MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NOVO DENTAL
PRODUCTS PRIVATE LIMITED |
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Registered Office : |
428, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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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
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 16000 |
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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
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Registered
Office : |
428, |
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Tel. No.: |
91-22-6692 6283 / 2639 3284 / 4017 5555 |
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Fax No.: |
91-22-6697 6191 |
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E-Mail : |
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Corporate
Office: |
17, |
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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, |
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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, |
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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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Authorized
Dealers & Distributors : |
Chandigarh Tel No.: 91-172- 5100892 Delhi
Kerala
Pune Pune |
DIRECTORS
|
Name : |
Ms. Nirupam K.
Doctor |
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Designation : |
Director |
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Address : |
701, C Wing,
Bhagla Apartments, Bharadawadi, Andheri (West), Mumbai – 400058 |
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Date of
Birth/Age : |
27.06.1950 |
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Date of
Appointment : |
11.03.1985 |
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Name : |
Mr. Firoz S.
Merchant |
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Designation : |
Director |
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Address : |
A 201, Gold
Crest, Next Vithal Kunj, |
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Date of
Birth/Age : |
04.12.1952 |
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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, |
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Date of
Birth/Age : |
12.07.1948 |
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Date of
Appointment : |
03.11.1997 |
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Date of
Ceasing : |
01.04.2005 |
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Name : |
Mr. Lalit K.
Chokhani |
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Designation : |
Director |
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Name : |
Mr. Karan Doctor |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Shilpa Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Mr. Doctor
Kantila Nirupam |
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15375 |
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Mr. Chokhani
Satyanarayan Lalit Kumar |
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1465 |
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Mr. Merchant S
Firoz |
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10 |
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Mr. Koticha
Harikishan Raksha |
|
5 |
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Mr. Shah Ajit
Ranjan |
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5 |
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Mr. Shah
Thakurlal Shantilal |
|
5 |
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Ms. Shah
Chandulal Bhanuben |
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5 |
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D. N K Doctor
(HUF) |
|
3500 |
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Dr. L K Chokhani
(HUF) |
|
3500 |
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Mr. Nirupam Ekta |
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5 |
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Ms. Nirupam Deepa |
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5 |
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Mr. Nirupam Karan |
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5 |
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Mr. Shah Amritlal
Paresh |
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5 |
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Mr. Shah P
Revantilal |
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5 |
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Mr. Koticha Avani |
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5 |
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Mr. Kapadia Kulin
Jyothi |
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5 |
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Mr. Shah
Chimanlal Chandrakant |
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5 |
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Mr. Koticha
Gaurangi |
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5 |
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Mr. Pai Raghunath
Madhukar |
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5 |
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Ms. Surekha S
Saraiya |
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5 |
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Mr. Suhodhchandra
G Saraiya |
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5 |
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Mr. Mehta Ashvin |
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5 |
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Mr. Carrdozo
Mickey Joan |
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10 |
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Ms. Dalal L Leena
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5 |
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Ms. Adatia
Ratilal Asha |
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5 |
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Mr. Merchant
Firoz Shelika |
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10 |
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Mr. Dalal Suresh |
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5 |
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Mr. Mehta Ashwin
Tilottama |
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5 |
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Mr. Saraiya Nitin
Premal |
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5 |
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Mr. Joshi Anila
Abhijit |
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5 |
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Mr. Joshi Paresh
Amish |
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5 |
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Ms. Joshi Anila |
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5 |
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Ms. Shah Paresh
Harsha |
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5 |
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Total |
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24000 |
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Category |
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Percentage of
Holding |
|
Directors or
relatives of directors |
|
93.52 % |
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Other top fifty
shareholders |
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6.48 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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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. |
GENERAL INFORMATION
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No. of Employees : |
15 |
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Bankers : |
Ř
Development
Credit Bank Limited Ř
Patan
Co-operative Bank Limited, Mumbai, Ř
ICICI
Bank Limited |
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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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Auditors : |
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Name : |
S. V. Doshi and
Company Chartered
Accountants |
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Address : |
602-E, Neelkanth,
98, |
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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 |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
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|
|
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1] Share Capital |
2.400 |
2.400 |
2.400 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
1.616 |
2.560 |
2.325 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
4.016 |
4.960 |
4.725 |
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|
LOAN FUNDS |
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|
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1] Secured Loans |
13.305 |
11.422 |
11.918 |
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2] Unsecured
Loans |
9.323 |
11.574 |
11.876 |
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TOTAL
BORROWING
|
22.628 |
22.996 |
23.794 |
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|
DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
26.644 |
27.956 |
28.519 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
2.364 |
2.041 |
2.884 |
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Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
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INVESTMENT
|
0.281 |
0.281 |
0.281 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
1.035 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
26.111
|
25.939
|
29.368
|
|
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Sundry Debtors
|
11.462
|
10.975
|
5.141
|
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Cash & Bank Balances
|
4.084
|
4.046
|
1.329
|
|
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Loans & Advances
|
1.645
|
1.443
|
1.102
|
Total Current Assets
|
43.302
|
42.403
|
36.940
|
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Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
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Current Liabilities
|
18.922
|
17.281
|
12.621
|
|
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Provisions
|
0.381
|
--
|
--
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Total Current Liabilities
|
19.303
|
17.281
|
12.621
|
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Net
Current Assets
|
23.999
|
25.122
|
24.319
|
|
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.512 |
0.000 |
|
|
|
|
|
|
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TOTAL
|
26.644 |
27.956 |
28.519 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
|
59.438 |
38.864 |
|
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Other Income |
|
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|
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Total Income |
64.537 |
59.438 |
38.864 |
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|
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|
|
|
|
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Profit/(Loss) Before Tax |
(0.525) |
0.256 |
0.253 |
|
|
Provision for Taxation |
0.000 |
0.020 |
0.019 |
|
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Profit/(Loss) After Tax |
(0.525) |
0.236 |
0.234 |
|
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|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
|
|
|
|
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Commission Earnings |
NA |
NA |
0.569 |
|
|
Other Earnings |
|
|
|
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Total Earnings |
NA |
NA |
0.569 |
|
|
|
|
|
|
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Imports : |
|
|
|
|
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|
Raw Materials |
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Stores & Spares |
|
|
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Capital Goods |
NA |
25.264 |
17.368 |
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Others |
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|
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Total Imports |
NA |
25.264 |
17.368 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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|
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Purchases made for re-sale |
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|
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Consumption of stores and spares parts |
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|
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
59.181 |
38.610 |
|
|
Managerial Remuneration |
|
|
|
|
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Payment to Auditors |
|
|
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Interest |
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Insurance Expenses |
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Power & Fuel |
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|
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Depreciation & Amortization |
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Other Expenditure |
|
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|
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Total Expenditure |
68.485 |
59.181 |
38.610 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
(0.81)
|
0.39
|
0.60 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
(0.81)
|
0.43
|
0.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(1.14)
|
0.57
|
0.63 |
|
|
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
(13.07)
|
0.05
|
0.05 |
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
10.44
|
8.12
|
7.71 |
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
2.45
|
2.93 |
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.
Bankers Charges
Report as per Registry
|
Name of the company |
NOVO DENTAL PRODUCTS PRIVATE LIMITED |
|
Presented By |
PATAN
CO-OPERATIVE BANK LIMITED |
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1) Date and description of instrument creating the change |
No Instrument
Title Deeds of immovable properties create equitable mortgage in favour of
bank |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit
Rs. 6.000 Millions Term loan A/c No.
I : Rs. 1.238 Millions Term Loan A/C No.
Ii Rs. 1.024 Millions |
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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 |
Equitable
Mortgage in favour of the Bank by deposit of Title Deeds o the company’s
immovable properties situated at Office Premises
No. 1 B, 1st 17, Police Court Niwas, Mumbai – 400001 Office Premises
No. 3 A, 3rd Floor, Monghi Niwas, 17, Police Court Niwas, Mumbai –
400001 Flat No. G/2,
Ground Floor, Osia Frindship, Osia |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security interalia for the due repayment by the company to the
Bank for credit facility aggregating Rs. 8.264 Millions details as per item 2
mentioned above, together with interest @ 14 % with monthly rests or at such other
rate as may be advised by the Bank from time to time, additional interest
costs, charge, expenses etc, payable by the company. The cash credit
facility is repayable in 50 EMI each of Rs. 0.096 Millions and T L - II is Rs. 0.036 Millions |
|
5) Name and Address and description of the person entitled to the charge. |
Patan
Co-operative Bank Limited 75, Rasik Niwas, Marine Drive,
Mumbai – 400020 |
|
6) Date and brief description of instrument modifying the charge |
No instrument a continuing
oral assets was recorded on 06.12.2002 vide a memorandum dated 06.12.2002
confirming continuation and extension of security by way of equitable
mortgage of the company’s properties described under Column No. 3 in favour
of Bank for additional cash credit limits of Rs. 3.000 Millions on the terms
and conditions stated therein. |
|
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. |
The Bank has
granted to the company as additional limit of Rs. 3.000 Millions making total
limit of Rs. 9.000 Millions in its Cash Credit A/C on 06.12.2002. The advance
is payable on demand with monthly rests or at such other rate as may be notified
to the company by the Bank from time to time.
|
Novo Vision
Leader in
developing
Novo Mission
- They endeavor to raise levels of
dentistry in
- 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
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
Novo Team
Dr. Nirupam K. Doctor, Managing
Director, BDS from
“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
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,
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.40.60 |
|
|
1 |
Rs.80.65 |
|
Euro |
1 |
Rs.54.55 |
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 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 |
|