MIRA
INFORM REPORT
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Report Date : |
23.06.2011 |
IDENTIFICATION DETAILS
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Name : |
NICE NEOTECH MEDICAL SYSTEMS PRIVATE LIMITED |
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Registered
Office : |
No. 85 and 86, Krishna Industrial Estate, Vannagaram, Mettukuppam,
Chennai-600095, Tamil Nadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
10.07.2001 |
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Com. Reg. No.: |
18-047399 |
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Capital
Investment / Paid-up Capital : |
Rs. 2.470 millions |
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CIN No.: [Company Identification
No.] |
U33119TN2001PTC047399 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEN05041B |
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PAN No.: [Permanent Account No.] |
AABCN4311M |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer, Exporter and Importer of Health Care Products. |
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No. of Employees
: |
70 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 16000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be slow. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Suresh Madhavan |
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Designation : |
Marketing General Manager |
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Contact No.: |
91-9444976019 |
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Date : |
21.06.2011 |
LOCATIONS
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Registered Office/ Factory : |
No. 85 and 86, Krishna Industrial Estate, Vannagaram, Mettukuppam,
Chennai- 600095, Tamil Nadu, India. |
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Tel. No.: |
91-44-24764608 |
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Fax No.: |
91-44-24762594 |
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E-Mail : |
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Website : |
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Area : |
7500 Sq. ft |
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Location : |
Owned |
DIRECTORS
AS ON 20.08.2010
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Name : |
Mrs. Sheeba Wilson |
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Designation : |
Director |
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Address : |
No.1, Pallavan Street, Alwarthru Nagar, Chennai-600087, Tamil Nadu,
India |
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Date of Birth/Age : |
30.07.1971 |
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Qualification : |
Post Graduate (Economics) |
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Date of Appointment : |
10.07.2001 |
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DIN No : |
00794959 |
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Name : |
Mr. Ponnian Wilson |
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Designation : |
Managing Director |
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Address : |
No.1, Pallavan Street, Alwarthru Nagar, Chennai-600087, Tamil Nadu,
India |
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Date of Birth/Age : |
28.05.1967 |
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Qualification : |
B.E. |
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Date of Appointment : |
10.07.2001 |
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DIN No : |
00794993 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Madhavan |
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Designation : |
Marketing General Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2010
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Names of Shareholders |
No. of Shares |
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Sheeba Wilson |
116500 |
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Ponnian Wilson |
130500 |
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Total |
247000 |
AS ON 20.08.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Healthcare Products. |
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Exports : |
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Products : |
·
Healthcare Products |
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Countries : |
·
Thailand |
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Imports : |
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Products : |
·
Healthcare Products |
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Countries : |
·
Srilanka |
GENERAL INFORMATION
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Customers : |
·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
70 (Approximately) |
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Bankers : |
·
Indian Bank, Valasarawakkam Branch, 118, Indira
Nagar, Valasarawakkam, Chennai-600087, Tamil Nadu, India |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
J. K. Ramaswamy and Associates Chartered Accountant |
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Address : |
24/A, Perumal Koil Street, Porur, Chennai-600116, Tamil Nadu, India |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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350000 |
Equity Shares |
Rs.10/- each |
Rs. 3.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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247000 |
Equity Shares |
Rs.10/- each |
Rs. 2.470
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.470 |
2.470 |
2.470 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.552 |
0.963 |
0.618 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.022 |
3.433 |
3.088 |
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LOAN FUNDS |
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1] Secured Loans |
1.497 |
0.883 |
1.534 |
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2] Unsecured Loans |
2.777 |
3.902 |
3.226 |
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TOTAL BORROWING |
4.274 |
4.785 |
4.760 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.296 |
8.218 |
7.848 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.783 |
3.823 |
3.728 |
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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 |
0.932
|
1.026 |
0.960 |
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Sundry Debtors |
6.412
|
2.244 |
3.118 |
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Cash & Bank Balances |
0.111
|
1.659 |
1.021 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.444
|
0.824 |
0.146 |
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Total
Current Assets |
7.899
|
5.753 |
5.245 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
3.909
|
1.108 |
1.106 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.477
|
0.250 |
0.019 |
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Total
Current Liabilities |
4.386
|
1.358 |
1.125 |
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Net Current Assets |
3.513
|
4.395 |
4.120
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
8.296 |
8.218 |
7.848 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Indian Sales |
28.379 |
14.973 |
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Export Sales |
1.812 |
0.837 |
18.036 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
30.191 |
15.810 |
18.036 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
28.347 |
14.586 |
16.674 |
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Advertising Expenses |
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TOTAL (B) |
28.347 |
14.586 |
16.674 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1.844 |
1.224 |
1.362 |
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Less |
FINANCIAL
EXPENSES (D) |
0.341 |
0.357 |
0.404 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.503 |
0.867 |
0.958 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.485 |
0.363 |
0.319 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.018 |
0.504 |
0.639 |
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Particulars |
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|
31.03.2011 |
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Sales Turnover (Approximately) |
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|
50.000 |
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The above information has been parted by Mr. Suresh Madhavan.
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
3.37
|
3.19 |
3.54 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.03
|
5.26 |
7.12 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.15 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.15
|
1.79 |
1.91 |
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Current Ratio (Current Asset/Current Liability) |
|
1.80
|
4.24 |
4.66 |
LOCAL AGENCY FURTHER INFORMATION
Note: The Registered
office of the company has been shifted from No. 1,
FORM 8
|
Corporate
identity number of the company |
U33119TN2001PTC047399 |
|
Name of the
company |
NICE NEOTECH MEDICAL
SYSTEMS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No.85 and 86,
Krishna Industrial Estate, Vaanagaram, Muttukuppam, Chennai-600095, Tamil
Nadu, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
Book debts Movable property
(not being pledge) Floating charge |
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Particular of
charge holder |
Indian Bank,
Valasarawakkam Branch, 118, Indira Nagar, Valasarawakkam, Chennai-600087,
Tamil Nadu, India |
|
Nature of
instrument creating charge |
Demand Promissory
Note. Agreement of
Hypothecation of Movables. |
|
Date of
instrument Creating the charge |
16.09.2009 |
|
Amount secured by
the charge |
Rs. 4.875
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest SOD:- 14%
Presently (BPLR 2%) Terms of repayment As determined by
the Banker from time to time. Margin As determined by
the Banker from time to time. Other Nature of
Facility Existing Modified
(Rs. In Millions) MTL 1.875 1.875 SOD --
3.000 Total 1.875 4.875 All other terms
and conditions as per sanction letter and instrument executed on
16.09.2009 |
|
Charge
identification number of the charge to be modified |
90290553 |
|
Particulars of
the present modification |
The amount
secured by this charge has been enhanced from Rs. 1.875 millions to Rs. 4.875
millions as detailed hereunder below: Nature of
Facility Existing Modified (Rs. In
Millions) MTL 1.875 1.875 SOD --
3.000 Total 1.875 4.875 All other terms
and conditions of original charge and subsequent modification remains
unchanged. |
Fixed Assets:
v Land and Building
v Plant and Machinery
v Testing Equipments
v Air Conditioner
v Air Compressor
v Vaccum Cleaner
v Vending Machine
v Fax Machine
v Furniture and Fixtures
v Ford Ikon Car
v Tempo Van
v Maxi Truck
v Bajaj- M- 80
v TVS XL Super
v Two Wheeler
v Cycle
v Computer and Accessories
TRADE REFERENCE:
·
Amma Hospital
·
St Marlha Hospital
·
G G Hospital
·
J J Hospital
·
Mother Care Hospital
·
Sanjeevani Hospital
·
St Stophens Hospital
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.82 |
|
|
1 |
Rs.72.84 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.