MIRA
INFORM REPORT
|
Report Date : |
03.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
DUGAR
OVERSEAS PRIVATE LIMITED |
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Registered Office : |
D-65 LGF, Anand
Niketan, New Delhi – 110 021 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1992 |
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Com. Reg. No.: |
49262 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC049262 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL04268F |
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PAN No.: [Permanent
Account No.] |
AAACD0817B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Distributors of Confectionery Goods (Jelly Sweets, Chocolate and Chocolate Products). |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
20000 |
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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. Trade relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual trade term and conditions. |
LOCATIONS
|
Registered Office : |
D-65 LGF, Anand
Niketan, New Delhi – 110 021, India |
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Tel. No.: |
91-11-51661240/41 |
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Mobile No.: |
91-9811622887 |
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Fax No.: |
91-11-51661310 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Corporate
Office : |
F-40, Ground Floor,
Kalkaji, New Delhi – 110 019 |
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Tel.
No.: |
91-11-20545260 |
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Godown/
Warehouse : |
RZ-381/21, Main
Jagamba Road, Tughlakabad Extension, New Delhi Second Floor, 71 NSC
Bose Road, Chennai – 600 001, Tamilnadu |
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Branches
: |
349/53, Samual Street, 4th Floor, Indu Chamber, S. Vagadi,
Mumbai – 400 003, Maharashtra Tel. 91-22-56926778/9 Fax. 91-22-56914975 71, N. S. E. Bose Road, Chennai – 600 003, Tamilnadu |
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Location : |
Rented |
DIRECTORS
|
Name : |
Mr. Nagraj Dugar |
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Designation : |
Director |
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Address : |
402, Block 25, Heritage City, Gurgaon, Haryana |
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Date of Birth/Age : |
16.12.1948 |
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Qualification : |
B. Com. |
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Experience : |
16.12.1948 |
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Date of Appointment : |
21.09.1998 |
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Name : |
Mr. Suraj Dugar |
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Designation : |
Director |
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Address : |
402, Block 25, Heritage City, Gurgaon, Haryana |
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Date of Birth/Age : |
17.08.1953 |
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Date of Appointment : |
22.06.1992 |
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Name : |
Mr. Sumit Khandelwal |
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Designation : |
Director |
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Address : |
201, Cosmos Apartment, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
32 Years |
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Qualification : |
B. Com. |
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Experience : |
20 Years |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mrs. Sarla Khandelwal |
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Designation : |
Director |
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Address : |
201, Cosmos Apartment, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
50 Years |
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Date of Appointment : |
05.04.1998 |
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Name : |
Mr.
Manoj Dugar |
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Designation : |
Executive
Director |
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Address : |
402,
Block 25, Heritage City, Gurgaon-122001 |
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Date of Birth/Age : |
28.03.1971 |
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Date of Appointment : |
22.06.1992 |
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Date of Ceasing : |
21.09.1998 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Mr. Sujar Dugar |
92,500 |
|
Mr. Manoj Dugar |
72,300 |
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Ms. Shalini Duga |
45,000 |
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Mr. Nagraj Dugar |
31,790 |
|
Noblex Creation (Private) Limited |
3,300 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Distributors of Confectionery Goods (Jelly Sweets, Chocolate and Chocolate Products). |
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Products : |
Candies, Jelly, Chocolate and Wafers |
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Imports from : |
Argentina and Thailand |
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Terms : |
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Selling : |
Cash or Credit |
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Purchasing : |
L/C or Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Super Stockist |
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No. of Employees : |
14 |
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Bankers : |
Ø HSBC Bank Ø Centurion Bank of Punja Ø Vijaya Bank, Hauz Khar Branch, Hauz Khas Market, New Delhi-110016, Delhi, India (The company enjoys credit limits of Rs. 0.600 million from it’s bankers) Ø Union Bank of India, Mumbai, Maharashtra |
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Banking Relations : |
Satisfactory |
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Auditors : |
Rakhecha & Company Chartered Accountants 4831/24, Anzeri Road, Daryaganj, New Delhi – 110 002 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2,45060 |
Equity Shares |
Rs. 10/- each |
Rs. 2.451 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
|
2.450 |
2.451 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.185 |
2.562 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.635 |
5.013 |
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LOAN FUNDS |
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1] Secured Loans |
|
10.618 |
7.509 |
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2] Unsecured Loans |
|
13.941 |
8.602 |
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TOTAL BORROWING |
|
24.559 |
16.111 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.010 |
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TOTAL |
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30.194 |
21.134 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.518 |
2.148 |
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Capital work-in-progress |
|
0.100 |
0.000 |
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INVESTMENT |
|
0.053 |
0.053 |
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DEFERREX TAX ASSETS |
|
0.039 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
22.686 |
8.669 |
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Sundry Debtors |
|
18.267 |
22.570 |
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Cash & Bank Balances |
|
0.466 |
1.399 |
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Other Current Assets |
|
1.939 |
2.827 |
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Loans & Advances |
|
6.624 |
2.254 |
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Total Current Assets |
|
49.982 |
37.719 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
|
22.831 |
18.250 |
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Provisions |
|
0.672 |
0.540 |
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Total Current Liabilities |
|
23.503 |
18.790 |
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Net Current Assets |
|
26.479 |
18.930 |
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MISCELLANEOUS EXPENSES |
|
0.005 |
0.003 |
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TOTAL |
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30.194 |
21.134 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
|
NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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|
NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
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|
8.53 |
6.96 |
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Current
Ratio (Current
Asset/Current Liability) |
|
|
2.13 |
2.01 |
LOCAL AGENCY
FURTHER INFORMATION
Note :-
The company’s
registered office at 7, Siri Fort Road, Near Ground Floor, New Delhi has been
shifted to the above address.
Form
8 Particular for creation or modification of charges
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Name of the company |
DUGAR OVERSEAS PRIVATE LIMITED |
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Presented By |
Vijaya Bank and Dugar Overseas Private Limited |
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1) Date and description of instrument creating the change |
Agreement dated 04.08.2002 (Registered on 27.08.2002) Modified upto Rs.7.5 millions on 13.08.2002 Registered on 27.08.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.000 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 |
Hypothecation of stocks of imported confectionery goods stored at 7A-61, Tughlakabad Extension, New Delhi or at any other places and building. The charge is also secured by hypothecation of book debts and all other current and fixed assets held from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on above assets is to secure the CC (H) Limit of Rs.6.000 millions sanctioned to the company. Interest is chargeable at 16% p.a. or at such other rates as may be fixed by the Bank form time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank, Haus Khas, New Delhi |
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6) Date and brief description of instrument modifying the charge |
Letter from the Bank dated 17.06.2005 |
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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 CC (H) Limit secured by this charge is reduced from Rs.7.5 millions to Rs.6.0 millions with the adjustment of Adhoc CC Limit of Rs.1.5 millions. No document has been executed by the company for reduction in CC (H) Limit. Other terms and conditions remain same. |
BUSINESS
Subject
is engaged in as importers and distributors of Confectionery Goods such as
Arcor Butter Toffee, Ritter Sports Chocolate, Heart Hart Beat Caudiex, Magic
Pop-Geef and Kopiko – Coffee Candy.
Agencies held by the company are :-
ARCOR
Founded on July 5th 1951, Arcor Group is the first candy manufacturer in
the world and the largest confectionery exporter of Argentina, Brazil and
Chile. It has 31 plants in Latin America, 25 of which are located in Argentina,
and the other 6 in Latin America. The Group specializes in elaboration of
foods, and its leading products are candies, chocolates, cookies, preserved
fruits and vegetables, and corn by-products. It produces more than 15 million
kg. daily and it reaches 115 countries throughout the 5 continents with its own
brand.
GEEF
For the
past 23 years since its establishment in 1979, GF Company Limited has developed
various kinds of confectionery that pleases the entire mankind being loved by
the whole world for its idea rich products of chocolates and even snacks, not
to mention candies. GF Company Limited. Started manufacturing the popping candy
from 1985 for the first time in Korea and is producing a variety of popping
candies. Especially, the Magic Pop, its own brand name, which adds various
fruits flavours to the sweetness with the popping noise in the mouth is called
"four-dimension candy"
and is being loved by the whole world
General Candy
General group of companies has principle in the confectionery business
for over twenty years under the name of General
Candy Company Limited.
Today, General Candy has expanded its production lines to include seven
categories of quality goods. In Thailand, they are indeed the brand leader in a
category of fruit-flavored fun candy among other sweet and candy industries.
The success is obviously because they value the brand reputation and by
believing "In everything that we
do, we do it with heart".
Ritter Sports
If you enjoy an active life you also expect more from chocolate. Ritter
Sport offers you 18 different sorts to suit individual taste - each chunky bar
chock-full of the best ingredients to give unmistakable, total chocolate
enjoyment. And so that you can identify the sort like most at a glance, all Ritter
Sport squares have their own typical packaging colour - and of course the
unique, handy snap-pack. Which means you can easily snap open Ritter Sport any
time, any place - and it’s just as easy to reseal it, although real chocoholics
might find the latter rather difficult to do.
PT Mayura
An xperienced Indonesian manufacturer and exporter of branded
confectionery products based in Jakarta. Kopiko is popular product that is high
on demand in Indonesia, Singapore, Australia, Korea and other countries. Kopiko
comes in mini sizes. There are two types of packaging, in 600gr jars and 150gr
bags. All the goodness of Indonesian coffee in one small cube. There are other
products from the same company as danisa cookies and choki choki chocolate
paste.
United Foods
The Bolero range includes chocolate pastes, chocolate bars and wafer
sticks, of exceptional and rare taste. Bolero differs because it has great
respect for the traditional recipes as it uses only carefully chosen pure
ingredients, and strictly examines all the production stages in order to secure
only top quality authentic products. Today Bolero has excellent confectionery
delicacies of unique taste. 80% of the total production is exported to America,
Europe, Middle East, Australasia etc.
Dos En Uno
A leading candies and chocolates company in Chile with an important
international profile was acquired by Arcor. The purchase of Dos en Uno turned
out to be very strategic because it transformed the Arcor Group into the
principal candies company in Chile and solidified the groups presence on the
continent; significantly broadening its products portfolio. Beyond making Arcor
the leading company in Chile, this operation allowed the group to strengthen
its presence all over the continent.
It is in
trade terms with :-
Shivshakti
Enterprises
10954/5,
Doriwala, East Park Road,
Karol
Bagh, New Delhi
Tel.
91-11-56914979
Arham
Enterprises
4273,
Gali Bahudi Pharaji Dheraj Sadar Bazar,
New
Delhi
Tel.
91-11-23544175
Profile
Until
recent times imported products were just being sold into the whole - sale
market. The main reason for this was that imports were mainly through the grey
channel or either through the use of various loopholes. A trader would only
import products with high profitability and of reasonable awareness. The only
idea was to import, make money and wash the hands from the product.
The Indian economy has been opening up at very fast pace. More and more
products are being shifted from restrictive import category to free import
category. This has changed the outlook of most International Companies towards
the Indian market and everyone wants to capitalize on the vast potential of the
same.
The
Indian economy has been opening up at very fast pace. More and more products
are being shifted from restrictive import category to free import category.
This has changed the outlook of most International Companies towards the Indian
market and everyone wants to capitalize on the vast potential of the same.
Subject
was incorporated in the month of June in the year 1992.
Since
February 1996 we have transformed into an import and distribution house. Today,
their company boasts of Stockists and Distributors in most Indian cities/towns
with functions relating to market placements and servicing retail outlets as
mentioned before. The main focus is to distribute imported consumer products in
the same manner as Indian produced goods are distributed.
Likewise, the mission is to penetrate important cities, towns and districts
through Organized/Modern distribution methods. This is main strength and we are
sure that products and brand can grow only with strong and mass distribution in
India.
Subject
commenced imports of confectionery in 1998. initially, it was a small scale
activity involved with the import and wholesale sales of products. however,
this concept changed completely by early 1999, as the management released the
huge potential in organised and mass market distribution. There were the
pioneers in marketing imported confectionery the “Indian way” i.e as an Indian
manufacturer distributes their products in India.
Mentioned below is a brief write up on
distribution activities:-
Ø The company has appointed Super Stockist in most of the states of India.
Ø
Have
helped Super Stockist to further appoint Distributors in various cities/ towns/ villages in their
respective states.
Ø Support the distributors for
distributing the products to the Retailers.
Ø
The
company been able to reach most of the small cities and towns with their
extensive network thus giving additional sales at all levels.
Ø
Are
supporting each Stockist by their executives who are selling products and are
responsible for placement in new counters.
Ø
Organize
test marketing and sampling including expert analysis of results.
Ø Create the Brand Awareness of the products by
participating in Trade
fairs/Exhibitions.
Ø
Plan
out the best advertising possible in the available resources to generate confidence among the
distributors and retailers.
Ø
Arrange
meetings with all the distributors to get a direct feedback of the market.
Accordingly their queries and problems are solved apart from motivating them to
achieve good volumes.
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.44.11 |
|
UK
Pound |
1 |
Rs.86.79 |
|
Euro |
1 |
Rs.57.44 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
45 |
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/normal. |
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 |
|