MIRA
INFORM REPORT
|
Report Date : |
16.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
KALABHAT DENTAL PRIVATE LIMITED |
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Registered
Office : |
256 Sardar Vallabhbhai Patel, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.12.1992 |
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Com. Reg. No.: |
11-070079 |
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CIN No.: [Company Identification
No.] |
U33112MH1992PTC070079 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Dental Materials |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. Profitability position of the company appears to be law. However,
trade relations are fair. Business is active. Payments are reported to be
slow. The company can be considered for small to mediocre 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 |
LOCATIONS
|
Registered Office : |
256 Sardar Vallabhbhai Patel, |
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Tel. No.: |
91-22-5781823 |
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Fax No.: |
91-22-5774059 |
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E-Mail : |
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Corporate Office : |
43-44 Lal Bahadur Shastri Marg, Vikhroli (West), Mumbai –
400079, |
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Tel. No.: |
91-22-25774058 / 59, 25781823 / 3739 |
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Fax No.: |
91-22-25799120 |
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E-Mail : |
DIRECTORS
AS ON 16.09.2010
|
Name : |
Mr. Rajendra G. Nandwana |
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Designation : |
Director |
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Address : |
26, Valentine, |
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Date of Birth/Age : |
17.06.1948 |
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Date of Appointment : |
21.12.1992 |
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Name : |
Ms. Shanti R. Nandwana |
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Designation : |
Director |
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Address : |
26, Valentine, |
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Date of Birth/Age : |
01.07.1948 |
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Date of Appointment : |
21.12.1992 |
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Name : |
Mr. Aditya R. Nandwana |
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Designation : |
Director |
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Address : |
26, Valentine, |
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Date of Birth/Age : |
28.06.1981 |
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Date of Appointment : |
31.07.1999 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.09.2010
|
Names of Shareholders |
No. of Shares |
|
Mr. Rajendra G. Nandwana |
8750 |
|
Ms. Shanti R. Nandwana |
8250 |
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Mr. Aditya R. Nandwana |
8750 |
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Mr. Rajendra G. Nandwana, Karta of Rajendra Nandwana (HUF) |
11000 |
|
Ms. Shrnita Nandwana |
8250 |
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Total |
45000 |
AS ON 16.09.2010
|
Equity Share
Breakup |
|
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
|
100.00 |
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Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Dental Materials |
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Products : |
·
Dental Materials ·
Abrasive sand for blasters ·
Abrasive Stones/Discs ·
Acrylic Polishing Paste ·
Adhesives ·
Articulating Liquid ·
Spray ·
Acrylic Resin (Hot and Cold Cure) ·
Brushes for Polishing, Porcelain
Build up ·
Buffs ·
Bi-Pins ·
Carbide Burs/Cutters ·
Casting Rings ·
Crucibles ·
Crucible/Sprue Former ·
Cotton buffs ·
Cervical Wax ·
Casting Wax ·
Crown and Bridge Wax ·
Carving Wax ·
Die Lubricant ·
Die Spacer/Varnish ·
Die Material/Stone Plaster ·
Dowel Pins (All Types) ·
Duplicating Flasks ·
Duplicating Gel ·
Die/Model Making System ·
Diamond Burs/Discs (Coated and
Sinter) ·
Electrolytic Polishing Liquid ·
Felt Wheels with Diamond Paste ·
Fluxes (All Types) ·
Flannel Buffs ·
Heat Absorbing Paste ·
Immersion Hardener ·
Investments (All Types) ·
Investment for Titanium ·
Light Curing Resin Material ·
Leather Buffs ·
Metals (All Types) ·
CB-80 ·
For Titanium ·
Chrome Cobalt ·
Muffle Decontamination Kit ·
Masking Agents (Self Hardening) ·
Model Former (Full and Half) ·
Microwave Curable Denture Material ·
Mesh Strengthener ·
Metal Clasps ·
Plaster Separator ·
Plaster Porcelain Separator ·
Plaster Hardening Liquids ·
Plaster Sealing Liquids ·
Porcelain Powders (All Types) ·
Precision Attachments ·
Plastic Patterns ·
Polishing Material ·
Plastic Sprue System ·
Palate Patterns ·
Precious/Semi Precious Metals ·
Retention Beads ·
Retention Rings ·
Ring Liners (Asbestos Free) ·
Rubber/Silicone Polishers ·
Retainers/Retention Grid ·
Silicone Duplicating Material ·
Silicone Mould For Cr and Br ·
Soft Relining Material ·
Solder (All Types) ·
Spruing System (Wax/Plastic) ·
Surface Tension Reducing Agent ·
Separating Discs ·
Sprue Wax ·
Steel Burs ·
Sprue Cutting Discs ·
Thermoforming Material ·
Tin Foil ·
Undercut Wax/Cement ·
Ultrasonic Cleaning Solutions ·
Waxes (All Types) ·
Wax Patterns ·
Wax Sprue System |
GENERAL INFORMATION
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pravinchandra and Company Chartered Accountants |
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Address : |
601-A, Niranjan, |
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Tel. No.: |
91-22-22816478 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 16.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10 each |
Rs.0.500 million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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45000 |
Equity Shares (of the above
15,000 equity shares were allotted as rights shares and 30,000 shares were alloted
as bonus shares by capitalisation of general reserves) |
Rs. 10 each |
Rs. 0.450 million |
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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 |
0.450 |
0.450 |
0.450 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.124 |
0.122 |
0.330 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.574 |
0.572 |
0.780 |
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LOAN FUNDS |
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1] Secured Loans |
1.575 |
1.970 |
1.754 |
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2] Unsecured Loans |
4.242 |
4.242 |
3.742 |
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TOTAL BORROWING |
5.817 |
6.212 |
5.496 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.391 |
6.784 |
6.276 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.390 |
0.483 |
0.602 |
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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 |
0.917 |
0.917 |
0.819 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.046
|
4.954 |
7.856 |
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Sundry Debtors |
1.206
|
1.262 |
2.592 |
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Cash & Bank Balances |
0.080
|
0.083 |
0.099 |
|
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
0.196
|
0.363 |
0.423 |
|
Total
Current Assets |
6.528
|
6.662 |
10.970 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.321 |
0.267 |
4.782 |
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Other Current Liabilities |
0.663
|
0.529 |
0.733 |
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Provisions |
0.460
|
0.482 |
0.600 |
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Total
Current Liabilities |
1.444
|
1.278 |
6.115 |
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Net Current Assets |
5.084
|
5.384 |
4.855 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6.391 |
6.784 |
6.276 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Sales |
8.510 |
9.600 |
14.179 |
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Other Income |
0.606 |
0.375 |
0.544 |
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TOTAL (A) |
9.116 |
9.975 |
14.723 |
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Less |
EXPENSES |
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Cost of Materials |
6.492 |
6.972 |
10.275 |
|
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Selling and Distribution Expenses |
0.258 |
0.258 |
0.649 |
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Administrative Expenses |
2.267 |
2.886 |
3.884 |
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TOTAL (B) |
9.017 |
10.116 |
14.808 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.0099 |
(0.141) |
(0.085) |
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Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.099 |
(0.141) |
(0.085) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.094 |
0.130 |
0.178 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.005 |
(0.271) |
(0.263) |
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Less |
TAX (H) |
0.002 |
(0.066) |
(0.014) |
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PROFIT AFTER TAX
(G-H) (I) |
0.003 |
(0.205 ) |
(0.249) |
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Less |
Short Provision
for FBT |
0.001 |
0.003 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.122 |
0.081 |
0.080 |
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Earnings Per
Share (Rs.) |
0.06 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.03
|
(2.05) |
(1.69) |
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.06
|
(2.82) |
(1.78) |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
(3.79) |
(2.27) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
(0.47) |
(0.33) |
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Debt Equity Ratio (Total Liability/Networth) |
|
12.64
|
13.09 |
14.88 |
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|
Current Ratio (Current Asset/Current Liability) |
|
4.52
|
5.21 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company has achieved a sales turnover of Rs. 8.509 millions
(previous year Rs. 9.599 millions) a decrease of 11.34% over the preceding
year.
FORM 8
|
Name of the company |
KALABHAI DENTAL
PRIVATE LIMITED |
|
Presented By |
Union Bank of |
|
1) Date and description of instrument creating the change |
Hypothecation
agreement of goods dents and assets Dated 01.12.1995 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 Millions
|
|
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 |
Hypothecation of
dental equipments and dental consumable materials which shall include all
produce, goods and moveable property of any kind now or at any time hereafter
belonging to or at the disposal of the borrower being stored or which
hereafter any from time to time be brought into or stored or be in or about
the burrower’s premises or Godown at 43/44 LBS Marg, Vikhroli [West] Mumbai –
400079 and at other centers in the Union of India and all other places of
storage. The borrower’s
book debts outstanding monies receivables, claims and bills which are now due
and owing or which may and any time hereafter during the continuance of this
security becoming due and owing to the borrower in the course of its business
by any person or party including any Government or any local or public body
or authority. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at the
rate of 6.75 % p.a. above the RBI rate for Demand Loans from time to time
with a minimum rate of 18.75 % p.a. or time be fixed by the bank Margin – 25 % |
|
5) Name and Address and description of the person entitled to the charge. |
Union Bank of Vikhroli Branch,
Katrak Compound, L. B. S. Marg, Mumbai – 400079 |
|
6) Date and brief description of instrument modifying the charge |
Dated 27.07.2001 The following
agreements executed in favour of Union Bank of
Both agreement
constituted as single charge. |
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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. |
The agreements as
stated in item No. 6 hereof have been Bank of India on 27.07.2001 as a
continuing security to further secure the enhanced credit facility of
Rs.3.500 Millions together with interest,
additional interest, liquidated damages, compound interest premia on
prepayment or on redemption, costs, charges, expenses and other monies under
their loan agreement / letter of sanction / memorandum of terms and
conditions amended from time to time Credit Facility :
Rs.3.500 Millions (Enhanced from Rs.2.500 Millions) Interest : 15 %
p.a. with quarterly rest. |
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 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.45.18 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.63.13 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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.