MIRA INFORM REPORT

 

 

 

Report Date :

17.07.2008

 

IDENTIFICATION DETAILS

 

Name :

DIABETIK FOOT CARE INDIA

 

 

Registered Office :

1A, KG Spring Manor, No.63, (Old No. 23), I Main Road, Shastri Nagar, Adyar, Chennai – 600020, Tamilnadu

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

12.04.2005

 

 

IEC No.:

0405031939

 

 

PAN No.:

[Permanent Account No.]

AFVPK2022C

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer, Exporter, Importer and Distributors of Medical Equipments.

 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 87760

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Elango D / Miss. Lalitha K

Designation :

Chief Executive / Assistant

Contact No.:

91-9382206047

Date :

17.07.2008

 

 

LOCATIONS

 

Registered Office :

1A, KG Spring Manor, No.63, (Old No. 23), I Main Road, Shastri Nagar, Adyar, Chennai – 600020, India

Tel. No.:

91-44-24900593

Mobile No.:

91-9840093752 / 9382206047

Fax No.:

91-44-24900593

E-Mail :

mesmdi@vsnl.com

Website :

www.diabeticfootcareindia.com

Area :

950 sq ft

Location :

Owned

 

 

Head Office :

Plot No. 38, 2/494, AGS Colony, 3rd Main Road, Kottivakkam, Chennai – 600041, Tamilnadu, India

Tel. No.:

91-44-43564129/ 32514129

Fax No.:

91-44-43590510 (day time)

91-44-24900593 (night time)

E-Mail :

mesmdi@vsnl.com

Website :

www.diabeticfootcareindia.com

Area :

1550 sq ft

Location :

Owned

 

 

 

SOLE PROPRIETOR

 

Name :

Mr. Kalaiselvi Elango Devy

Designation :

Proprietor

Address :

1A, KG Spring Manor, Shastri Nagar, Chennai – 600020, India

Date of Birth/Age :

25.05.1969

Qualification :

B.E.

Experience :

10 Years

 

 

 

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. Elango Devy

Designation :

Chief Executive Officer

Mob No. :

91-9382206047

 

 

Name :

Mr. D. Elango

Designation :

Proprietor

Address :

1A, KG Spring Manor, Shastri Nagar, Chennai – 600020, India

Date of Birth/Age :

12.07.1960

Qualification :

M.E.

Experience :

24 Years

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter, Importer and Distributors of Medical Equipments.

 

 

Products :
  • Vascular Doppler LIFEDOP 
  • Vascular Doppler VERSADOP 
  • Vascular Doppler Recorder DOPPLEX 
  • PC Based Doppler VASODOP 
  • Complete Vascular Doppler Recorder VERSALAB Dx 
  • Monofilaments – 5.07/10gm 
  • Thermometry Hot & Cold 
  • Neuropathy Analyser VIBROTHERM Dx 
  • Cardiac Autonomic Nervous Dysfunction Study – CANS 504 
  • Foot Imprinter Harris Mat 
  • Simple Colour Plantar Pressure Study System PODIASCAN 
  • Advanced Plantar Pressure Study System Pedography – emed/pedar 
  • Limb Compression Therapy System for wound healing 
  • Light Therapy for wound healing
  • IR Foot Thermometer
  • Electric Pedicure File

Exports :

 

Products :

Diabetic food care product and other medical equipments

Countries :

Europe, USA, Malaysia, Nigeria, Sri Lanka, South Africa and Gulf Countries.

 

 

Imports :

 

Products :

Diabetic food care product and other medical equipments

Countries :

China, Germany, USA

 

 

Terms :

 

Selling :

Cash

 

 

Purchasing :

Cash

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

21 (In office – 6, In factory - 15)

 

 

Bankers :

ICICI Bank

E – 36, ll Avenue, Besant Nagar, Chennai – 600020

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

M/s. Tawker and Company

Chartered Accountant

Address :

6/19, Baker Street, Chennai – 600001

Tel. No.:

25382361

E-Mail :

Bhanu2k@eth.net

 

 

Associates/Subsidiaries :

 

Name :

Medical Equipments Service

Address :

Plot No. 38, AGS Colony 3rd Main Road, Kottivakkam, Chennai - 600041

Line of Business :

Manufacture and Servicing of Medical Equipments.

 

 

CAPITAL STRUCTURE

 

 

Capital Investment :

 

Owned :

Rs.0.758 Millions

Borrowed :

-

Total :

Rs.0.758 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

 

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

 

0.758

2] Share Application Money

 

 

0.000

3] Reserves & Surplus

 

 

0.000

4] (Accumulated Losses)

 

 

0.000

NETWORTH

 

 

0.758

LOAN FUNDS

 

 

 

1] Secured Loans

 

 

0.000

2] Unsecured Loans

 

 

0.000

TOTAL BORROWING

 

 

0.000

DEFERRED TAX LIABILITIES

 

 

0.000

 

 

 

 

TOTAL

 

 

0.758

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

 

0.274

Capital work-in-progress

 

 

0.000

 

 

 

 

INVESTMENT

 

 

0.553

DEFERREX TAX ASSETS

 

 

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

 

0.223

 

Sundry Debtors
 

 

2.088

 

Cash & Bank Balances
 

 

0.344

 

Other Current Assets
 

 

0.000

 

Loans & Advances
 

 

0.132

Total Current Assets
 

 

2.787

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

 

2.856

 

Provisions
 

 

0.000

Total Current Liabilities
 

 

2.856

Net Current Assets
 

 

(0.069)

 

 

 

 

MISCELLANEOUS EXPENSES

 

 

0.000

 

 

 

 

TOTAL

 

 

0.758

 

 

 

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

 

31.03.2007

Sales Turnover

 

 

17.552

Other Income

 

 

0.211

Total Income

 

 

17.763

 

 

 

 

Profit/(Loss) Before Tax

 

 

0.503

Provision for Taxation

 

 

0.000

Profit/(Loss) After Tax

 

 

0.503

 

 

 

 

Imports :

 

 

 

 

Stores & Spares

 

 

1.439

Total Imports

 

 

1.439

 

 

 

 

Expenditures :

 

 

 

 

Cost of Goods Sold

 

 

10.316

 

Administrative Expenses

 

 

5.428

 

Other Expenditure

 

 

0.077

Total Expenditure

 

 

17.260

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

 

31.03.2007

PAT / Total Income

(%)
 

 

02.83

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

 

02.86

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

 

0.13

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

 

0.66

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

 

3.76

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

 

0.97

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade Reference

 

Mark Electronics

37, 26th Cross, Chennai – 90

Mr. Aravamudan

 

Alfa Foundations Private Limited

Plot No. 38, AGS Colony 3rd Main, Kottivakkam, Chennai – 600041

Mr. S. Saravanaperumal

 

Dr. Mohans Diabetes Specialty Center    

No. 6, Conron Smith Road, Gopalapuram, Ch 18,

Mr. Thanigaimani, GM - HR

 

 

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.42.33

UK Pound

1

Rs.84.32

Euro

1

Rs.66.75

 

 

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

YES

--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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions