MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MEDIDENT INDIA PRIVATE LIMITED |
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Registered Office : |
32, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.02.1974 |
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Com. Reg. No.: |
18-6536 |
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CIN No.: [Company
Identification No.] |
U24231TN1974PTC006536 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEM02218G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers of TRIMS Tassels and Trimmings and Exporters of Garments. |
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 160000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. 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
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Registered Office : |
32, |
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Tel. No.: |
91-44-23741699/ 23741701/ 43553681/ 23745574 |
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Fax No.: |
91-44-23740245/ 943 |
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E-Mail : |
mahesh@medidentindia.com,
aashni2@gmail.com, vinod@medidentindia.com |
DIRECTORS
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Name : |
Mr. Vinod Mangharam Mahtani |
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Designation : |
Director |
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Address : |
No.20/13, |
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Date of Birth/Age : |
31.01.1958 |
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Date of Appointment : |
07.12.1992 |
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Name : |
Mr. Mangharam C Mahtani |
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Designation : |
Director |
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Address : |
No.20/13, |
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Date of Birth/Age : |
09.07.1920 |
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Date of Appointment : |
07.12.1992 |
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Date of Ceasing : |
21.06.2005 |
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Other Directorships : |
Ind Fashions Exports Private Limited |
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Name : |
Ms. Shoba Mahtani |
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Designation : |
Director |
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Address : |
No.20, |
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Date of Birth/Age : |
04.04.1958 |
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Date of Appointment : |
01.08.1997 |
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Name : |
Dr. V M Chandrahas |
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Designation : |
Director |
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Address : |
5-A, New |
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Name : |
Mrs. Devaki Raghavan |
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Designation : |
Director |
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Address : |
5-A, New |
KEY EXECUTIVES
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Name : |
Mr. P R Sudha |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Ind Fashions Exports Private Limited |
199984 |
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Mrs. Shoba Mahtani |
16 |
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Total |
200000 |
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As on 17.01.1974 |
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Mrs. Devaki Raghavan |
1000 |
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Dr. V M Chandrahas |
1000 |
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Total |
2000 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Importers of TRIMS Tassels and Trimmings and Exporters of Garments. |
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Products : |
Readymade Garments |
GENERAL INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
State Bank of Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. A Sandeep Thiru Chartered Accountants |
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Address : |
No.5, |
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Holding Company : |
Ind Fashions Exports Private Limited – U51909TN1978PTC007658 Mahtani Clothing Company Private Limited – U18101TN2004PTC054876 |
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Associates/Subsidiaries : |
Mahtani Clothing Company Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
39.029 |
37.860 |
47.797 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
41.029 |
39.860 |
49.797 |
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LOAN FUNDS |
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1] Secured Loans |
10.415 |
0.625 |
1.561 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
10.415 |
0.625 |
1.561 |
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DEFERRED TAX LIABILITIES |
0.388 |
0.579 |
0.000 |
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TOTAL |
51.832 |
41.064 |
51.358 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.713 |
23.269 |
22.574 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
26.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
14.514 |
11.969 |
9.691 |
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Sundry Debtors |
17.331 |
9.683 |
10.348 |
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Cash & Bank Balances |
1.218 |
5.591 |
14.264 |
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Other Current Assets |
4.594 |
4.567 |
5.031 |
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Loans & Advances |
9.580 |
20.438 |
15.521 |
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Total
Current Assets |
47.237 |
52.248 |
54.855 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
45.118 |
34.453 |
26.071 |
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Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
45.118 |
34.453 |
26.071 |
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Net Current Assets |
2.119 |
17.795 |
28.784 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
51.832 |
41.064 |
51.358 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Total Income |
175.896 |
128.017 |
126.720 |
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Profit/(Loss) Before Tax |
1.712 |
2.033 |
3.165 |
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Provision for Taxation |
0.681 |
0.747 |
1.661 |
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Profit/(Loss) After Tax |
1.031 |
1.286 |
1.504 |
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Total Earnings |
166.557 |
118.135 |
111.908 |
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Total Imports |
4.319 |
3.124 |
3.724 |
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Expenditures : |
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Depreciation & Amortization |
2.430 |
2.192 |
0.000 |
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Other Expenditure |
169.324 |
121.600 |
123.555 |
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Total Expenditure |
171.754 |
123.792 |
123.555 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.59
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1.00 |
1.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.97
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1.59 |
2.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.41
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2.69 |
4.09 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04
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0.05 |
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.35 |
0.88 |
0.55 |
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Current Ratio (Current Asset/Current Liability) |
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1.05 |
1.52 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
MEDIDENT INDIA
PRIVATE LIMITED |
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Presented By |
MEDIDENT INDIA PRIVATE LIMITED (hereinafter called “the Company”) and
State Bank of |
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1) Date and description of instrument creating the change |
23.03.1998 General agreement of the grant of small industrial advances and hypothecation of movables, book debts and other assets dated 23.03.1998. No instrument. Extension of equitable mortgage byt deposit if title deeds. Both relate to one and the same charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.9.000 millions comprising of :
Together with interest, costs, charges and other expenses which may be debited to the account from time to time. |
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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 |
Primary Security : All present and future goods, book debts, movable assets and other assets of the company, outstanding moneys, receivables, claims, bills, invoices, documents, contracts, engagements, securities, investments and rights, wherever lying, stored or kept and whether in the possession of the company or of the Bank or of any third party whether in India or elsewhere throughout the world. Collateral Security
: Extension of equitable mortgage on the company’s immovable properties viz; Factory land and building situated at No.32, Nelson Maniuckam Road, Aminjikarai, Chennai-600029, land admeasuring 3 grounds and 1275 Sq.ft with built up area 13740 Sq.ft. as security, for the due repayment by the company to the bank. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the rate of 12% p.a. Margin : 25% |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of |
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6) Date and brief description of instrument modifying the charge |
06.04.2005 No instrument. Creation of equitable mortgage by way of deposit of title deeds of the company’s immovable properties No instrument extension of equitable mortgage by way of deposit of title deeds of the company’s immovable properties. Both dated 06.04.2005 relate to one and the same modification. |
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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. |
Creation of equitable mortgage by way of deposit of title deeds of the company’s immovable properties i.e. All that piece and parcel of land measuring 50 cents
situated on No.57, All that piece and parcel of land measuring 50 cents situated on No.57, Gerugambakkam Village, Sriperumpudur Taluk, in S No.93/2, Patta No.227 of an extent of 1.50 acres within the sub registration district of Pammal pourchased from Mr. Vikram Nataraj total 1.00 acres Shall secure as Collateral Security for the credit facilities of Rs.73 millions availed by Mahtani Clothing Company Private Limited. Extension of equitable mortgage by way of deposit of title deeds of the company’s immovable properties i.e. Factory land and building situated at No.32, Shall secure as Collateral Security for the credit facilities of Rs.73.000 millions availed by Mahtan Clothing Company Private Limited and shall continue to secure as Collateral security for the existing credit facilities of rS.32 millions availed by Medident India Private Limited totaling to Rs.105 millions together with interest, cists, charges and other expenses which may be debited to the appropriate accounts from time to time. |
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.53 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.54.52 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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49 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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