MIRA
INFORM REPORT
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Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
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Registered Office : |
Clinix House, 3-6/1/A, 1st Cross, Magadi Main Road,
Sunkadkatte, Bangalore – 560 091, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
04.04.2002 |
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Com. Reg. No.: |
08-30317 |
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CIN No.: [Company
Identification No.] |
U24231KA2002PTC030317 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRC03552D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Dental and Medical Equipments |
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 12000 |
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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 a well established company having satisfactory track.
Financial position is satisfactory. Trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Clinix House, 3-6/1/A, 1st Cross, Magadi Main Road,
Sunkadkatte, Bangalore – 560 091, Karnataka, India |
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Tel. No.: |
91-80-23486526 / 23581693 |
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Mobile No.: |
91-9871166464 |
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Fax No.: |
91-80-23486526 / 23489360 |
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E-Mail : |
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Branch Office 1 : |
No. 65, Ground Floor, D-Wing, Shanthi Shopping Complex, Mira Road
(East), Thane Dist., Mumbai – 401 107, Maharashtra, India |
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Tel. No.: |
91-22-28554234 |
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Mobile No.: |
91-9869666828 / 9867054520 |
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Branch Office 2 : |
No. 204, Vikas Surya Arcade, Plot No. 07, C U Block, Pitampura, New
Delhi – 110 088, India |
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Tel. No.: |
91-11-20906243 |
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Mobile No.: |
91-9871106464 |
DIRECTORS
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Name : |
Mr. Rajanna Manjappa |
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Designation : |
Director |
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Address : |
No. 58, 4th Main Police Station Road, Meenakshi Nagar,
Magad Main Road, Kamakshi Palya, Bangalore – 560 079, Karnataka, India |
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Date of Birth/Age : |
20.05.1972 |
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Date of Appointment : |
04.04.2002 |
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Name : |
Mr. Udayaraj Shekara Shetty |
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Designation : |
Director |
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Address : |
No. 1023, Sri Sai Behind Syndicate Bank, Colony, Ranganathapura,
Magadi Road, Kamakshipalya, Bangalore – 560 079, Karnataka, India |
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Date of Birth/Age : |
10.06.1970 |
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Date of Appointment : |
04.04.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
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K Udayaraj Shetty |
5000 |
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M Rajanna |
5000 |
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Total |
10000 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of Director |
1.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dental and Medical Equipments |
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Products : |
·
Clinix New Generatia – Deluxe ·
Clinix Monolisa ·
CLINIX Surgeon 2000 ·
Clinix New Generatia ·
CLINIX – Electrical(ECONOMY) ·
clinix systemica |
GENERAL
INFORMATION
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No. of Employees : |
About 30 |
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Bankers : |
·
Canara Bank SME Branch, 473-D, 13th Cross,
4th Phase, Peenya, Bangalore – 560 058, Karnataka, India ·
HDFC Bank Limited ·
The Vysya Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
G S Vasan and Associates Chartered Accountants |
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Address : |
652/B, 2nd Floor, Dr. Rajkumar Road, 2nd Stage,
Rajajinagar, Bangalore – 560 010, Karnataka, India |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- each |
Rs.1.000 million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.314 |
0.907 |
0.598 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.314 |
1.907 |
1.598 |
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LOAN FUNDS |
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1] Secured Loans |
3.794 |
3.338 |
1.589 |
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2] Unsecured Loans |
0.356 |
1.321 |
1.675 |
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TOTAL BORROWING |
4.150 |
4.659 |
3.264 |
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DEFERRED TAX LIABILITIES |
0.025 |
0.000 |
0.000 |
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TOTAL |
6.489 |
6.566 |
4.862 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.999 |
2.120 |
2.198 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
7.174
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4.053 |
4.112 |
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Sundry Debtors |
7.869
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10.516 |
4.251 |
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Cash & Bank Balances |
1.076
|
0.400 |
0.276 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
1.148
|
0.851 |
0.518 |
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Total
Current Assets |
17.267
|
15.820 |
9.157 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
12.573
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11.163 |
6.257 |
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Provisions |
0.224
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0.235 |
0.264 |
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Total
Current Liabilities |
12.797
|
11.398 |
6.521 |
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Net Current Assets |
4.470
|
4.422 |
2.636 |
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MISCELLANEOUS EXPENSES |
0.020 |
0.024 |
0.028 |
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TOTAL |
6.489 |
6.566 |
4.862 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
26.214 |
24.938 |
18.834 |
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Other Income |
0.698 |
0.175 |
0.019 |
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Total Income |
26.912 |
25.113 |
18.853 |
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Profit/(Loss) Before Tax |
0.630 |
0.598 |
0.386 |
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Provision for Taxation |
0.224 |
0.201 |
0.000 |
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Profit/(Loss) After Tax |
0.406 |
0.397 |
0.386 |
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Expenditures : |
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Financial Charges |
0.344 |
0.425 |
0.402 |
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Other Expenditure |
25.938 |
24.090 |
18.065 |
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Total Expenditure |
26.282 |
24.515 |
18.467 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
1.51
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1.58 |
2.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.40
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2.40 |
2.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.27
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3.33 |
3.40 |
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Return on Investment (ROI) (PBT/Networth) |
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0.27
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0.31 |
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.32
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8.42 |
6.12 |
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Current Ratio (Current Asset/Current Liability) |
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1.35
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1.39 |
1.40 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
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Name of the company |
CLINIX INTEL MEDICAL SYSTEMS PRIVATE LIMITED |
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Presented By |
Canara Bank,
Specialised SSI Branch, Peenya, Bangalore |
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1) Date and description of instrument creating the change |
22.10.2003 No Instrument –
Letter Evidencing Deposit of Title Deeds |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.4.500 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
of factory land and building (existing and to be constructed)” situate at No.
3, Khata No. 3, Sy. No. 6/1, Srigandakavalu Village, Yeshwanthpur Hobili,
Bangalore North Taluk measuring East to West 58, North to South 50 and
bounded on the North by Property No. 4; South by Property No. 2; East by
Road; West by Proposed Granite Factory. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
OCC - @ 12.75% p.a. TL - @ 13.5% p.a. Repayment – TL –
In 60 monthly instalments of Rs.0.017 millions for the first 59 months and
Rs.0.016 millions for the last month/ First such instalment to be paid
immediately after one month from the date of availment. |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank Specialised SSI
Branch, Peenya Industrial Estate, Bangalore – 560 058, Karnataka, India |
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6) Date and brief description of instrument modifying the charge |
26.08.2005 No Instrument –
Letter re: Extension of Equitable Mortagage |
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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. |
By the above, the
amount secured by charge against the security of the immovable property cited
at SI. No. 3 above stands enhanced from Rs.4.500 millions to Rs.5.500
millions. The increase is
on account of extending housing loan of Rs.1.000 million to Mr. M Rajanna. (All other terms
and conditions remain unchanged). |
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Corporate
identity number of the company |
U24231KA2002PTC030317 |
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Name of the
company |
CLINIX INTEL MEDICAL SYSTEMS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in India of the company |
Clinix House, 3-6/1/A, 1st Cross, Magadi Main Road,
Sunkadkatte, Bangalore – 560 091, Karnataka, India |
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This form is for |
Creation of
charge |
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Type of charge |
Movable property
(not being pledge) |
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Particular of
charge holder |
Canara Bank Specialised SSI
Branch, Peenya Industrial Estate, Bangalore – 560 058, Karnataka, India |
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Nature of
instrument creating charge |
Can Mobile
Agreement |
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Date of
instrument Creating the charge |
05.07.2007 |
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Amount secured by
the charge |
Rs.0.170 million |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest 1.50% p.a. below ongoing PLR with a minimum of 11.75% p.a. ·
Terms of
repayment EMI of Rs.0.006 each. First of such installment shall commence from
August 2007. ·
Margin As per Bank Norms ·
Extent and
operation of the charge The Charge shall operate to the extent of Rs.0.170 million plus interest,
commission, costs, charges and other expenses thereon. |
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Particulars of
the property charged |
Hypothecation by
way of first charge on Maruthi Omni STD BS III Car bearing Engine No.
3796559; Chassis No. 853919; Registration No. KA 02 MC 35. |
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Web Details
Cinix’s growth background :
1996 : Established in the name and style
“CLINIX INTERNATIONAL SYSTEM” in Bangalore by a team of experienced Engineers
to Cater to Dentists and Dental Institutions service needs.
1997 : Formed an advisor committee
consisting of eminent practicing Dentist on whose guidance subject expanded its
network in Manufacturing of Quality Dental Equipment.
1998 : An Associate unit “CLINIC BLUE LINE EQUIPMENTS”
was established to market globally acclaimed brands of Dental Equipments” of
every kind and Lab/Clinic accessories.
2002 : Centralized the company’s state of
the art Manufacturing operation, Corporate Administration and Customer Service
Cell all in company’s own premises and the COMPANY was converted to PRIVATE
LIMITED COMPANY.
The company premises “CLINIX HOUSE” is situated at SUNKADKATTE, Magadi Main
Road, Bangalore-560091.
Industry Rank :
Subject
is a life Member of Karnataka small Scale Industries Association (KASSIA) and
also the life Member of ADDITI (Association of Dental Industry and Trade of
India ). Subject is the Second largest Dental Chair Manufacturing Company from
Bangalore in term of Production and Turnover.
Infrastucture
:
A
Professionally managed ISO 9001: 2000 company, Subject has sumptuous Shop-
Floor space, Technically qualified employees and well set out Vendor
Development and Product Development and Quality Control Divisions.
Besides the Corporate Office in Bangalore Subject has a built up MARKETING
NETWORK through 32 Authorized Dealers and maintain a Branch Office of the
company in MUMBAI and NEW DELHI covering more than 22 states in the country.
Prompt After- sales-Service is made available to every customer’s category viz.
Dental Colleges, Dental Hospitals and Private Dental Health Care Clinics
through Subject Trained Service Engineers and Technicians throughout the
country.
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.43.23 |
|
UK Pound |
1 |
Rs.80.89 |
|
Euro |
1 |
Rs.63.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|