MIRA
INFORM REPORT
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Report Date : |
13.07.2007 |
IDENTIFICATION DETAILS
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Name : |
DURA PUF [SILVASSA] PRIVATE LIMITED |
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Registered Office : |
9 Kitab Mahal, 1st
Floor, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.06.1996 |
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Com. Reg. No.: |
11-100109 |
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CIN No.: [Company
Identification No.] |
U25200MH1996PTC100109 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD10178A |
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PAN No.: [Permanent
Account No.] |
AAACD4033D |
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Legal Form : |
Private Limited Liability Company.
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Line of Business : |
Manufacturer, Exporter and Supplier of Polyurethane
Mattress. |
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 40000 |
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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 : |
9 Kitab Mahal, 1st
Floor, |
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Tel. No.: |
91-22-22070874/75,
22077832/22070824 |
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Fax No.: |
91-22-22077832 |
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E-Mail : |
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Website : |
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Factory 1 : |
123-Industrial Estate, Pipria, Union Teretary of Dadra and
Nagar, Haveli, Silvassa - 396230 |
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Tel. No.: |
91-260-640026/640868 |
DIRECTORS
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Name : |
Mr. Deepak Hargovinddas Doshi |
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Designation : |
Director |
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PAN No. : |
AGTPD0734F |
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Address : |
801, Everest Chambers, |
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Date of Birth/Age : |
22.12.1944 |
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Date of Appointment : |
10.06.1996 |
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Name : |
Mrs. Pallavi Deepak Doshi |
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Designation : |
Director |
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Address : |
801, Everest Chambers, |
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Date of Birth/Age : |
03.12.1950 |
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Date of Appointment : |
10.06.1996 |
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Name : |
Mr. Dev Deepak Doshi |
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Designation : |
Director |
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Address : |
801, Everest Chambers, |
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Date of Birth/Age : |
09.07.1985 |
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Date of Appointment : |
01.08.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Deepak Margovinddas Doshi |
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10 |
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Pallavi Deepak Doshi |
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10 |
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Dura Foam Industries Private Limited |
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4980 |
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Total |
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5000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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99.60 |
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Directors of relatives of directors |
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0.40 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Supplier of Polyurethane
Mattress. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
Union Bank of Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai
– 400023, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Karnavat and Company Chartered Accountants |
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Address : |
2 A Kitab Mahal, |
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Associates/Subsidiaries : |
Dura Foam Industries Private Limited U36104MH1972PTC027717 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs. 100/- each |
Rs. 0.500 Million |
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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0.500 |
0.500 |
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2] Reserves & Surplus |
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10.340 |
14.193 |
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NETWORTH |
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10.840 |
14.693 |
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LOAN FUNDS |
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1] Secured Loans |
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2.239 |
4.260 |
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2] Unsecured Loans |
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19.655 |
11.795 |
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TOTAL BORROWING |
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21.894 |
16.055 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.481 |
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TOTAL |
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32.734 |
31.229 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.312 |
12.743 |
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Capital work-in-progress |
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8.787 |
0.000 |
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DEFERREX TAX ASSETS |
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1.901 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.957 |
16.578 |
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Sundry Debtors |
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8.186 |
15.949 |
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Cash & Bank Balances |
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0.431 |
0.589 |
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Other Current Assets |
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0.014 |
0.709 |
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Loans & Advances |
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11.129 |
10.353 |
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Total
Current Assets |
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28.717 |
44.178 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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16.696 |
25.496 |
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Provisions |
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0.289 |
0.199 |
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Total
Current Liabilities |
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16.985 |
25.695 |
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Net Current Assets |
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11.732 |
18.483 |
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MISCELLANEOUS EXPENSES |
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0.002 |
0.003 |
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TOTAL |
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32.734 |
31.229 |
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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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Total Income |
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48.475 |
79.583 |
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Profit/(Loss) Before Tax |
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(6.145) |
(0.587) |
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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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(6.145) |
(0.587) |
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Expenditures : |
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Interest |
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0.898 |
0.822 |
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Depreciation & Amortization |
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2.431 |
2.848 |
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Other Expenditure |
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51.291 |
76.501 |
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Total Expenditure |
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54.620 |
80.171 |
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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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(12.68) |
(0.74) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(12.68) |
(0.74) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(15.74) |
(1.03) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.57) |
(0.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.59 |
2.84 |
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Current Ratio (Current Asset/Current Liability) |
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1.69 |
1.72 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
DURA PUF
[SILVASSA] PRIVATE LIMITED |
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Presented
By |
UNION BANK OF MUMBAI SAMACHAR
MARG BRANCH, MUMBAI |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Deed Dated 15th
June 2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 15.500
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 |
All tangible
movable machineries, plant, machinery, fixture, fittings other accessories,
vehicles together with spares, tools and accessories, vehicles together with
spares, tools and accessories and all other articles lying on the premises at
121 Piparia Industrial Estate Silvassa or elsewhere. All movable goods
and assets, both present and future including all stock of raw material, work
in progress semi finished goods and finished goods wheresoever situated and
in transit. All the present
and future book debts, outstanding monies receivable, claims, bills contract,
engagements and securities which are now due and owing or which may at any
time hereafter during the continuance of this security become due and owing
to the borrower in the course of its business. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The terms and
conditions of the various facilities aggregating to Rs. 15.500 Millions are
as under : Cash credit
Hypothecation limit of Rs. 2.500 Millions Interest BPLR + 2 % Margin 30 % for
stocks and 40 % for Book debts Import and Inland
LC limit of Rs. 12.500 Millions Margin 10 % + 15 % for D.A. Letter of
guarantee limit of Rs. 0.500 Million Margin 50 % by
way of deposit. |
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of Mumbai Samachar Marg Branch, 66/80, Mumbai Samachar Marg, Fort, Mumbai – 400023, |
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6) Date and brief description of instrument modifying the charge |
Supplementary
deed to SD Hypothecation Deed Dated 15.12.2005 |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original
chare dated 15.06.2004 for Rs. 15.500 Millions has been modified from time to
time as under : On 1st
January, 2005 the total limit was enhanced from Rs. 15.500 millions to Rs.
25.500 millions Vide this
modification the total limit has increased from Rs. 25.500 Million to Rs.
33.500 Million as stated hereunder and the chare created on the hypothecated
property and book debts on 15.06.2004 and 01.01.2005 shall be further
extended and shall also be a continuing security the aggregate limit of Rs.
33.500 Millions together with interest, additional interest, penal interest,
commission, premia on prepayment, costs, charges, expense and all other
monies payable by the borrower to the bank. Rs in millions
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AS PER WEBSITE
Profile
Subject is a manufacturer, exporter and supplier of Polyurethane Mattress which promises you a comfort and relaxation beyond belief. The company is a well equipped small scale industry started by Mr. Deepak Doshi. Over the years, the company has developed various new application products catering to bus seat cushions, furnishing application for office and domestic chairs, sofas, beds etc, besides sound proofing fire retardant material for automobiles.
Technology
Their unit is installed with latest Hennecke GMBH high pressure PU moulding machines and uses only Bayer chemical system to produce high quality moulded PU Foam for application in Automobile seating application, Railway coach sleeping, Domestic and Office seating application etc. Being certified by ISO 9001:2000 and TUV India Pvt Ltd, they deliver the supreme quality for the comfort.
Assurance
They believe in quality and continuously strive to provide ultimate comfort to their customers. The Polyurethane Mattress manufactured in their premises go through stringent quality controls, resulting in high standard output. No doubt, the Polyurethane Mattress produced, exported and supplied by us is superior to any other product available in the market.
Products
- Mattresses:
Durafoam
P.U. Mattress:
It's a
single piece, mattress with uniform density all over. It 'breathes'- being made
up of many, many little cells which allow fresh air to pass through.
Durafoam
is the best kind of Polyutherene mattress available - high density to make it
durable and long-lasting and resilient enough to provide comfort to the body
and support to the spine.
Firm Support:
Durafoam mattresses are firm. It's high resilient foam
supports the body in ths contours. Wherever the weight of the body presses on
the mattress, it fights back to support the body shape. Do this simple test -
jab a finger in any Durafoam mattress- only the finger sinks in, the rest of
the mattress stays firm!
Clean n' hygienic:
Wash it, sterilize it. It's inert to water and dries up very quickly!
Fire Retardant:
Durafoam does not let fire spread nor can it be a cause of
accidental fire- Makes sleeping a much safer experience.
No odours or smells:
No insects no odors, no allergy with Durafoam.
Light 'N easy:
Store it, move it, turn it, Durafoam mattress are easy to
handle. Reverse it whenever you like!
Insect free:
The one piece Durafoam mattress has no holes, layers or
joints - thus no room for insects.
Cool temperature:
Durafoam mattress breathe the pores in the mattresses are self ventilating
that's why the temperature stays uniform and cool.
Lifetime
Guarantee:
Only
Durafoam comes with a 25 years guarantee. Just fill in and send us the
guarantee card on purchase, and sleep easy for years to come!
Cover
Advice:
Ask
the dealer for easy - zip covers. So, to wash and clean, you needn't rip off
the cover. Simply unzip and wash n' change. A great help, especially with
infants or elderly persons in the house.
Standard
Specification:
Density:
9 to 50
Colours:
White, Blue, Yellow,
MM: 1 to
more than 200 mm.
Use: Their
foam is good substitute for thermocoles and cottons. It is commonly used in
industries like Hotels, Railways, Shoes, Leather, and Packing etc.
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.40.38 |
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1 |
Rs.82.04 |
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Euro |
1 |
Rs.55.56 |
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 |
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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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
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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 |
|
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 |
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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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