

Registered Office :

7th Floor, Opulence, 6th  Road, TPS III, Santacruz (East), Mumbai – 400055, Maharashtra, India

Tel. No.:

91-22-61559357 / 61559355

Fax No.:

91-22-61559356

E-Mail :

cs@skparekh.com

Website:

www.arkray.com

Location:

Rented

Locality:

Commercial

 

 

Warehouse:

Sanpada, Navi Mumbai – 400705, Maharashtra, India

 

 

DIRECTORS

 

AS ON 30.09.2014

 

Name :

Mr. Tukitoshi Yao

Designation :

Director

Address :

3-27-6, Sakuragaoka, Seika – Town, Soraku Gun Kyoto Fu, 6018045, Japan

Date of Birth/Age :

22.12.1962

Date of Appointment :

29.09.2008

DIN No.:

02423123

 

 

Name :

Mr. Shigeki Yamada

Designation :

Nominee Director

Address :

2-4-12 Asahi, Ostu City Shigs Prefecture, 5200533, Japan

Date of Birth/Age :

02.09.1947

Date of Appointment :

01.04.2010

DIN No.:

03217939

 

 

Name :

Mr. Tadashi inoue

Designation :

Nominee director

Address :

15 saga toriimoto senno cho uko ku, Kyoto city, 6168437, japan

Date of Birth/Age :

01.09.1959

Date of Appointment :

01.04.2010

DIN No.:

03217958

 

 

KEY EXECUTIVES

 

Name :

Ma. Varsha

Designation :

Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2014

 

Names of Shareholders

 

No. of Shares

Arkray Global Business Inc, Japan

 

65796497

Arkray Inc. Japan

 

10

Total

 

65796507

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 30.09.2014

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

100.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader of Diagnostic Equipment.

 

 

Products :

Diagnostic Equipment

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

 

Products :

Diagnostic Material

Countries :

Japan

 

 

Terms :

 

Selling :

Cash and Cheque

 

 

Purchasing :

Cash and Cheque

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Retailers and End users

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

100 (Approximately)

 

 

Bankers :

Banker Name

HDFC Bank Limited

Branch Address

Fort Branch, Mumbai, Maharashtra, India

Person Name (With Designation)

Not Divulged

Contact Number

91-22-61606161

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Current Account

Account Operation

Not Divulged

Remarks (If any)

Continuously ringing

 

Auditors :

 

Name :

Sudit K Parekh and  Company

Chartered Accountant

Address :

Mumbai, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AACFS6921Q

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company  :

Arkray Global Business Inc, Japan

 

 

Ultimate Holding company:

Arkray Inc. Japan

 

 

CAPITAL STRUCTURE

 

AFTER 30.09.2014

 

Authorised Capital : Rs. 1660.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 1659.000 Million

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

66000000

Equity Shares

Rs.10/- each

Rs. 660.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

65796507

Equity Shares

Rs.10/- each

Rs. 657.965 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2014

31.03.2013

31.03.2012

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

657.965

100.000

100.000

(b) Reserves & Surplus

(637.261)

(489.055)

(438.371)

(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)

20.704

(389.055)

(338.371)

 

 

 

 

(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

0.908

0.908

0.985

(d) long-term provisions

1.454

1.293

1.106

Total Non-current Liabilities (3)

2.362

2.201

2.091

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

54.572

466.638

416.418

(c) Other current liabilities

41.632

23.825

20.300

(d) Short-term provisions

0.673

2.420

0.648

Total Current Liabilities (4)

96.877

492.883

437.366

 

 

 

 

TOTAL

119.943

106.029

101.086

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2.369

3.153

2.255

(ii) Intangible Assets

0.414

0.442

0.268

(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

3.248

3.306

3.570

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

6.031

6.901

6.093

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

35.462

31.318

33.857

(c) Trade receivables

41.643

31.836

28.405

(d) Cash and cash equivalents

33.549

35.294

21.980

(e) Short-term loans and advances

3.258

0.666

10.736

(f) Other current assets

0.000

0.014

0.015

Total Current Assets

113.912

99.128

94.993

 

 

 

 

TOTAL

119.943

106.029

101.086

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

299.918

274.213

235.887

 

Other Income

 

 

 

 

TOTAL

299.918

274.213

235.887

 

 

 

 

 

Less

EXPENSES

448.125

324.896

352.130

 

 

 

 

 

Less

PRIOR PERIOD ADJUSTMENTS 

 0.000

0.000

0.701

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(148.207)

(50.683)

(116.944)

 

 

 

Less

TAX

0.000

0.000

0.000

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(148.207)

(50.683)

(116.944)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(2.25)

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

0.000

0.000

0.000

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

NA

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(123.56)

(47.80)

(115.69)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(7.16)

0.13

0.35

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.18

0.20

0.22

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

100.000

100.000

657.965

Reserves & Surplus

(438.371)

(489.055)

(637.261)

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

(338.371)

(389.055)

20.704

 

 

 

 

long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Current maturities of long-term debts

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

235.887

274.213

299.918

 

 

16.248

9.374

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

235.887

274.213

299.918

Profit

(116.944)

(50.683)

(148.207)

 

(49.58%)

(18.48%)

(49.42%)

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

No

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

 

NOTE: Registered office of the company has been shifted from 3rd Floor, Nicholas Piramal Tower, Ganpatrao Kadam Marg, Lower Patel, Mumbai – 400013, Maharashtra, India to the present address w.e.f. 01.06.2011

 

OPERATIONS

 

There was increase in the income of the Company by Rs. 25.705 Million. However, due to the increase in the expenses, the Company has incurred losses of Rs. 148.207 Million in the current year.

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.64.00

UK Pound

1

Rs.99.43

Euro

1

Rs.70.61

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

1

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

1

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

26

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.