MIRA
INFORM REPORT
|
Report Date : |
04.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
PREVEST
DENPRO LIMITED |
|
|
|
|
Registered Office : |
38,
Industrial Estate, Digiana, Jammu - 180 010, Jammu and Kashmir |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
05.05.1999 |
|
|
|
|
Com. Reg. No.: |
07-1969 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U85199JK1999PLC001969 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AMRP00085G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCP8826B |
|
|
|
|
Legal Form : |
A closely
held public limited liability company. |
|
|
|
|
Line of Business : |
Producer
of Dental Materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD
10000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a well established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Factory
: |
38, Industrial Estate, Digiana, Jammu
- 180 010, Jammu and Kashmir, India |
|
Tel. No.: |
91-191-2430442 / 2471638 |
|
Fax No.: |
91-191-2475287 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
|
Name : |
Mr.
Atul Modi |
|
Designation : |
Director
|
|
Address : |
77/3,
Trikuta Nagar, Jammu, Jammu and Kashmir |
|
Date of Appointment : |
05.05.1996 |
|
|
|
|
Name : |
Mr. O.
P. Modi |
|
Designation : |
Director
|
|
Address : |
77/3,
Trikuta Nagar, Jammu, Jammu and Kashmir |
|
Date of Appointment : |
05.05.1996 |
|
|
|
|
Name : |
Mrs.
Namrata Modi |
|
Designation : |
Director
|
|
Address : |
77/3,
Trikuta Nagar, Jammu, Jammu and Kashmir |
|
Date of Appointment : |
05.05.1996 |
|
|
|
|
Name : |
Mrs.
Vimla Modi |
|
Designation : |
Director
|
|
Address : |
77/3,
Trikuta Nagar, Jammu, Jammu and Kashmir |
|
Date of Appointment : |
05.05.1996 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Mr. O.
P. Modi |
|
260 |
|
Mrs.
Vimla Modi |
|
260 |
|
Mr.
Atul Modi |
|
3460 |
|
Mrs.
Namrata Modi |
|
990 |
|
Mr.
Anil Modi |
|
10 |
|
Mr.
Shashi Modi |
|
10 |
|
Mr.
Virender Modi |
|
10 |
BUSINESS DETAILS
|
Line of Business : |
Producer
of Dental Materials. |
|
|
|
|
Products : |
Clinical Products Etchants Actino-Antimicrobial Etching Gel Cements & Filling Materials Zical-Antimicrobial Root Canal Sealant Calcium Hydroxide Pastes Calcigel-Calcium Hydroxide Paste With
Barium Sulphate Desensitizer Shield Activ-Dentin Desensitizer Edta Gel & Edta Solution Dolo Endogel-17% EDTA Gel With 10%
Carbamide Peroxide per RCT Gutta Percha Solvent Carvene-D-Limonene Based G.P.Solvent Cavity Varnishes Copal-F Cavity Varnish With Fluoride Misc. Products Eugenol Laboratory Products Gypsum Products-Stones & Diestones,
Model Plaster Gypstone Super hard stone-3 Waxes High Flex Modeling Wax Investment Casting Materials Cristona Universal Phosphate bonded
investment Separating Emulsion Isolate-Separating Emulsion (Cold Mould
Seal) Alginate Alfina Alginate impression material |
GENERAL
INFORMATION
|
Suppliers : |
v
K.
Enterprises, Gangyal v
Ajanta
Packing Company, New Delhi v
Amit
Industries Gangyal v
Atul
Trading Company, Gangyal v
Bharti
Cellular Limited, Jammu v
Chemical
Process Consultants, Mumbai v
DHL
Express, Jammu v
First
Flight Couriers Limited, Jammu v
Hi
Tech Packaging, Delhi v
Indiamart
Intermesh Limited, Noida v
J
and K Minerals Limited, Jammu v
J
K Tools, Jammu v
KAB
Corporation, New Delhi v
Luthra
Sales Corporation v
Nanndu
Chemicals industries, Hubli v
Nitco
Roadways Private Limited, Jammu v
Palak
Wood Industries, Nanak Nagar v
Process
Chemicals Company, Kolkata v
R
K Machine Tools, Jammu v
J
K Hardware Store, Jammu v
Shanti
Printing Press, Jammu v
Shiva
Products, Mumbai |
||||||||||
|
|
|
||||||||||
|
Customers : |
v
Gashaw
Enterprises, Srinagar v
Government
Dental College, Srinagar v
Rajiv
Gupta v
Alpa
Surgical, Delhi v
Medical
Suprindentent, Jammu v
Gift
dental, Ludhiana v
Dent
Sales, Kolkata v
Hare
Krishna Heal Thcare, Ahmedabad v
Indus
Dental Depot, Gujarat v
K
S Mathur and Company Delhi v
M
D Dental Company v
Mega
Fortune Inc. New Delhi v
Mcdensco
v
Modern
Dental Depot, Kottayati v
Orden
Marketing, Triputi v
Pankaj
Dental, Mumbai v
Royal
Enterprises, Patna v
Samit
Products v
Sarvamngal
Enterprises, Karao v
Selmark
Private Limited v
Shivalik
Distributors, Lukhnow v
Sona
Medical Equipments, Pondichery |
||||||||||
|
|
|
||||||||||
|
Bankers : |
Punjab
National Bank Shastri
Nagar, Jammu |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory
|
|
|
|
|
Auditors : |
Deepak
Sehgal and Company Chartered
Accountants 76,
Jain Bazar, Near Dreamland School, Jammu – 180001 |
|
Tel. No.: |
91-191-2573549 |
|
Fax No.: |
91-191-2477943 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.500 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.500 |
0.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.884 |
0.594 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1.384 |
1.094 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
1.636 |
1.148 |
|
|
2] Unsecured Loans |
|
0.272 |
0.242 |
|
|
TOTAL BORROWING |
|
1.908 |
1.390 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
3.292 |
2.484 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1.425 |
0.913 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1.200 |
1.015 |
|
|
Sundry Debtors |
|
0.936 |
0.885 |
|
|
Cash & Bank Balances |
|
0.011 |
0.021 |
|
|
Other Current Assets |
|
0.326 |
0.194 |
|
|
Loans & Advances |
|
0.024 |
0.013 |
|
Total Current Assets |
|
2.497 |
2.128 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.611 |
0.555 |
|
|
Provisions |
|
0.026 |
0.010 |
|
Total Current Liabilities |
|
0.637 |
0.565 |
|
|
Net Current Assets |
|
1.860 |
1.563 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.007 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.292 |
2.484 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
9.802 |
5.823 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
0.316 |
0.156 |
|
Provision
for Taxation |
|
0.026 |
0.010 |
|
Profit/(Loss)
After Tax |
|
0.290 |
0.146 |
|
|
|
|
|
|
Total
Expenditure |
|
3.345 |
2.284 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
2.96 |
2.51 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
3.22 |
2.68 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
8.06 |
5.13 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.23 |
0.14 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
1.84 |
1.78 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
3.92 |
3.77 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Land
v
Building
v
Furniture
and Fixture
v
Machinery
and Motors
v
Equipments
v
Electrical
Fittings
v
Lab
Equipments
v
Air
Conditioner
|
Name of the company |
PREVEST DENPRO LIMITED |
|
Presented By |
Mr. Atul Modi, Director |
|
1) Date and description of instrument creating the change |
Hypothecation deed dated 18.10.2000 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Millions Cash Credit Facility |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stocks of the company including movable assets |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Minimum rate of interest @ 10.75 % p.a. |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab
National Bank Shastri
Nagar, Jammu |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation deed dated 27.03.2004 |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Being Primary charge relates to hypothecation of stocks to avail enhancement of credit facility form Rs. 1.000 millions to Rs. 1.25 millions. |
|
|
|
|
Name of the company |
PREVEST DENPRO LIMITED |
|
Presented By |
Mr. Atul Modi, Director |
|
1) Date and description of instrument creating the change |
Hypothecation Packing credit agreement dated 24.03.2005 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.500 Millions Packing Credit Facility |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of Stocks of Dental Matenals – RR/GR of approved transport companies covering consignment of finished goods means of export drawn on approved Shipping agents. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per the hypothecation agreement dated 24.03.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
Punjab
National Bank Shastri
Nagar, Jammu |
|
6) Date and brief description of instrument modifying the charge |
NA |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
Post
Tear performance
The
Company operations during the year resulted into net profit of Rs. 0.316
millions against profit of Rs. 0.156 millions during the previous year.
Prevest Denpro Limited is a MODI group company having set up a most
modern plant with inhouse R&D facilities. Within a short span, the company
has become market leader in India and products are very well
accepted in the international market also. A variety of dental products are
being manufactured under supervision of qualified chemists. Many products with advanced features are shortly being
launched.
Management Team
The management team comprises of highly qualified chemists, engineers,
technologists and marketing professionals. The management team is making best
efforts under the guidance of Mr. Atul Modi, an engineer
and their Managing Director, having 20 years of work experience to achieve customer
satisfaction.
Research & Development
They recognise that product development for current and future needs is must. With
a strong emphasis on research & development, a fully equipped laboratory
and their chemists are working hard to respond to the dental community's need
for better and cheaper products with advanced
features.
Quality Assurance
Their company is committed to consistent quality
assurance for all the products which they supply. They fully stand by the performance
guarantee of all their dental clinical products and laboratory products. They
are committed to the implementation of international quality standards to
ensure quality of their products.
All their products are manufactured from
the finest raw materials and all supplies are fully tested before exit from
their factory.
Prevest Denpro Limited (A Modi Group Company) is the specialized producer of
superior quality Dental Materials. State-of-the-art research and development,
selection of high quality raw materials, perfection and quality control are
PREVEST'S primary formulae for keeping abreast of the rapidly changing needs of
today's ever specialized dental sciences.
National
Business Partners
Abishek
Dental & Surgicals : Jaipur
Allied
Enterprises : Lucknow
Aurang
Dental & Surgicals : Aurangabad
Apt Dental
Distributors : Salem
Assam
Dental Supplies : Guwahati
Bashaw
Enterprises : Srinagar
Bangalore
Dental Corporation: Bangalore
Chowdhury
Brothers : Kolkata
Chattisgarh
Dental Depot: Raipur
Bagadia
& Company : Nagpur
Dent Need: Trivandrum
Dent Lines
: Kottayam
Darshan
Medico : Bubneshwar
Dento-Care
: Guwahati
Dental
Equips : Allepy
Dental Aids
: Chennai
Essential
Dental Products : New Delhi
Faridabad
Dental : Faridabad
Gift Dental
Company : Ludhiana
Harihar
Dental Depot : Allahabad
Himadari
Surgical Agencies : Siliguri
H.Aggarwal
& Brothers : Jalandhar
Khanna
Enterprises : Chandigarh
K.C.K.Dental
: Calicut
K.S.Mathur
& Company : Delhi
Kumar
Dental : Chandigarh
Cama
Corporation : Goa
Lal Ji
Dental Equipments: Amritsar
Modern
Dental Depot : Kottayam
M.D. Dental
Company :
Ludhiana
Medensco : Mumbai
Pankaj
Dental: Mumbai
Ravi Dental
: Bangalore
Sunny Deep
Enterprises :
Patiala
Suzydent :Ernakulam
Stardent : Chandigarh
Shri Balaji
Dental Labs & Materials: Rohtak
Tharakans
Dental Aids
Trichur
Trident : Chennai
The
National Dental Depot: Indore
Vansant
Distributors : Nasik
V.V. Dental
Enterprises: Coimbatore
International Business Partners
Pacific
Dental Private Limited : Bangladesh
Yu &
Company (Pte) Limited : Srilanka
Kabul
Dental Depot : Afghanistan
Dentmed
(Kenya)Limited : Kenya
Cairo Dent
: Egypt
S. C. Usa
Dent : Romania
Professional
Medical Equipments :UAE
Euromab : Costa Rica
Silver
Lotus Company Limited :Myanmar
Long Hai
Company Limited : Vietnam
Creative
Vector Sdn Bhd : Malaysia
Hadi Dental
Supplies : Jordan
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] 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.45.16 |
|
UK Pound |
1 |
Rs.85.99 |
|
Euro |
1 |
Rs.57.92 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|