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MIRA
INFORM REPORT
|
Report Date : |
20.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THEA-TEX HEALTHCARE (INDIA) PRIVATE LIMITED |
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Registered Office : |
801-C, Marigold, Valley of Flowers, Thakur Village, Kandivali (East),
Mumbai – 400101, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.04.2004 |
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Com. Reg. No.: |
11-146045 |
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CIN No.: [Company
Identification No.] |
U24230MH2004PTC146045 |
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IEC No.: |
0304028673 |
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|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNET05480G |
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PAN No.: [Permanent
Account No.] |
AACCT0351L |
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Legal Form : |
Private Limited Liability Company |
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|
Line of Business : |
Manufacturer of Transportation – Air, Rail, Auto Components |
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 |
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Maximum Credit Limit : |
USD 37000 |
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Status : |
Good |
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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 good. 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 |
INFORMATION PARTED
BY
|
Name : |
Mr. Jignesh |
|
Designation : |
Accountant |
|
Date : |
16.09.2008 |
LOCATIONS
|
Registered Office : |
801-C, Marigold, Valley of Flowers, Thakur Village, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
|
Tel. No.: |
91-22-56213374/ 56760337/ 28872076 |
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Fax No.: |
91-22-28853474 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
|
Location : |
Owned |
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Factory : |
9M, Anand Mangal Industrial Estate, Sativali Road, Waliv Phata, Vasai
(East), Thane – 401102, Maharashtra, India |
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Tel. No.: |
91-95250-6450283/ 2480289/ 3295393/ 6452358 |
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Mobile No.: |
91-9819286189 |
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Fax No.: |
91-95250-2480579 |
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E-Mail : |
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|
Area : |
2200 sq. ft |
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Location : |
Owned |
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|
|
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Thane Office : |
9-10, Anand Mangal Industrial Estate, Village Valiv, Vasai, Thane,
Maharashtra, India |
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|
|
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UK Office : |
23 Gipsy Lane, Calder Stones, Liver Pool, L-183m HLUK |
DIRECTORS
|
Name : |
Mr. Ajeet Harkhayal Singh |
|
Designation : |
Director |
|
Address : |
H-703, Marigold, Valley of Flowers, Kandivalle, Mumbai – 400101, Maharashtra,
India |
|
Date of Birth/Age : |
04.04.1951 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
15.07.2006 |
|
|
|
|
Name : |
Mr. Anand S. Singh |
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Designation : |
Director |
|
Address : |
23 Gipsy Lane, Calder Stones, Liver Pool, L-183m HLUK, 111111 |
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Date of Birth/Age : |
11.04.1976 |
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Qualification : |
B. Com |
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Date of Appointment : |
15.07.2006 |
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|
|
|
Name : |
Mrs. Savitri S. Singh |
|
Designation : |
Director |
|
Address : |
23 Gipsy Lane, Calder Stones, Liver Pool, L-183m HLUK, 111111 |
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Date of Birth/Age : |
03.10.1948 |
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Qualification : |
Doctors |
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Date of Appointment : |
15.07.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 15.07.2006)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Ajeet Singh |
|
32800 |
|
Anand S. Singh |
|
32800 |
|
Savitri S. Singh |
|
16400 |
|
|
|
|
|
Total |
|
82000 |
(A son 31.03.2007)
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Transportation – Air, Rail, Auto Components |
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|
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Exports : |
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Products : |
|
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Countries : |
UK |
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Imports : |
|
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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|
|
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Purchasing : |
T/T |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
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|
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No. of Employees : |
50 |
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|
|
|
Bankers : |
Andheri Branch, Alka Apartments, S. V. Road Andheri (West), Mumbai –
400058, Maharashtra, India |
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|
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Facilities : |
CC |
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Banking
Relations : |
Satisfactory |
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|
|
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Auditors : |
|
|
Name : |
Sodha Sanghvi and Associates Chartered Accountant |
|
Address : |
F-27, Chandan Mahal, T. P. S. III, Near B. M. C. Hospital, Mumbai –
400055, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82000 |
Equity Shares |
Rs.10/- each |
Rs.0.820
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.820 |
0.820 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
6.528 |
6.729 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
7.348 |
7.549 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
13.736 |
11.662 |
|
|
2] Unsecured Loans |
|
1.500 |
1.323 |
|
|
TOTAL BORROWING |
|
15.236 |
12.985 |
|
|
DEFERRED TAX LIABILITIES |
|
1.461 |
0.461 |
|
|
|
|
|
|
|
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TOTAL |
|
24.045 |
20.995 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
20.445 |
16.250 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3.158
|
3.253 |
|
|
Sundry Debtors |
|
2.695
|
1.287 |
|
|
Cash & Bank Balances |
|
0.434
|
0.417 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
0.808
|
1.396 |
|
Total
Current Assets |
|
7.095
|
6.353 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
3.441
|
2.078 |
|
|
Provisions |
|
0.406
|
0.000 |
|
Total
Current Liabilities |
|
3.847
|
2.078 |
|
|
Net Current Assets |
|
3.248
|
4.275 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.352 |
0.470 |
|
|
|
|
|
|
|
|
TOTAL |
|
24.045 |
20.995 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
33.959 |
15.744 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
33.959 |
15.744 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.958 |
0.149 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
0.958 |
0.149 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interests |
|
1.263 |
0.791 |
|
|
Depreciation & Amortization |
|
1.003 |
0.660 |
|
|
Other Expenditure |
|
30.735 |
14.144 |
|
Total Expenditure |
|
33.001 |
15.595 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.82
|
0.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.82
|
0.95 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.48
|
0.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.13
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
2.60
|
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.84
|
3.06 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Details |
|
Existence
Verification |
|
|
Name |
Thea-Tex Healthcare (India) Private Limited |
|
|
|
|
Statutory
Approvals |
|
|
Legal Status of Firm |
Private Limited Liability Company |
|
Income Tax Registration |
AACCT0351L |
|
Central Sales Tax Registration |
27970266601C |
|
Import Export Code |
0304028673 |
|
Name of Bank |
Vijaya Bank |
|
Current Account Number |
CC- 50350621100001 |
|
Account Since |
4 years |
|
|
|
|
Credibility Factors |
|
|
IndiaMART Client Since |
2 years |
|
|
|
|
Trade
Affiliations |
|
|
SSI Registration |
7565 / Date 2005 |
|
|
|
|
Standards &
Certifications |
|
|
Quality Management Systems |
ISO 9000:2001 FM511693 / Date : Oct.2007 |
Form 8:
|
Corporate
identity number of the company |
U24230MH2004PTC146045 |
|
Name of the
company |
THEA-TEX HEALTHCARE (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
801-C, Marigold, Valley of Flowers, Thakur Village, Kandivali (East),
Mumbai – 400101, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Andheri Branch, Alka Apartments, S. V. Road Andheri (West), Mumbai –
400058, Maharashtra, India |
|
Nature of
instrument creating charge |
Hypothecation
Agreement Memorandum of
Entry for Creation of EMTD by way of Constructive delivery. Memorandum of
Entry for Creation of EMTD by way of Constructive delivery, from Dr. Savitri
Singh |
|
Date of
instrument Creating the charge |
12.03.2008 |
|
Amount secured by
the charge |
Rs.1.914 Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: SL (Fresh): BPLR+1.00%
= 14.00% p.a. subject to stipulation by the Bank from time to time Terms of
Repayment: Repayable in 78
EMI of Rs.0.041 Million with initial moratorium period of 6 month commencing
from 12.10.2008, subject to stipulation by the Bank from time to time. Margin: SL – 25% Subject to
stipulation by the Bank from time to time. Extent and
Operation of the charge: First Charge Others: Additional Penal
interests @ 2% in case of default. |
|
Particulars of
the property charged |
The company has
secured the entire SL limits, of Rs.1.914 Millions by hypothecation of new
machinery/ equipments/ assets such as NC 16 Ear Loop mask making machine,
Carton Strapping machine, Horizontal Continuous Sealer, Thickness sealer,
Single Peace Sealer, Electrical fittings and compressors proposed to be
purchased/ installed. The company has also secured the entire credit limits
by all the securities already provided for the various credit limits granted
by the Bank to the company. |
Profile:
Subject is India's manufacturer of non woven
medical/industrial disposables. The company was incorporated at Mumbai (India)
during 2004 and commenced commercial production as recently as 2005. The unique
company name is an amalgamation of the two words ‘Thea tre Textiles'. In 2004,
the Promoters identified that the Indian market for non woven disposables was
very small, highly unorganized and theatre textiles predominantly consisted of
traditional textiles such as cotton/cloth. By 2005, they launched the company
by importing very sophisticated, high capacity ultrasonic non woven converting
machinery and slashed existing market rates by as much as 50% in order to
create the non woven disposables market in India.
Promoted by Resident and Non-Resident Indians focused on
building an organization of International Standards, company is professionally
managed by a synergistic team of financial, medical, production and textile
professionals. The top management is passionately committed to total quality management
(TQM) principles. For six long months in 2006, each and every member of Company
staff was rigorously involved in the implementation of the ISO 9001 standard.
They selected the reputed British Standards Institution as their accreditation
agency aligning ourselves with the best global organizations. On 27th October
2006 Company was awarded ISO 9001 Certificate by BSI.
Their hi-tech automated ultrasonic production lines were
imported from Taiwan at the start of 2005 with an initial installed capacity of
5,000,000 Pieces/Month. This has since been increased to 10,000,000
Pieces/Month within two years, demonstrating their mission to keep expanding.
Additional machinery has also been ordered to further increase production
capacities by 2008. Their in-house fabric slitting department houses two
domestically manufactured 1600mm slitting machines, ensuring precision raw
material inputs to their ultrasonic machines. The tailoring department
comprises in excess of 50 imported stitching/overlock machines.
Their hi-Tech manufacturing unit is located at a CIDCO
approved Industrial Estate in the thriving industrial area of Vasai,
Maharashtra, India (15 minutes outside of Mumbai's Octrai Tax Checkpoint – ‘'
Check Naka''). The industrial zone is linked well to major ports and cities via
the main highway NH-8 and serviced by all major transport groups such as Om
Logistics, KTC, VRL, SRD, Jaipur Golden, Surat Ahmedabad etc. They are also
they serviced by reputed courier companies such as Blue Dart, Professional
Couriers, DTDC, etc to ensure timely dispatch of shipping documents. The floor
space is currently 20,000 Sq Ft with major expansion plans under development. A
land bank of 2 acres has been secured locally for their next expansion project.
Their unit has air conditioned manufacturing, packing and office areas,
supported by compulsory rules for all staff/visitors to wear protective
apparel. They are active and life long members of the local ‘Gowalis Industries
Association' which gives a platform to improve the infrastructure and support
of local industries and integrate smoothly with the residents of the
surrounding villages.
Their main raw material is medical grade non woven fabric
engineered on German Reifenhauser production lines. Unfortunately, due to the
non-availability of quality non woven fabric domestically they import
approximately 40,000 Kg of fabric per month from the worlds manufacturers. In addition
to this advantage of high quality medical grade fabrics, the cost benefit of
importing the raw material is directly passed on to their customers, providing
both a high quality and economical product. All of their suppliers periodically
supply testing reports for the fabric from internationally accredited
laboratories such as the FDA accredited Nelson Labs (Salt Lake City, UTAH,
USA). Other than non woven fabrics, they ensure that all of their raw materials
are of the highest quality ranging from the latex free elastic to the 100 Gsm
PP Bags through to the 7-Ply 140 Gsm corrugated packaging cartons, however they
maintain low costs through bulk purchasing contracts.
The basic underlying philosophy at company is to offer the
lowest price possible, without cutting corners or reducing the quality of their
product. They understand that being a disposable product and with the objective
of displacing traditional textiles like cotton, this product must be priced low
and supplied in large volumes.
The Future – International Quality
Standards
Unfortunately, in India this industry in not regulated and
there are no standards related to their products, although they are trying
their level best with organizations such as the Bureau of Indian Standards
(BIS) and the Ministry of Health and Family Welfare (MHFW). Currently they are
very focused on consolidating their position in the domestic market as the
industry leader. However, they continue to plan long term and at some point in
the future they will be entering the International market. In association with
Underwriters Laboratories Inc., preparation of their 510(k) Pre-Market
Notification to the FDA has started for the US market. For the European market,
they have self-certified their non-sterile masks and caps, which are classified
as Class 1 Medical Devices under the European Medical Devices Directive MDD
93/42/EEC. After ensuring the their products meet the Essential Requirements in
Annexure 1 of the MDD, an EC Declaration of Conformity has been prepared by
meeting the requirements and procedures referred to in Annexure VII and other
related Articles of the MDD 93/42/EEC. They have already registered with the
Medicines and Healthcare products Regulatory Agency (MHRA-UK) via their
authorized representative Oria Commerce (UK) Limited (Southampton-UK).
Currently they are working on meeting the new European Standard on Surgical
Face Masks released in 2005 and working with the Government to get an NABL
accredited testing laboratories established in India to facilitate meeting such
standards without the high expenditure of foreign testing. They are the first
company in India that established Bacteria Filtration Efficiency Testing (ASTM
F 2101-01) in association with the Bombay Textile Research Association (BTRA).
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.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
|
55 |
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 |
|