MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
DHOOT TRANSMISSION PRIVATE LIMITED |
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Registered Office : |
Dhoot Motors Compound, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.04.1998 |
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Com. Reg. No.: |
11-114660 |
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CIN No.: [Company
Identification No.] |
U31300MH1998PTC114660 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKD00994A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Insulated Wire and Cable. |
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 170000 |
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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 records. 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 : |
Dhoot Motors Compound, |
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Tel. No.: |
91-240-2338856 |
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E-Mail : |
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Website : |
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Corporate Office, Marketing Office
& Plant : |
15,Km.Stone,Gut
No. 100,Farola, |
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Tel. No.: |
91-2431-251446,251776 |
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Fax No.: |
91-2431-251574
www.dhoottransmission.com |
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E-Mail : |
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Plant & Marketing Office : |
M- 169
,MIDC,Industrial Area, Waluj, Aurangabad.431136. Maharashtra ( |
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Mobile No.: |
91 9923408607 |
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E-Mail : |
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Marketing
Office & Plant |
Gut No.312,Nanekarwadi (Chakan), Tq. Khed Dist. Pune – 431501, |
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Branches : |
Plot No.7B,Sector 9 ,IIE, Pantnagar, Rudrapur (Udhamsingh Nagar ),
Uttaranchal – 263153, |
DIRECTORS
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Name : |
Mr. Rahul R Dhoot |
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Designation : |
Director |
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Address : |
Mangalam, Vishrambaug Colony, |
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Date of Birth/Age : |
05.03.1973 |
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Date of Appointment : |
28.04.1998 |
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Name : |
Mrs. Kiranbai R Dhoot |
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Designation : |
Director |
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Address : |
Mangalam, Vishrambaug Colony, |
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Date of Birth/Age : |
02.12.1946 |
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Date of Appointment : |
25.03.2003 |
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Name : |
Mr. Radhavallabh R Dhoot |
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Designation : |
Director |
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Name : |
Mr. Manish R Dhoot |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Radhavallabh R Dhoot |
6680 |
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Mr. Rahul Radhavallabh Dhoot |
78150 |
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Mrs. Kiranbai Radhavallabh Dhoot |
16700 |
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Mrs. Kiran Manish Dhoot |
6700 |
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Mrs. Anupama Rahul Dhoot |
6700 |
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Dhoot Motors Limited |
31855 |
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Radhavallabh R Dhoot (HUF) |
8800 |
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Ms. Vandita M Dhoot |
6700 |
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Mr. Raj M. Dhoot |
6700 |
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Mangalam Coils Private Limited |
5 |
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Dhoot Motors Finance and Leasing Private Limited |
5 |
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Mr. Rahul Dhoot (On behalf of Dhoot Motors) |
5 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Bodies corporate |
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18.86 |
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Directors or relatives of directors |
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81.14 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Insulated Wire and Cable. |
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Products : |
v
Wiring Harness v
Cables |
GENERAL INFORMATION
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Bankers : |
ING
Vysya Bank Limited, |
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Financial
Institutions : |
SICOM Limited, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. M R Hundiwala & Company Chartered Accountants |
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Address : |
7/8, |
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Associates/Subsidiaries : |
v
Dhoot Motors Limited v
Mangalam Coils Private Limited v
Dhoot Motors Finance and Leasing Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.100/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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169000 |
Equity Shares |
Rs.100/-
each |
Rs.16.900
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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16.900 |
16.900 |
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2] Reserves & Surplus |
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26.434 |
16.659 |
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NETWORTH |
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43.334 |
33.559 |
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LOAN FUNDS |
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1] Secured Loans |
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114.673 |
67.886 |
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2] Unsecured Loans |
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3.243 |
0.914 |
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TOTAL BORROWING |
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117.916 |
68.800 |
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DEFERRED TAX LIABILITIES |
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12.902 |
10.447 |
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DEFERRAL OF SALES TAX |
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35.121 |
35.121 |
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TOTAL |
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209.273 |
147.927 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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134.096 |
95.041 |
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Capital work-in-progress |
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1.365 |
4.365 |
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INVESTMENT |
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9.299 |
8.964 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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50.139 |
43.807 |
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Sundry Debtors |
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119.934 |
78.217 |
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Cash & Bank Balances |
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11.000 |
2.714 |
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Loans & Advances |
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19.072 |
9.891 |
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Total
Current Assets |
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200.145 |
134.629 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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130.102 |
92.607 |
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Provisions |
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5.542 |
2.492 |
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Total
Current Liabilities |
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135.644 |
95.099 |
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Net Current Assets |
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64.501 |
39.530 |
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MISCELLANEOUS EXPENSES |
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0.012 |
0.027 |
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TOTAL |
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209.273 |
147.927 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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567.739 |
374.362 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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567.739 |
374.362 |
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Profit/(Loss) Before Tax |
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17.287 |
11.021 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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17.287 |
11.021 |
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Expenditures : |
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Interest |
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8.889 |
6.614 |
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Depreciation & Amortization |
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8.592 |
6.385 |
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Other Expenditure |
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532.971 |
350.342 |
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Total Expenditure |
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550.452 |
363.341 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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3.04 |
2.94 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.04 |
2.94 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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5.01 |
4.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.40 |
0.33 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.85 |
4.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.47 |
1.41 |
LOCAL AGENCY FURTHER INFORMATION
Form 8 Particular for
creation or modification of charges
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Name of the company |
DHOOT
TRANSMISSION PRIVATE LIMITED |
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Presented By |
Mr. Rahul R Dhoot, Director |
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1) Date and description of instrument creating the change |
Mortgage deed dated 09.02.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.35.000 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 |
Simple mortgage of land and building admeasuring about
4500 Sq.mtrs., Plant and machinery situated at M-169, MIDC Waluj Area, Second charge on the land and building admeasuring 8093.94 Sq. mtrs. at Gate No.100 (part), Village Farola, Taluka Paithan, District Aurangabad Second charge on the land and building admeasuring 6286.43
Sq. Smts. at Gate No.100 (Total), Village Farola, Tal. Paithan, district |
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4) Gist of the terms and conditions and extent and operation of the charge. |
For setting up new unit at M-169, MIDC Waulj Area, Aurangabad, interest @ 12.50% p.a. Repayment in 18 quarterly installments commencing from 30.04.2004. |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank Limited |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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Corporation identity number or foreign company registrations number of the company |
U31300MH1998PTC114660 |
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Name of the company |
DHOOT TRANSMISSION PRIVATE LIMITED |
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Address |
Dhoot Motors Compound, |
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This Form is for |
Creation of charge |
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Type of Charges |
Uncalled share capital Calls made but not paid Immovable property Any interest in immovable property Goodwill Book debs Floating charge Licenses and Registrations |
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Particular of the charge holder |
SICOM Limited, |
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Nature or description of the instrument creating charge |
Registered indenture of mortgage dated 29.01.2007 |
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Date of the instrument creating charge |
29.01.2007 |
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Amount Secure by the charge |
Rs.40.000 millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest Interest rate of 1% p.a. below the SICOM reference rate (which at
present is 12.50% p.a.) i.e. 11.50% p.a. Terms of repayment 60 monthly installments commencing at the end of 12 months from the date
of first disbursement of the said loan or any part thereof as under : The first 40 installments shall be of Rs.0.700 millions each and Balance 20 installments shall
be of Rs.0.600 millions each. Margin Rs.23.100 millions Extent and operation of the charge First charge on all those pieces or parcel of non agricultural lands,
plants/ machinery etc. floating assets, goods, goodwill by assignment,
assignments of goodwill, licenses, registrations and uncalled share capital/
calls made byt not paid etc. and also on all rights, titles, estates,
demands, claims etc. in respect of the aforesaid mortgaged premises. Others Mortgaged assets to be kept insured in joint names. Prior approval of
SICOM for issue of equity/ preference share capital. Other warranties and
representations as per the registered mortgage deed dated 29.01.2007
including SICOM’s right to take possession, power to appoint receiver and
power of sale etc. |
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Particulars of the Property charged |
All pieces and parcel of non agricultural lands at Village Farola,
Taluka Paithan, district Aurangabad, all the plan, machineries etc. floating
assets, goods, assignment of goodwill, licenses, registrations and uncalled
share capital/ calls made but not paid etc. |
Website Details:
History
Subject
was established in year 1999 by Mr. Rahul Dhoot . Today subject is one of the
leading manufacturers of automotive, appliance wiring harness and power cords
with turnover of Rs. 1650 Millions. The company employees about 650 People. The
company has recently started manufacturing of copper wires The company supplies
to
The
organisation strives to produce excellent and cost effective products.
Professional management, a stern eye for quality and result oriented innovation
has enabled subject to amass enviable clientele all over the globe within a
short span of time.
Profile:
For over eight years, subject has its presence in Indian automotive and
appliance market. Subject has established its identity as a potential quality
supplier for its range of products and has become the preferred choice of OEMs.
Subject
has the best manufacturing technology and strong Research &
Development Team to provide end-to-end cost effective and reliable solutions to
its customers. DTPL has acquired and preserved knowledge, created world-class
design, prototyping, process validation and manufacturing infrastructure to
meet the customers’ expectations.
The
company is accredited with TS 16949. The company’s work culture is in line with
TPM and Lean Manufacturing concepts and leading towards business excellence.
Subject
is a major supplier to Bajaj Auto, Piaggio, Royal Enfield, AEPL, John Deere,
Videocon, Electrolux, Haier, Whirlpool, Force Motors, Varroc, Ideal Boilers
etc.
The
company manufactures following products
v
Automotive Wire Harness
v
Enamelled Copper Wire
v
Power Cords
Organization & Management
Subject
was established in year 1999 by Mr. Rahul Dhoot. Today subject is one of the leading
manufacturers of automotive, appliance wiring harness and power cords with
turnover of Rs. 1650 Millions with a work force of 650 People.
Subject’s
products are widely accepted by Indian and overseas OEM and has resulted in an
exponential growth.
The
company has recently started manufacturing of enamelled copper wire for the
domestic market.
Products
Wiring Harness
Manufactures
wiring harness for automotive and home appliance applications
Automotive: Motorcycle, Scooter, Three
Wheelers, Four Wheelers, CV, Farming Equipments etc.
Overview
Subject has strategically focused on export market. Seeing
an overwhelming response from European customers, the company is expanding its
operations in
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 |
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US Dollar |
1 |
Rs.40.46 |
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|
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.55.09 |
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 |
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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
YES |
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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 |
|
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 |
|