MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DELUXE KAARAN IMPORTS PRIVATE LIMITED |
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Registered Office : |
7/321, Siddhivinayak Housing Society, 1st Floor
Hingwala Lane, Pantnagar, Ghatkopar (East), Mumbai-400075, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
26.11.1997 |
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Com. Reg. No.: |
11-112109 |
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CIN No.: [Company
Identification No.] |
U51490MH1997PTC112109 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD06229G |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Importers and Exporters of Plastic Raw Materials. |
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 42500 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established
and reputed company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
7/321, Siddhivinayak Housing Society, 1st Floor
Hingwala Lane, Pantnagar, Ghatkopar (East), Mumbai-400075, Maharashtra, India
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Tel. No.: |
91-22-25109657/25165788 |
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Fax No.: |
91-22-25165787 |
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E-Mail : |
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Website : |
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Head Office : |
P.O>Box No. 17341, 3/A, 14-C, 1st Floor Bhandup, Mumbai-400 078,
India |
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Tel. No.: |
91-22-65997851 / 65997852 |
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Fax No.: |
91-22-65997854 |
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E-Mail : |
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Branches : |
Located at : Ř
304,305 Sarkar Bhuvan, N.N Street, Masjid Bunder, Mumbai-
400009, Maharastra, India Ř Ahmedabad,
Gujarat, India Ř Daman |
DIRECTORS
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Name : |
Mr. M. D. Shah |
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Designation : |
Director |
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Name : |
Mrs. M. M. Shah |
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Designation : |
Director |
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Name : |
Mr. R. J. Shah |
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Designation : |
Director |
BUSINESS DETAILS
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Line of Business : |
Importers and Exporters of Plastic Raw Materials. |
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Exports : |
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Countries : |
Africa and UK |
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Terms : |
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Purchasing : |
D/A, D/P, L/C or Clean Credit terms |
GENERAL
INFORMATION
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No. of Employees : |
32 |
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Bankers : |
Ř Bank
of India, Main Branch, Mumbai-400001, Maharashtra, India Ř HDFC
Bank, Ahmedabad, Gujarat, India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
C. T. Gandhi and Company Chartered Accountants |
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Address : |
318/2 Siddhivinayak Society, New Mhada Complex, Hingwala
Lane, Ghatkopar (East), Mumbai-400075, Maharashtra, India |
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Tel. No.: |
91-22-25094029 |
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Fax No.: |
91-22-25094030 |
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Associates/Subsidiaries : |
Ř Deluxe
Sales Corporation Ř Deluxe
Petrochem Private Limited Ř Deluxe
India Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs.
10/- each |
Rs.
12.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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340000 |
Equity Shares |
Rs.
10/- each |
Rs.
3.400 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.400 |
3.400 |
3.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.498 |
4.583 |
2.888 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.898 |
7.983 |
6.288 |
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LOAN FUNDS |
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1] Secured Loans |
0.722 |
0.000 |
0.500 |
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2] Unsecured Loans |
33.571 |
4.196 |
24.622 |
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TOTAL BORROWING |
34.293 |
4.196 |
25.122 |
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DEFERRED TAX LIABILITIES |
0.635 |
0.339 |
0.000 |
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Inter corporate Deposit |
25.000 |
0.000 |
0.000 |
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TOTAL |
70.826 |
12.518 |
31.410 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.094 |
4.332 |
3.805
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.512 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
70.047
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72.981 |
83.534 |
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Sundry Debtors |
179.607
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50.978 |
1.341 |
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Cash & Bank Balances |
0.278
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0.226 |
100.459 |
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Licensed in hand |
3.048
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2.329 |
14.182 |
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Loans & Advances |
15.455
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9.343 |
1.317 |
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Total
Current Assets |
268.435
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135.857 |
200.833 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
205.777
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127.770 |
173.189 |
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Provisions |
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0.563 |
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Total
Current Liabilities |
205.777
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127.770 |
173.752 |
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Net Current Assets |
62.658
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8.087 |
27.081 |
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MISCELLANEOUS EXPENSES |
0.074 |
0.099 |
0.012 |
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TOTAL |
70.826 |
12.518 |
31.410 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
599.538 |
40.247 |
508.340 |
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Other Income |
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Total Income |
599.538 |
40.247 |
508.340 |
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Profit/(Loss) Before Tax |
4.626 |
3.150 |
1.582 |
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Provision for Taxation |
1.415 |
1.117 |
0.553 |
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Profit/(Loss) After Tax |
3.211 |
2.033 |
1.029 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
19.165 |
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Trading Expenses
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0.000 |
0.000 |
478.832 |
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Payments and Benefits to Employees
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0.000 |
0.000 |
1.283 |
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Selling Expenses
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0.000 |
0.000 |
0.058 |
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Donations
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0.000 |
0.000 |
0.071 |
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Interest |
8.696 |
5.820 |
6.940 |
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Depreciation & Amortization |
0.573 |
0.447 |
0.398 |
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Other Expenditure |
594.913 |
399.323 |
0.000 |
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Total Expenditure |
604.182 |
405.590 |
506.747 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
0.54
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5.05 |
0.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.77
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7.83 |
0.31 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.67
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2.25 |
0.77 |
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Return on Investment (ROI) (PBT/Networth) |
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0.42
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0.39 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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22.03
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16.53 |
31.63 |
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Current Ratio (Current Asset/Current Liability) |
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1.30
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1.06 |
1.16 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
The Deluxe Group of company was
started in the year 1975 to cater the requirement of the industry.
Intially starting with the office in mumbai, since then they had grown up, with
the support of their customers, they had wide distribution network in other
parts of India as well. They are now one of the largest, best known, most
reliable and reputed dealers and distributors of plastics, chemicals and ball
bearings in the Indian market, catering to the needs of trade and actual users.
Being authorized distributors of many companies, they ensure their customers
get 100% genuine products, in sealed packing, without any risk of adulteration
or contamination
And since their godowns are always stocked, they assure
round-the-year availability of their products and also fixed rates. Access to a
wide range of industry segments makes them a key source for product usage,
handling and price trends.The company is totally customer-service oriented and
firmly believes that business relations will endure only if the foundation is
built on long term perceptions and commitments.So with DELUXE
as the trusted source of Plastics, Chemicals and Ball Bearings
you really don’t need to look elsewhere. Their other services offered are
Shares & investment and Movie distribution.
Deluxe
Sales Corporation
profile
Deluxe Sales Corporation was
incorporated in the year 1975. It holds the distinction of being the flagship
company of the Deluxe Group of Companies. It was incorporated with a definite
vision to successfully market and sell various products in the Indian market.
Currently it deals in numerous products in the Chemical and Plastic fields. The
turnover of the company is to the tune of Rs. 450 Millions. Down the years,
M/s. Deluxe Petrochem Private Limited and M/s. Deluxe Kaaran Imports Private
Limited are the offshoots of this company. The company holds a very strong
goodwill in the market down the years.
Deluxe
Petrochem Private Limited
profile
Deluxe Petrochem Private Limited was
incorporated in the year 1995 with a view to support and expand the business of
M/s. Deluxe Sales Corporation and was a part of the expansion process in the
Deluxe Group of Companies. Currently it deals in various products like
Chemicals, Dyes Intermediates, Pharma Intermediates, Aromatic Chemicals,
Spices, Rubber products and Rubber Chemicals. The Turnover of this company is
to the tune of Rs. 200 Millions. The company is now enjoying the fruits for the
sincere efforts and progress it has generated down the years.
Product
River embakments and canals
CL-5 is ideal for river embakments and canals because it
strengthnes the embakment
Deluxe Groups of companies regularly imports chemicals from
various far eastern countries as well as far western countries
Deluxe Groups of companies are into Imports, shares and
investment with office in Mumbai and Gujarat. The group has been diversified
into various sectors. One of that are Ball Bearings.
The company’s fixed assets of important value includes
Computers, Type Writers, Telephone, Paper Cutter, Motor Bike, Xerox Machine,
Maruti Zen Car, Sonata Car, Siena Flat Car, Skoda Car, Air conditioner, Fax
Machine, Furniture and Fixtures, Viva Car, Printer, Platform Scale and Loom
Machine.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international anti-terrorism
laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.17 |
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UK Pound |
1 |
Rs.85.58 |
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Euro |
1 |
Rs.58.67 |
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 |
NO |
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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 |
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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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