MIRA
INFORM REPORT
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Report Date : |
03.07.2007 |
IDENTIFICATION DETAILS
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Name : |
D-M-E COMPANY INDIA PRIVATE LIMITED |
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Registered Office : |
63, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.03.1993 |
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Com. Reg. No.: |
11-71072 |
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CIN No.: [Company
Identification No.] |
U74999MH1993PLC071072 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Dye Springs |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 180000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct. The company can be considered normal for small business dealings at
usual trade terms and conditions, with slight caution initially. |
LOCATIONS
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Registered Office : |
63, |
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Tel. No.: |
91-22-22358111 |
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E-Mail : |
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Corporate Office : |
"Vaishnavi Badri", Plot No. 48 5th Main,
Jayamahal Extension, |
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Tel. No.: |
91-80-56627401 |
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Fax No.: |
91-80-56627416 |
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E-Mail : |
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Factory 1 : |
117, Trime Nariman Street, 2nd Floor, Fort, Mumbai –
400001, |
DIRECTORS
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Name : |
Mr. Anil C. Kilachand |
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Designation : |
Managing Director |
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Date of Birth/Age : |
26.03.1944 |
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Date of Appointment : |
09.03.1993 |
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Name : |
Mr. Sushil K Premchand |
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Designation : |
Director |
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Date of Birth/Age : |
27.07.1944 |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. Kenneth Jasina |
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Designation : |
Director |
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Date of Birth/Age : |
12.01.1958 |
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Date of Appointment : |
17.11.2003 |
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Name : |
Mr. Stephen J Bucinski |
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Designation : |
Director |
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Date of Birth/Age : |
22.02.1956 |
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Date of Appointment : |
17.11.2003 |
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Name : |
Mr. David Edward Lawrence |
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Designation : |
Director |
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Date of Appointment : |
31.01.1994 |
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Name : |
Mr. Dara Mehta |
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Designation : |
Alternate Director |
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Date of Birth/Age : |
13.07.1933 |
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Date of Appointment : |
17.11.2003 |
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Name : |
Mr. Pradip Shroff |
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Designation : |
Director |
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Date of Birth/Age : |
06.12.1949 |
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Date of Appointment : |
06.12.2000 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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D-M-E |
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4300000 |
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Stock Traders Private Limited |
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4299997 |
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Bakul Investment |
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1 |
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H. D. Survana |
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1 |
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Bharat Dalal |
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1 |
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Total |
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8600000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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50.00 |
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Bodies corporate |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Dye Springs |
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Products : |
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GENERAL INFORMATION
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Bankers : |
The Jammu and Kashmir Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Associates Chartered Accountants |
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Address : |
6th Floor, |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8,600,000 |
Equity Shares |
Rs. 10/- each |
Rs. 86.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
86.000 |
86.000 |
86.000 |
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2] Share Application Money |
0.016 |
0.016 |
0.016 |
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3] (Accumulated Losses) |
[39.890] |
[52.334] |
[73.274] |
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NETWORTH |
46.126 |
33.682 |
12.742 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
67.119 |
63.332 |
76.953 |
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TOTAL BORROWING |
67.119 |
63.332 |
76.953 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
113.245 |
97.014 |
89.695 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
75.245 |
83.926 |
80.735 |
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Capital work-in-progress |
2.640 |
0.000 |
0.000 |
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INVESTMENT |
22.407 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
8.294
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12.452 |
9.762 |
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Sundry Debtors |
20.286
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14.028 |
14.441 |
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Cash & Bank Balances |
4.446
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6.656 |
0.112 |
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Loans & Advances |
3.787
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3.107 |
2.215 |
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Total
Current Assets |
36.813
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36.243 |
26.530 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
23.860
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23.155 |
17.676 |
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Total
Current Liabilities |
23.860
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23.155 |
17.676 |
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Net Current Assets |
12.953
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13.088 |
8.854 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.106 |
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TOTAL |
113.245 |
97.014 |
89.695 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
92.012 |
93.262 |
71.017 |
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Other Income |
3.414 |
4.382 |
2.898 |
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Total Income |
95.426 |
97.644 |
73.915 |
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Profit/(Loss) Before Tax |
12.724 |
20.941 |
10.173 |
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Provision for Taxation |
-- |
-- |
-- |
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Profit/(Loss) After Tax |
12.724 |
20.941 |
10.173 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
2.217 |
1.193 |
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Imports : |
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Raw Materials |
NA |
0.538 |
6.028 |
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Stores & Spares |
NA |
0.219 |
0.000 |
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Capital Goods |
NA |
8.105 |
0.000 |
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Traded Goods |
NA |
6.161 |
4.300 |
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Total Imports |
NA |
15.023 |
10.328 |
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Expenditures : |
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Raw Material Consumed |
33.093 |
35.880 |
26.550 |
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Consumption of stores and spares parts |
5.710 |
5.618 |
0.000 |
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Other Manufacturing Expenses |
0.000 |
0.000 |
7.414 |
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Personnel Expenses |
0.000 |
0.000 |
8.772 |
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Administrative, Selling and Other Expenses |
0.000 |
0.000 |
10.287 |
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Increase/(Decrease) in Finished Goods |
[0.262] |
[0.224] |
0.000 |
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Salaries, Wages, Bonus, etc. |
11.571 |
9.216 |
0.000 |
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Payment to Auditors |
0.480 |
0.458 |
0.000 |
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Interest |
0.127 |
0.416 |
2.658 |
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Insurance Expenses |
0.088 |
0.040 |
0.000 |
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Power & Fuel |
2.050 |
1.839 |
0.000 |
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Depreciation & Amortization |
11.118 |
9.355 |
8.061 |
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Other Expenditure |
18.727 |
14.105 |
0.000 |
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Total Expenditure |
82.702 |
76.703 |
63.742 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
13.33
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21.45 |
13.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.83
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22.45 |
14.32 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.35
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17.43 |
9.48 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28
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0.62 |
0.80 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.97
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2.57 |
7.43 |
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Current Ratio (Current Asset/Current Liability) |
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1.54
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1.57 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Building
- Plant and
Machinery
- Electrical
Installations
- Office
Equipments
- Computers
- Furniture and
Fixture
- Vehicles
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.58 |
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1 |
Rs.81.89 |
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Euro |
1 |
Rs.55.29 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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31 |
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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