MIRA INFORM REPORT
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Report Date : |
05.07.2007 |
IDENTIFICATION
DETAILS
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Name : |
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Registered Office : |
Plot
No. 124-133, Panchal Udyog Nagar, Bhimpore Daman - 396210 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.02.2004 |
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Com. Reg. No.: |
56-3385 |
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CIN No.: [Company Identification No.] |
U27203DD2004PLC003385 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
MUME05284G |
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PAN No.: [Permanent Account No.] |
AABCE3113G |
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Legal Form : |
Private
Limited Liability Company. |
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Line of Business : |
Manufacturers
of Blister Alu Foil, Alu Foil for Strip Pack, Rigid PVC, Glassine Paper Foil.
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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
700000 |
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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. The company is doing
well. It’s trade relations are fair. Financial position is satisfactory.
Payments are usually correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office / Factory : |
Plot
No. 124-133, Panchal Udyog Nagar, Bhimpore Daman - 396210 |
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Tel. No.: |
91-260-2220314
/ 15 |
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Fax No.: |
91-260-2220316 |
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E-Mail : |
flexart@duttagroup.net / essdee@duttagroup.net
/ darshan.majumdar@duttagroup.net |
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Corporate
Office : |
4TH
Floor, Vidyasagar, |
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Tel.
No.: |
91-22-66919955 |
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Fax
No.: |
91-22-66940985 |
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E-Mail
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Website
: |
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Unit
: |
Plot No. 161, Kundaim Industrial Estate, Kundaim, |
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Tel.
No.: |
91-832-2395422 |
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Fax
No.: |
91-832-2395874 |
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E-Mail
: |
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Website
: |
DIRECTORS
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Name : |
Mr.
Sudip Bijoy Dutta |
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Designation : |
Chairman
and Managing Director |
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Address : |
Flat
No. 506, |
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Date of Birth/Age : |
04.05.1972 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mr.
Prasenjit Datta |
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Designation : |
Director
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Address : |
Flat
No. 1704, |
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Date of Birth/Age : |
16.06.1963 |
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Date of Appointment : |
30.04.2004 |
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Name : |
Mr.
Shankar Sadashiv Kamble |
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Designation : |
Director
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Address : |
No.
305, Sai Sharan, |
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Date of Birth/Age : |
21.02.1946 |
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Date of Appointment : |
31.03.2006 |
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Name : |
Mr.
Gautan Mukherjee |
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Designation : |
Director
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Name : |
Mr.
Ramdas L Baxi |
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Designation : |
Director
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Name
: |
Mr.
Dilip Phatarphekar |
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Designation
: |
Director
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Name
: |
Mrs.
Aarti Sudip Dutta |
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Designation
: |
Director
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Address
: |
Flat
No. 506, |
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Date
of Birth/Age : |
01.09.1980 |
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Date
of Casing : |
31.03.2006 |
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Date
of Appointment : |
27.06.2005 |
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Name
: |
Mr.
Narayana Mayya |
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Designation
: |
Director
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Address
: |
Raas B
– 301 Vasantutsav, |
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Date
of Birth/Age : |
29.11.1953 |
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Date
of Casing : |
31.03.2006 |
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Date
of Appointment : |
15.09.2005 |
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Name
: |
Mr.
Darshan Drupad Majmudar |
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Designation
: |
Director
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Address
: |
Flat
No. A 3, Sahyagiri C. F. S. Limited (East), Mumbai – 400063, |
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Date
of Birth/Age : |
07.06.1961 |
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Date
of Appointment : |
12.04.2006 |
MAJOR
SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Mr.
Sudip Bijoy Dutta |
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7274500 |
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Mrs.
Aarti Sudip Dutta |
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234500 |
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Mr.
Prasenjit Datta |
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200 |
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Vinaya
Nilesh Desai |
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200 |
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Ajoy
Premkumar Malhotra |
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200 |
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Manash
Tarun Mazumdar |
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200 |
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Ajay
Sushil Doshi |
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200 |
BUSINESS
DETAILS
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Line of Business : |
Manufacturers
of Blister Alu Foil, Alu Foil for Strip Pack, Rigid PVC, Glassine Paper Foil.
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Products : |
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GENERAL
INFORMATION
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Customer : |
·
CIPLA ·
Pfizer ·
Wockhardt ·
DRL ·
TorrenT ·
IPCA ·
Lupin ·
Wyeth ·
Sun Pharma ·
Intas ·
Cadila Pharma ·
Aurobindo ·
Unichem ·
Blue Cross ·
Glenmark ·
Serdia ·
Bayer ·
Wriggleys ·
J B Chemicals ·
Ranbaxy ·
·
·
Indoco ·
Hetero ·
GSK ·
Dr. Reddys Lab ·
Themis Labs ·
Zydus Cadila ·
Reckitt Benckiser ·
CFL |
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No. of Employees : |
900 |
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Bankers : |
v
The Shamrao Vithal Co-Operative Bank Limited, Goregaon Mumbai Credit Limit: Rs. 50.000
millions |
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Auditors : |
M. P.
Chitale and Company Chartered
Accountants |
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Associates/Subsidiaries : |
Flex
Art Foil Private Limited |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
19448887 |
Equity
Shares |
Rs. 10/- each |
Rs. 194.489 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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1] Share Capital |
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75.100 |
15.100 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
98.735 |
0.772 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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173.835 |
15.872 |
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LOAN FUNDS |
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1] Secured Loans |
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237.446 |
82.131 |
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2] Unsecured Loans |
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19.916 |
21.224 |
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TOTAL BORROWING |
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257.362 |
103.355 |
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DEFERRED TAX LIABILITIES |
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13.978 |
0.000 |
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TOTAL |
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445.175 |
119.227 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
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153.634 |
79.879 |
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Capital
work-in-progress |
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34.585 |
0.000 |
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INVESTMENT |
|
40.156 |
0.049 |
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DEFERREX
TAX ASSETS |
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0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
|
80.160 |
36.986 |
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Sundry
Debtors |
|
222.669 |
29.953 |
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Cash
& Bank Balances |
|
20.617 |
4.094 |
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Other
Current Assets |
|
0.000 |
0.000 |
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Loans
& Advances |
|
32.190 |
3.995 |
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Total Current
Assets |
|
355.636 |
75.028 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
|
127.906 |
34.223 |
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Provisions |
|
10.930 |
1.506 |
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Total Current
Liabilities |
|
138.836 |
35.729 |
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Net Current Assets |
|
21.680 |
39.299 |
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MISCELLANEOUS
EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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445.175 |
119.227 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover [including other income] |
|
635.387 |
81.970 |
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Profit/(Loss) Before Tax |
|
118.287 |
0.872 |
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Provision for Taxation |
|
24.379 |
0.100 |
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Profit/(Loss) After Tax |
|
93.908 |
0.772 |
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Total Expenditure |
|
517.100 |
81.098 |
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2007 (Full year) |
|
Sales Turnover |
|
|
1407.200 |
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Other Income |
|
|
31.000 |
|
Total Income |
|
|
1438.200 |
|
Total Expenditure |
|
|
1073.800 |
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Operating Profit |
|
|
364.400 |
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Interest |
|
|
41.600 |
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Gross Profit |
|
|
322.800 |
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Depreciation |
|
|
9.700 |
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Tax |
|
|
36.900 |
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Reported PAT |
|
|
276.200 |
|
Dividend (%) |
|
|
200.000 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
14.78 |
0.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
18.56 |
1.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
23.23 |
0.56 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.68 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
2.28 |
8.76 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.56 |
2.10 |
LOCAL
AGENCY FURTHER INFORMATION
Performance
Review
Macroeconomics
trends continue to be driven by high metal prices due to strong demand
especially in growing economies like
The
company has reported total revenue of Rs. 727.408 Million for the year-ended
31.03.2006. The net Profit after tax for the said year was Rs. 93.909 Mullions
Ess Dee
Aluminium Private Limited with synergy derived from the merger of Atlanta Vinyl
Private Limited shall attract the industry giants into its fold since offers a
complete packing solution under one roof to the pharmaceutical sector, Right
form companies like Pfizer, Ranbaxy, Zydaus, Cadila, Opla Dr. Reddys, Lupine,
Sun Pharma have all aligned with the business. The pace of development was
sluggish in the first quarter of 2005-06 due to uncertainty and lack of clarity
with respect to implementation of VAT.
The
scenario is now absolutely clear and they expect to harness full business
potential in the current financial year.
Business
Scenario
The economic
conditions prevailing in the country in 205-2006 was sluggish to begin with but
improved as the year progressed. Market conditions in the first half of the
year remained tough for most of the sectors in the economy, the sentiment
brightened during the later half of the year due to increased agricultural
production which has positive effect on the industry as a whole. These
developments shall have great impact on the overall performance of the company
in the coming years.
Additionally
improved focus on healthcare, thrust in export, market extension by Pharma
companies with semi urban and rural areas are factor that should facilitate
growth in the years to come.
Amalgamation
The
management took a decision to consolidate its business by amalgamating with
itself Atlanta Vinyl Private Limited having its manufacturing unit at Plot No.
161, Kandaim Industrial Estate, Kundaim Goa. The said unit has a state of the
art manufacturing facility to product PVC film for packing in the
Pharmaceuticals and Food Industry using non toxic, food grade input. The unit
is ideally of amalgamation is to
consolidate the business by taking to its fold unit located at
Accordingly
petitions under sections 391/394 of the companies act, 1956 were filed before
the Honourable High Court of Judicature at Goa and
Share
Capital
During
the year the Authorised Share Capital was increased from Rs. 40.000 Millions to
Rs. 240.000 Millions. The paid up Share Capital was increased from Rs. 15.100
Million to Rs. 75.100 millions.
Pursuant
to the scheme of amalgamation approved by the Honourable High Court of Judicature Bombay company has issued
1000000 Equity Shares of Rs. 10/- each to the share holders of Atlanta Vinyl
Private Limited.
To keep
is pace with the prevailing trend the company has reclassified the paid up
value of Rs. 100/- per share. Accordingly issued subscribed and paid up capital
of the company stands at 7510000 equity shares of Rs. 10/- each.
Investment
in Subsidiary
With a
view to cater to entire supply chain the company has invested Rs. 40.000
Millions to acquire 4000000 equity shares of Rs. 10/- each in Flex Art Foil
Private Limited to mark it full owned subsidiary of the company as on
31.03.2006. The consideration was paid by way of equal number of equity shares
of Rs. 10/- each in the company.
Future
Prospect
Globally,
it is “Advantage
Website Details :
The epitome of quality and service which is synonymous in a Pharma
industry for packing material starts and ends with Dutta Group of Companies
(DgC). The group in a short span of less than a decade has carved a niche
driven purely on the vision of their CMD, Mr. Sudip Dutta. He has pioneered the
effort of having major packaging products under one roof.
From a humble beginning of manufacturing pouches out of prelaminated and
printed foil, the group today has its own four converting units in strategic
locations all over
Further, expanding on the vision and refusing to rest on the laurels
received on account of achieving the above status, the group, under the dynamic
leadership diversified into a synergic packing product - PVC rigid film - under
the flag name of EssDee Aluminium Limited(erstwhile Atlanta Vinyl Private
Limited - Goa Unit) Today Atlanta has an installed capacity of 5400 tonnes per
annum and has been amalgamated with Ess Dee Aluminium Limited
The latest addition in the group is the startup of EssDee Aluminium Limited
With an installed capacity of 3000 tonnes per month it is a calculated move to
enter into upstream integration. This unit is the latest feather in the cap of
DGC. It is the flagship company of the Group
The corporate office of DgC is located in the western suburbs of Malad
and branch offices are located in all leading metros and new ones are being
planned. The Corporate office is housed in an area approximately measuring
5,000 sq. ft. which provides the employees with an ambience working space.
The centralized departments of Purchase, Finance, Marketing both
National and International and Quality Assurance are housed in the corporate
office, which allows a speedy implementation of proposals, views and strategies
due to the daily interaction between the management and the senior staff. The
branch offices are monitored and controlled from the corporate zone with the
help of IT technology and books of accounts are maintained with the help of the
latest ERP package.
Any customer who visits their corporate office in connection with
business is mesmerized with the warmth and courtesy extended by one and all,
which automatically mounts a confidence in their hearts to do business with us.
Milestones
1991
A small unit in Jogeshwari with 12 employees, manufacturing pouches / sachets
and having an annual turnover of about a lakh, thereby multiplied 12 times by
the end of 1994.
1995
Appointed as one of the distributors for Indian Aluminium Company Limited
(INDAL).
1996
The first step towards diversification began - Aluminium Foil Printing. On
acquiring a sick unit in Goregaon on a rental basis, the company entered into
pharmaceutical packaging & printing market. With a strong focus on Quality
and Customer Service, the business grew to new heights.
1998
With business growing, the need for increase in capacity automatically became
necessary. A plot of 5,000 sq. ft. was purchased at Vasai and a new unit commenced
with a single machine. Subsequently, 2 new machines were added, thus
contributing to an increase in business for the company.
2000
In a short span of 2 years, optimum capacity was reached and there was a need
to expand, to fulfill the increasing demand from its valued customers. Given
the Tax benefits at
After reaching 100% capacity utilization, 2 new automatic machines were
purchased and a state-of-the-art plant was set up in an area 12,000 sq. ft.
area.
The organization with it`s expertise and experience worked on the
principle of backward integration and subsequently a coating and laminating
unit was setup at Daman.
Like Aluminium foil, PVC is a major packaging material consumed in the pharma
industry. With massive potential and identical customer base, this was a
natural forward intergation for the comapany. To test the market potential DgC
initiated trading of PVC films, procured from major manufacturers.
2001
Due
to increased concentration of Pharma industry in the region, DgC commenced its
new printing unit in
With increase in sales, DgC won the Indal Award for Best Converter for the
year 2001-2002 and got a of appreciation from its core customers for reducing
their inventory with timely and quality supplies.
2002
With the successful commissioning of all 3 factories and PVC trading, DgC has
reached a status whereby it is ranked among the top Pharma Blister Packaging
suppliers in
With the support of their valued customers, business of PVC became
successful and this success was later converted to setup a PVC Calendering
plant, to manufacture their own rigid PVC films.
2003
To consolidate the trust and support of the industry, the company further
diversified to synergy fields of Pharma packaging i.e. PVC rigid film and the
dream project of Atlanta Vinyl
Private Limited was born.
2006
To consolidate and for future plans Atlanta Vinyl Private Limited was
amalgamated with Ess Dee Aluminium Limited, under the scheme of Amalgamation
approved by shareholders of both the companies and approved by the Highcourt of
Bombay and Goa Bench of Bombay Highcourt.
DMF registered with USFDA
- ESS DEE Aluminium DMF No. 19602
- Flex Art Foil Private Limited DMF No. 19606
Flex Art Foil Private Limited (Unit-Vasai)
Flex Art was the first major unit of the group, which is located in Vasai,
about 3 kms. away from Ahmedabad - Mumbai Express Highway. It has a production
area of approximately 5,000 sq. ft.
Established : 1998
Location : A 20/21, Sagar Sangam Industrial Estate, Village Sativali, Vasai (E),
Thane 401 208.
Machinery : The unit is well equipped with highly sophisticated
and automized machinery and equipment for rotogravure printing, slitting,
doctoring and quality analysis.
Manpower : The unit has highly skilled, trained and well experienced workers.
Capacity : Production of Aluminium foil is 75 tons per month.
ESS DEE Aluminium Ltd (Unit Goa), is a state-of-the-art plant in Kundaim
at
The GMP standards set in the plant in synergy with the latest technology from a
leading plastic manufacturer of
Established : 2003
Location : Plot No. 161, Kundaim Industrial Estate, Kundaim,
Contact Number: (91-832) 2395422/23
Fax: (91-832) 2395874
Machinery : The factory has a brand new calendering line from
Manpower : It is managed by a team of dedicated managers and experienced staff
having a rich experience in the PVC industry.
Capacity : Production capacity is 450 tons per month.
ESS DEE ALUMINIUM LIMITED
Ess Dee Aluminium Private Limited is located at
Established : 2004
Location : Plot No. 124-133, Panchal Udyog
Nagar, Bhimpore,
Contact Number: (91-260) 2220314 /15 /3093224
Fax: (91-260) 2220316
Machinery : It has a 4 high foil rolling mill with the latest
equipments for producing quality foil. Other equipments include Separating machine,
Annealing furnace, Roll grinder, Coating machine and Heat + Pressure
Lamination. Ess Dee has a 100% tie up with GARMCO,
Manpower : The factory has skilled and trained manpower which are some of the best
in the Indian Aluminium Industry.
Capacity : Production capacity is 300 tons per month
CMT
REPORT [Corruption,
Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts,
1] INFORMATION
ON DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court
Declaration :
No records exist to suggest that subject is or was the subject of any
formal or informal allegations, prosecutions or other official proceeding for
making any prohibited payments or other improper payments to government
officials for engaging in prohibited transactions or with designated parties.
3] Asset
Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record
on Financial Crime :
Charges or conviction registered
against subject: None
5] Records
on Violation of Anti-Corruption Laws :
Charges or investigation registered
against subject: None
6] Records
on Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN
EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 40.46 |
|
|
1 |
Rs. 81.55 |
|
Euro |
1 |
Rs. 55.09 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|