MIRA INFORM REPORT
|
Report
Date : |
25.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
NOVO DENTAL PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
428, Laxmi Plaza, Off. New Link Road, Near SAB TV, Andheri
(East), Mumbai – 400053 |
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Country
: |
India |
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Financials
(as on) : |
31.3.2005 |
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Date
of Incorporation : |
11.03.1985 |
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Com.
Reg. No.: |
11-35570 |
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CIN
No.: [Company Identification No.] |
U33110MH1985PTC035570 |
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TAN
No.: [Tax Deduction & Collection Account No.] |
MUMN10518E |
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PAN
No.: [Permanent Account No.] |
AAACN5033F |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Traders,
Importers and Exporters of all types of dental surgical instruments,
appliances, components & requisites for hospitals, patients &
invalids and to establish research laboratories for the development of dental
equipments & instruments. |
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 20000 |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is an old and well established company having
satisfactory track records. Directors are reported as experienced, respectable
and having satisfactory means of their own. Their trade relations are reported as fair. Company’s turnover and
profitability is decreasing due to fierce competition from international
companies. 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 : |
428, Laxmi Plaza, Off New Link
Road, Andheri (West), Mumbai - 400 053, India |
|
Tel.
No.: |
91-22-6692 6283 / 2639 3284 |
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Fax No.: |
91-22-6697 6191 |
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E-Mail
: |
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Corporate
Office: |
17,Police Court Lane, Behind Handloom House, Fort, Mumbai
- 400 001, Maharashtra, India |
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Tel.
No.: |
91-22-22619608/2706 |
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Fax
No.: |
91-22-22617304 |
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E-Mail
: |
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Website
: |
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Factory
1 : |
C- 33 / 35, Industrial Estate,
Thattanchavady, Pondicherry- 605 009 |
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Tel.
No.: |
91-413 5202171 / 191 / 5202271 |
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Fax
No.: |
91-413-2245614 |
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E-Mail
: |
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Service
Department : |
409, Laxmi Plaza, Off New Link Road, Andheri (West),
Mumbai - 400 053 India |
|
Tel.
No.: |
91-22-6692
6283 / 2639 3284 |
|
Fax
No.: |
91-22-6697
6191 |
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E-Mail
: |
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Authorized
Dealers & Distributors : |
Chandigarh Tel No.: 91-172- 5100892 Delhi Goa Hyderabad Kerala Maharashtra Nasik Pune Pune |
DIRECTORS
|
Name : |
Ms. Nirupam K. Doctor |
|
Designation
: |
Director |
|
Address
: |
701, C Wing, Bhagla Apartments, Bharadawadi, Andheri
(West), Mumbai – 400058 |
|
Date
of Birth/Age : |
27.06.1950 |
|
Date
of Appointment : |
11.03.1985 |
|
|
|
|
Name : |
Mr. Firoz S. Merchant |
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Designation
: |
Director |
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Address
: |
A 201, Gold Crest, Next Vithal Kunj, V. P. Road, Andheri
(West), Mumbai – 400058 |
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Date
of Birth/Age : |
04.12.1950 |
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Date
of Appointment : |
01.06.1999 |
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|
|
|
Name : |
Mr. Paresh A. Shah |
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Designation
: |
Director |
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Address
: |
802, Priti Paradise, Dadabhai Cross Road No. 3, Vile Parle
(West), Mumbai – 400056 |
|
Date
of Birth/Age : |
12.07.1948 |
|
Date
of Appointment : |
03.11.1997 |
|
|
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|
Name : |
Mr. Lalit K. Chokhani |
|
Designation
: |
Director |
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|
|
|
Name : |
Mr. Karan Doctor |
|
Designation
: |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Shilpa Shah |
|
Designation
: |
Company Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr.
Doctor Kantila Nirupam |
15375 |
|
Mr.
Chokhani Satyanarayan Lalit Kumar |
1465 |
|
Mr.
Merchant S Firoz |
10 |
|
Mr. Koticha
Harikishan Raksha |
5 |
|
Mr. Shah
Ajit Ranjan |
5 |
|
Mr. Shah
Thakurlal Shantilal |
5 |
|
Ms. Shah
Chandulal Bhanuben |
5 |
|
D. N K
Doctor (HUF) |
3500 |
|
Dr. L K
Chokhani (HUF) |
3500 |
|
Mr.
Nirupam Ekta |
100 |
|
Ms.
Nirupam Deepa |
100 |
|
Mr.
Nirupam Karan |
100 |
|
Mr. Shah
Amritlal Paresh |
100 |
|
Mr. Shah
P Revantilal |
100 |
|
Mr.
Koticha Avani |
100 |
|
Mr.
Kapadia Kulin Jyothi |
100 |
|
Mr. Shah
Chimanlal Chandrakant |
100 |
|
Mr.
Koticha Gaurangi |
5 |
|
Mr. Pai
Raghunath Madhukar |
5 |
|
Ms.
Surekha S Saraiya |
5 |
|
Mr.
Suhodhchandra G Saraiya |
5 |
|
Mr. Mehta
Ashvin |
5 |
|
Mr.
Carrdozo Mickey Joan |
10 |
|
Ms. Dalal
L Leena |
5 |
|
Ms.
Adatia Ratilal Asha |
5 |
|
Mr.
Merchant Firoz Shelika |
10 |
|
Mr. Dalal
Suresh |
5 |
|
Mr. Mehta
Ashwin Tilottama |
5 |
|
Mr.
Saraiya Nitin Premal |
5 |
|
Mr. Joshi
Paresh Amish |
5 |
|
Ms. Joshi
Anila |
5 |
|
Ms. Shah
Paresh Harsha |
5 |
BUSINESS DETAILS
|
Line
of Business : |
Traders, Importers and Exporters of all types of dental
surgical instruments, appliances, components & requisites for hospitals,
patients & invalids and to establish research laboratories for the development
of dental equipments & instruments. |
GENERAL INFORMATION
|
No. of
Employees : |
15 |
|
|
|
|
Bankers
: |
Ř
Development
Credit Bank Limited Ř
Patan
Co-operative Bank Limited, Mumbai Ř
ICICI
Bank Limited |
|
|
|
|
Facilities : |
Secured Loan From Patan Cooperative Bank Limited – Rs. 0.487 Millions (Secured by personal guarantee of director) From Citibank – Rs. 1.249 Millions (Secured by personal guarantee of director) From HDFC Bank – Rs. 2.000 Millions (Secured by personal of director) Standard Chartered Bank – Rs. 0.800 Millions (Secured by personal guarantee of relative of director) Cash Credit Patan Cooperative Bank Limited – Rs. 6.885 Millions Total – Rs. 11.422 Millions |
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Banking Relations : |
Satisfactory |
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|
|
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Auditors
: |
S. V. Doshi and Company Chartered Accountants |
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Address
: |
Mumbai |
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|
|
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Associates/Subsidiaries
: |
Ř
Sundent
Medical Products Private Limited Ř
Hi-tech
Medical India Limited Ř
Rakhi
Investment Properties Limited Ř
Sovex
Health Products Private Limited Ř
Rakushka
Exports Private Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
24,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.400 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
2.400 |
2.400 |
2.400 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
2.560 |
2.325 |
2.090 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
4.960 |
4.725 |
4.490 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
11.422 |
11.918 |
11.850 |
|
|
2]
Unsecured Loans |
11.574 |
11.876 |
11.475 |
|
TOTAL
BORROWING
|
22.996 |
23.794 |
23.325 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
27.956 |
28.519 |
27.815 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
2.041 |
2.884 |
2.892 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.281 |
0.281 |
0.883 |
|
DEFERREX TAX ASSETS
|
0.000 |
1.035 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
25.939
|
29.368
|
26.117 |
|
|
Sundry Debtors
|
10.975
|
5.141
|
7.414 |
|
|
Cash & Bank Balances
|
4.046
|
1.329
|
2.318 |
|
|
Other Current Assets
|
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances
|
1.443
|
1.102
|
1.401 |
Total Current Assets
|
42.403 |
36.940 |
37.250 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities & Provisions
|
17.281
|
12.621
|
13.210 |
Total Current Liabilities
|
17.281 |
12.621 |
13.210 |
|
Net
Current Assets
|
25.122 |
24.319 |
24.040 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.512 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
27.956 |
28.519 |
27.815 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
59.438 |
38.864 |
42.550 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
0.256 |
0.253 |
0.043 |
Provision for Taxation
|
0.020 |
0.019 |
0.006 |
Profit/(Loss) After Tax
|
0.236 |
0.234 |
0.037 |
|
|
|
|
|
Export Value
|
NA |
0.569 |
0.508 |
|
|
|
|
|
Import Value
|
25.264 |
17.368 |
26.036 |
|
|
|
|
|
Total Expenditure
|
59.181 |
38.610 |
42.506 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.39
|
0.60 |
0.09 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
0.43
|
0.65 |
0.10 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total
Assets} |
(%) |
0.57
|
0.63 |
0.11 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.05
|
0.05 |
0.01 |
|
|
|
|
|
|
Debt Equity Ratio
(Total
Liability/Networth) |
|
8.12
|
7.71 |
8.13 |
|
|
|
|
|
|
Current Ratio
(Current
Asset/Current Liability) |
|
2.45
|
2.93 |
2.82 |
LOCAL AGENCY FURTHER INFORMATION
The company's fixed
assets of important value include goodwill, office premises, air conditioners,
computers, motor car, office equipments, electrical installations, Xerox
machine, etc.
Operation
During the year under review the company has achieved
turnover of Rs. 54.789 Millions as compared to Rs. 37.530 Millions in the
previous year. Due to constant competition from overseas manufacturer and
direct import by customers, the company has to compromise on its margin in a
substantial way to achieve growth in turnover. This has resulted in fall in
cross profit despite despite increased in turnover
Dividend
In view of meager profit the director regret their inability
to declare any dividend
Current Year
The company is striving hard to increased sales by
aggressive marketing efforts and expect better performance in the near future
Based on many years of experience and dedication, Novo Dental has
become one of the leading companies in the Global Dental Industry operating
from INDIA. They exclusively represent foreign companies like VITA for Ceramic
& Porcelain Furnaces, Oraltronics for Implants & Bone materials,
Galloni for Induction Casting Equipment, Saratoga SPA Italy for Clinical &
Laboratory Furniture, Columbia Dentoform, USA for Phantom Head & Teaching
Aids, GSC Corporation USA for SurgiTel brand of Clinical Magnification loupes
& many Internationally reputed companies.
Having gained a strong
base in dental trade, the company has now ventured into the manufacturing of
Novo Dental chairs and units at Pondicherry & successfully installed over
600 equipments in various dental institutions within a span of ONE year. Their
Team of well-informed marketing personnel and service engineers are specialized
in setting up Dental clinics, Dental laboratories, Pre-clinical phantom head
labs and Implant centers all over India. Their inbound CRM Department furnishes
latest updates on products, new arrivals, Dental chair and Furniture, Dental
Lasers, Oral Implants, Teaching aids etc. and after sales services too.
Novo
Vision
Leader in
developing India as a nucleus for Dental Activities.
Novo
Mission
- They
endeavor to raise levels of dentistry in India by Importing, Manufacturing
and Marketing high quality, yet cost effective Dental Equipment and
Consumables.
- Their
Excellence in customer relation bridges the gap at every sphere of
Dentistry.
- As,
every query is their concern, CRMs furnish customers with prompt follow-up
to Queries, New Arrivals, Product enquires & grievances.
·
A healthy working
environment to their employees with open communications and highly-flavored
team spirit to concoct with today’s era of Dentistry.
NOVO -
An Ergo-Vision Company
Novo Milestones
NOVO is now an ISO 9001-2000 Certified Company.
Since
1975, they embarked upon a voyage that
entrenched imprint of accomplishments on the Dental Sphere. Widening its
horizon, as one of the market leaders in dentistry, Novo Dental made its trail,
even more visible. Prominently known as ‘Novo’ Production plant established at
Pondicherry started rolling out dental Chairs, Units and innovative Phantom
Simulators. Growing popularity of ‘Novo’ brand, stimulated Saratoga ITALY to
shake hands for an Equity joint venture for Clinical & Laboratory Designer
work stations. Technologically driven ‘NOVO’ recently entered into production
of SALLI Saddle chairs to focus on Ergonomics.
It began in the year 1975, Dr. Nirupam. K. Doctor guided by
his mentor, Dr. M. R. Pai, together launched Bombay Dental Depot in 1975 -
Subsequently, coupled by Mr. Firoz S. Merchant in 1979. In 1985, Dr. N. K.
Doctor with his medical fraternity business colleague, Dr. Lalit. K. Chokhani
started Novo
Dental. With an
eye to cater dental surgeons and dental laboratories with Equipment and
Consumables imported from Europe and USA, Novo deals in Dental Educational
Programs of Phantom Heads and Teaching Aids from USA. Novo represents companies
of International repute like VITA, Columbia Dentaform, Galloni, Oraltronics
& many European & US companies.
Novo Team
Dr. Nirupam K. Doctor, Managing Director, BDS from Bombay University,
recognized as ‘NK’ in the Global Dental Industry. He started his practice in
1973 at Doctors Dental Clinic. Doctor serves on the Board of Directors -
International Society for Dental Implants as well as an Accreditation Committee
Member: ICOI-USA. A Course Director for International Seminar for Oral
Implantology Bremen, Germany. Been awarded with couple of prestigious
President's Awards for outstanding work in the field of dentistry: the Rajiv
Gandhi Sadbhavana Award, (August 1995) & the Rashtriya Gaurav Award,
(October 1996).
“Look forward to tomorrow... stand on the reality of
today... learn from yesterday.” - Doctor’s belief
Firoz
S. Merchant,
Executive Director,
Joined Bombay Dental Depot as a partner in 1978. A dedicated and astute
businessman, looks after the logistics of the company. Modest and soft-spoken,
he enjoys enormous goodwill in the dental community. He has presided over the
Dental Trade Association ADITI-West Zone & presently the Hon. Gen.
Secretary of ADITI (Association of Dental Trade of India).
Joan Carrdozo, Director, Customer Relations,
Having 25 years of experience in Customer Relations. Over the years, she has
built an excellent rapport with Dentists & also handles Implant and
Clinical Product Portfolios of the company.
Karan Doctor, Executive Director,
Graduate in Business Management. Presently, handles the Production Department
at Novo. He has also represented India in Tennis.
Dr. Ashish Mittal, Head - Sales & Marketing (HRD/CRM),
Graduated Dentistry in 1999. Dr. holds a post-graduate diploma in Marketing and
currently pursues an MBA from NMIMS Mumbai.
IVY - The Ergonomically
Sensuous
Fully
Programmable top line Dental chair with overhead continental delivery system.
Scintila
International -
Truly Sparked
Fully Electrical Dental
Chair operated with feather touch controls & TWO programs &
International delivery system.
Cameo - The Cascading Glory
Electrical dental chair with feather touch controls.
Also
available as CAMEO PLUS with Motorised suction.
Simplex
Plus - It's
Simply Simple
Electrically operated Dental Chair.
Also
available in Simplex without Accessories
Upholstery Colour Samples
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. 44.75 |
|
UK Pound |
1 |
Rs. 85.14 |
|
Euro |
1 |
Rs. 57.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
4 |
|
OPERATING
SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
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 |
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 |