MIRA
INFORM REPORT
|
Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVON INNOVATIONS PRIVATE LIMITED |
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Registered Office : |
27/A Electronic City, I Phase, Hour Road, Bangalore – 560100,
Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.02.1991 |
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Com. Reg. No.: |
08-11705 |
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CIN No.: [Company
Identification No.] |
U29297KA1991PTC011705 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD00394C / CHED00452E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Medical Equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
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 84000 |
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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 company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
27/A Electronic City, I Phase, Hour Road, Bangalore – 560100,
Karnataka, India |
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Tel. No.: |
91-80-28522354 / 26580135 / 26491173 |
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Fax No.: |
91-80-26581569 |
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E-Mail : |
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Website : |
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Area : |
10000 sq. ft. [Rented ] |
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Factory : |
Gupta Complex, Aeljus – 2, Near Blocks Sector |
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Area : |
5000 Sq. Ft. [Rented] |
DIRECTORS
|
Name : |
Mr. Ashwain Khemani |
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Designation : |
Director |
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Date of Birth/Age : |
23.09.1975 |
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Date of Appointment : |
27.06.2007 |
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Name : |
Mr. Lalit Mamtani |
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Designation : |
Director |
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Date of Birth/Age : |
04.02.1979 |
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Date of Appointment : |
27.06.2007 |
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Name : |
Col. Indrajit Sngh |
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Designation : |
Director |
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Date of Birth/Age : |
08.03.1944 |
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Date of Appointment : |
07.08.2007 |
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Name : |
Mr. Thomas Thomas |
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Designation : |
Director |
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Address : |
# 45, Revills Cuffe Parade, Mumbai – 400005 |
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Date of Birth/Age : |
02.11.1927 |
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Date of Appointment : |
30.03.1991 |
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Name : |
Mrs. Susy Thomas Chacko |
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Designation : |
Director |
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Address : |
# 45, Revills Cuffe Parade, Mumbai – 400005 |
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Date of Birth/Age : |
22.06.1931 |
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Date of Appointment : |
02.05.1995 |
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Name : |
Mrs. Anna Thomas Chacko |
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Designation : |
Director |
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Address : |
# 45, Revills Cuffe Parade, Mumbai – 400005 |
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Date of Birth/Age : |
01.03.1957 |
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Date of Appointment : |
02.05.1996 |
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Name : |
Mr. Philip Thomas |
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Designation : |
Director |
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Address : |
# 21, Abilasha Sadan Pali Hill, Bandra, Mumbai – 400005 |
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Date of Birth/Age : |
22.10.1929 |
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Date of Appointment : |
04.09.1997 |
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Name : |
Dr. K. O. Mammen |
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Designation : |
Director |
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Address : |
# 10 Walton Road, Bangalore – 560001, Karnataka, India |
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Date of Birth/Age : |
23.01.1932 |
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Date of Appointment : |
30.03.1991 |
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Name : |
Mrs. Hema Hatangady |
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Designation : |
Director |
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Address : |
Flat No. 3 E, Kenilworth Apartment, 6 G C Road, S. C. Garden,
Bangalore – 560042 |
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Date of Birth/Age : |
11.03.1963 |
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Date of Appointment : |
03.06.1997 |
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Name : |
Mr. Balaraman Venkatarajan |
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Designation : |
Director |
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Address : |
SO-2, Spenta 69, Defence Colony, 6th Main, 1st
Cross, Indira Nagar, Bangalore – 560038, Karnataka, India |
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Date of Birth/Age : |
25.08.2006 |
KEY EXECUTIVES
|
Name : |
Mr. Gopalakrishna S. Bhat |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 02.08.2005
|
Names of Shareholders |
|
No. of Shares |
|
Maya Thomas Chacka |
|
47499 |
|
OPTO Circuits [India] Limited |
|
5000 |
|
Ashwain Khemani |
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2 |
|
Tara Thomas |
|
47499 |
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Total |
|
100000 |
AS ON 30.09.2007
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
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Bodies corporate |
|
5.00 |
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Directors or relatives of directors |
|
95.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Medical Equipments |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
Germany and USA |
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Terms : |
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Selling : |
L/C and Credit Acceptance Basis |
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Purchasing : |
Advance |
GENERAL
INFORMATION
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Customers : |
Hospital |
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No. of Employees : |
75 |
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Bankers : |
ICICI Bank |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
R. Bhat and Company Chartered Accountants |
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Address : |
Arya Plaza, 3/5, II Floor, Bull Temple Road, Chamarajpet – 560018,
Karnataka, India |
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Memberships : |
FKCCI [Fedration of Karnataka Chamber of Commerce] |
CAPITAL STRUCTURE
AS ON 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
1.000 |
1.000 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
15.730 |
14.522 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
16.730 |
15.522 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.700 |
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TOTAL |
|
16.730 |
15.522 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
2.805 |
2.657 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
2.728 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
4.675 |
3.240 |
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Sundry Debtors |
|
5.720 |
5.966 |
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Cash & Bank Balances |
|
1.855 |
2.038 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
6.376 |
6.504 |
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Total
Current Assets |
|
18.626 |
17.748 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
2.859 |
5.260 |
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Provisions |
|
1.957 |
1.657 |
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Total
Current Liabilities |
|
4.816 |
6.917 |
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Net Current Assets |
|
13.810 |
10.831 |
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MISCELLANEOUS EXPENSES |
|
0.115 |
0.006 |
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TOTAL |
|
16.730 |
16.222 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
28.194 |
26.310 |
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Total Income |
|
28.194 |
26.310 |
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Profit/(Loss) Before Tax |
|
1.360 |
2.511 |
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Provision for Taxation |
|
0.258 |
0.900 |
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Profit/(Loss) After Tax |
|
1.102 |
1.611 |
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Earnings in Foreign Currency |
|
3.160 |
NA |
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Imports Value |
|
2.393 |
NA |
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Total Expenditure |
|
26.834 |
23.799 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.91 |
6.12 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
4.82 |
9.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
6.35 |
12.31 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.08 |
0.16 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
0.29 |
0.45 |
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Current Ratio (Current Asset/Current Liability) |
|
|
3.87 |
2.56 |
LOCAL AGENCY
FURTHER INFORMATION
Registered office of the company has been shifted from 7/16-13, Arekere Gate,
Bannerghatta Road, Bangalore – 560076, Karnataka, India to the present address
w.e.f. 01.02.2008
Bankers Charges
Report as per Registry
|
Name of the company |
DEVON
INNOVATIONS PRIVATE LIMITED |
|
Presented By |
Mr. Deepak
Gandhi |
|
1) Date and description of instrument creating the change |
Agreement dated
31.03.1991 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.344 Million
Term Loan Rs. 0.045 Million
Soft Loan Rs. 0.389 Million Total |
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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 |
Plant and
machinery |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term Loan : 15 Quarterly
installments of Rs, 0.021 Million one quarterly instalment after 1st
quarter from the date of future instalment after the quarter from the date of
first disbursement. Interest at 14.5 % p.a. of promptly paid rebate of 1 %
will be granted. Soft Loan : 10 Quarterly
instalments of Rs. 0.004 Million each first intalment after 3 years of the
first release shall pay interest @ 1 % p.a.
|
|
5) Name and Address and description of the person entitled to the charge. |
Karnataka State
Financial Corporation, Church Street, Bangalore |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
AS PER WEBSITE
Profile
Devon Innovations is a private
limited company engaged in the business of manufacture and sale of polymer
based medical catheters and related products. Over the decade, their growth
rate has been accelerated both in terms of product range and volume
by their continuous product innovations and indigenisation of products.
Their manufacturing facilities are based at Bangalore manned by a
dedicated and experienced team of people.
Product Range
Their product range includes Catheters, Stents, Stone graspers, Stone Baskets,
Dilator Sets etc, for different specialised applications mainly in the areas of
Urology, Gastroenterology and Gynaecology.
Focus
They are constantly striving to develop newer products and product
applications. To this end, their experts work very closely with medical
specialists to understand emerging medical needs better and consequently
provide tailor-made products to suit specific applications typical to Indian
conditions. This effort has contributed significantly to the high growth in
volumes through increasing new product sales.
Sales and Marketing
They have an all India network of 30 distributors servicing retailers covering
all major cities and towns. This network is well spread out supported by a
field staff of 12 people located in different parts of the country. Sales are
executed both directly to large consumers like hospitals/nursing homes etc.,
and through the distributor network to access the retail trade to meet the
individual needs of independent doctors and practitioners. Their efforts to
market products in a cost effective way without compromising on quality
has enabled them to further build on the trust placed on them by their valued
customers.
Overview
Devon Innovations presents a wide range of Medical products
in the field of Urology, Gastroenterology and Gynaecology, manufactured at its
plant in Bangalore.
Since 1991 they have been making import substitute products, wholly
designed and manufactured indigenously using imported raw material. Their
products are available all over the country and used by premier medical
institutions and leading practitioners.
Future Growth
In order to sustain and consolidate their position, they continue their efforts
to widen the product range with the addition of newer types of catheters
like:
1. Angiography Catheters
2. Balloon Catheters for Cardiology
3. Urology and Gastroenterology applications hitherto not
made in India.
These are high value catheters catering to specialised applications which are
used in increasing number of hospitals and health centres with
established facilities to carry out procedures involving the use of the
above products.
The lead time for the launch of these products could be very short, since they
already have the requisite design and manufacturing capabilities and a
good sales and distribution network.
TRADE TERMS
|
Ahmedabad |
Ph:
747 3290 |
|
Bhopal |
Ph :
531 821, 542128 |
|
Kolkota |
Ph:
25 6621 |
|
New
Calcutta Medical Hall |
Telefax:
033- 368617 |
|
Electro
Medico |
Telefax
: 033-368617 |
|
Calicut |
Ph:
357 981, 356255 |
|
Coimbatore |
Ph :
391 624, 398625 |
|
Chandigarh |
|
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Chennai |
Ph:833
510, 833864 |
|
Cuttack |
Ph:
30970 (R) |
|
New
Delhi |
Ph:
668 960 |
|
Gauhati |
Ph:
540888, 542351 |
|
Hyderabad |
Ph:
473 3531 |
|
Indore |
Ph:
491 611 |
|
Jaipur |
|
|
Kanpur |
Ph:
252 706 |
|
Kochi |
Ph:370532, |
|
Pace
Bio Medicals |
Ph:
0484- 35 4279 |
|
Lucknow |
Ph :
219 474 |
|
Madurai |
Ph:
531821, 542128 |
|
Meerut |
|
|
Mumbai |
Ph:
372 3759 |
|
Kavery
Surgicals |
Ph:
206 7644 |
|
Patna |
Ph: 652
620, 650 730 |
|
Pune |
Ph:
581 8882 |
|
Rajkot |
Ph:
0281 - 449942 |
|
Srinagar |
Ph :
434 708 |
|
Trichur |
Ph :
429405, |
|
Trivandrum |
Ph:
44 4912 |
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.42.28 |
|
UK Pound |
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.65.69 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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. |
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 |
|