MIRA
INFORM REPORT
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Report Date : |
10.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
DEVI FOAM PRIVATE LIMITED |
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Registered Office : |
Gate No.391, Gonde Dumala, Tal.
Igatpuri, Nasik - 422401, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
12.12.1991 |
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Com. Reg. No.: |
11-64432 |
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CIN No.: [Company
Identification No.] |
U36101MH1991PTC064432 |
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Legal Form : |
Private Limited liability company. |
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Line of Business : |
Manufacturing of Polyurethane Foam Sheets, Scrap, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
85000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
Gate No.391, Gonde Dumala, Tal. Igatpuri, Nasik -
422401, Maharashtra, India |
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Tel. No.: |
91-253-2392407 / 2392373 |
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Fax No.: |
91-253-2597234 |
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Branches
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Ambalika, Geetanjali Colony, Indira Nagar, Nashik – 422 009,
Maharashtra |
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Tel.
No.: |
91-253-2392407, 2393273 |
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Fax
No.: |
91-253-2597234 |
DIRECTORS
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Name : |
Mrs.
Surekha Ramesh Mohole |
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Designation : |
Director
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Address : |
Ram
Siddhivinayak Cooperative Housing Society, Near Ganpati Mandir, Indira Nagar,
Nashik – 422009, Maharashtra, India |
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Date of Birth/Age : |
17.10.1955 |
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Date of Appointment : |
12.12.1991 |
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Name : |
Mr.
Ratnakar Ramesh Mohole |
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Designation : |
Director
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Address : |
Ram
Siddhivinayak Cooperative Housing Society, Near Ganpati Mandir, Indira Nagar,
Nashik – 422009, Maharashtra, India |
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Date of Birth/Age : |
09.02.1979 |
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Date of Appointment : |
25.02.1997 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mrs.
Surekha Ramesh Mohole |
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28105 |
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Mr.
Shankar Anant Mohole |
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2250 |
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Mr.
Ajay Vishweshwar Kulkarni |
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2850 |
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Mr.
Anil Mohole |
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5 |
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Mr.
Vishweshwar Kulkarni |
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5 |
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Ms.
Shobha Ashok Zawar |
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10 |
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Mr.
Gangadhar Mohole |
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5 |
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Mr.
Deelip Mohole |
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5 |
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Mr.
Dhananjay Mohole |
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5 |
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Mr.
Subhash Shrikisan Zawar |
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10 |
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Mr.
Ratnakar Ramesh Mohole |
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11750 |
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Total |
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45000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Polyurethane Foam Sheets, Scrap, etc. |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
30 |
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Bankers : |
Bank of Baroda Nasik Golf Club Branch Shri Ganesh Bhuvan, Trimbak Road, Nasik – 422 002 Mahesh Co-operative Bank Limited HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013,
Maharashtra, India |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Ashok S. Zawar & Company Chartered Accountants Nasik, Maharashtra |
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Associates/Subsidiaries : |
Durga Foam, Gonde Dumala Directors: Ramesh
A. Mohole Surekha
R. Mohole Ratnagar
R. Mohole |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.100/- each |
Rs. 5.000 millions |
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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 |
Rs.100/- each |
Rs. 4.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.500 |
2.900 |
2.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.885 |
10.983 |
7.362 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
21.385 |
13.883 |
10.262 |
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LOAN FUNDS |
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1] Secured Loans |
22.095 |
16.378 |
13.055 |
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2] Unsecured Loans |
15.760 |
15.814 |
14.564 |
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TOTAL BORROWING |
37.855 |
32.192 |
27.619 |
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DEFERRED TAX LIABILITIES |
0.879 |
0.370 |
0.000 |
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TOTAL |
60.119 |
46.445 |
37.881 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
31.742 |
20.057 |
16.151 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.201 |
0.155 |
0.156 |
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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 |
14.811
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28.865 |
19.441 |
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Sundry Debtors |
17.311
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11.208 |
10.851 |
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Cash & Bank Balances |
2.608
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3.634 |
2.015 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
0.854
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0.422 |
0.713 |
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Total Current Assets |
35.584
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44.129 |
33.020 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
4.316
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14.828 |
11.446 |
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Provisions |
3.092
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3.068 |
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Total Current Liabilities |
7.408
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17.896 |
11.446 |
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Net Current Assets |
28.176
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26.233 |
21.574 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
60.119 |
46.445 |
37.881 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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Sales Turnover [including other income] |
147.279 |
119.522 |
101.734 |
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Profit/(Loss)
Before Tax |
9.427 |
6.143 |
5.932 |
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Provision
for Taxation |
3.525 |
2.263 |
1.600 |
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Profit/(Loss)
After Tax |
5.902 |
3.880 |
4.332 |
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Import
Value |
21.791 |
27.328 |
9.128 |
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Total
Expenditure |
137.852 |
113.378 |
95.802 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
4.01
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3.25 |
4.26 |
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Net
Profit Margin (PBT/Sales) |
(%) |
6.40
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5.14 |
5.83 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
14.00
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9.57 |
12.06 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.44
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0.44 |
0.58 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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2.12
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3.61 |
3.81 |
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Current
Ratio (Current
Asset/Current Liability) |
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4.80
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2.47 |
2.88 |
LOCAL AGENCY
FURTHER INFORMATION
History
The company was incorporated under name & style of Devi
Polyurethane Private Limited and changed to present name w.e.f. 03rd May 2000.
The company’s fixed assets of important value include Land,
Building, Plant & Machinery, Furniture & Fixtures, Office Equipments,
Vehicles, Cielo Car, Air Conditioner and HMT Tractor.
Business
Subject is engaged in manufacturing, processing, converting,
altering, importing, exporting, trading, buying, selling, distributing and
dealing in all kinds of Polyurethane Foam, Latex Foam, Polythene, Polyolefin’s,
Vinyl, Acetate and Copolymers of one or more similar Thermoplastics, Materials, Synthetics or natural origin and
Resinous Materials.
To carry
on the business of manufacturing, processing, converting, altering, importing,
exporting, trading, buying, selling, distributing and dealings in all kinds of
polyurethane foam, latex foam, polythane, polyefines of above and compositions,
nylons, rilsons and similar thermoplastics, materials synthetic or natural
origin and resinous materials including polyurethane plastic and rubber goods
made out of high and low desity polythane, polypropylene, PVC chemicals,
polyurethane or other plastic raw materials,
and more particularly mattresses, cushins, pillows and foam sheets.
Financials
During
the year over beloved founder Chairmen and Managing director Mr. Ramesh A.
Mohole passed away on 30.11.2003. Smt. Surekha R. Mohole their Director since
inception and wife of Late Mr Ramesh Mohole has taken charge of CMD of company.
The company has also takeover the Business of DURGA FOAM a partnership firm
adjoining to the factory.
During
the year company has successfully installed crane unit purchased from Sunkist
Corporation Taiwan. With the help of this crane unit, now the company supply PU
Foam sheet up to the length of 10-15 feets. During the year under report the
company has achieved sales amount to Rs. 145.932 Millions. Company has made
operating profit of Rs. 9.426 Millions.
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Name of the company |
DEVI
FOAM PRIVATE LIMITED |
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Presented By |
HDFC Bank Limited |
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1) Date and description of instrument creating the change |
Letter
of hypothecation. Dated memorandum recording past transaction of creation of
mortgage by deposit of Hypothecation deeds dated 22.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
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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 |
All
the stock in trade both present and future consisting of raw material,
finished goods in process of manufacturing and other merchandise current
assets fixed assets plant and machinery all the bock debts, outstanding money
receivables claims and bills which are now due or owing or which may at any
time hereafter becomes due shall continue to subject till such times all the
borrowers dues have been pair in full mortgage of the property situated at
Nasik |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The
facility provided to the borrower is in the nature of cash credit term loan,
Inland import letter of credit The
bank entitled to charge interest at such rate as may be determined by the
bank. The
charge and hypothecation shall continue to subsist till such time all the
borrowers dues have been repaid in full |
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5) Name and Address and description of the person entitled to the charge. |
HDFC
Bank Limited HDFC
Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai – 400013,
Maharashtra, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.18 |
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UK
Pound |
1 |
Rs.86.36 |
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Euro |
1 |
Rs.57.54 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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