MIRA
INFORM REPORT
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Report Date : |
19.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DIMPLE DRUMS AND BARRELS PRIVATE LIMITED |
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Registered Office : |
Sita Niwas 1st Floor, Charatsin Colony , Andheri Kurla Road,
Andheri (E) Mumbai 400 093, Maharashtra |
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Country : |
INDIA |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.12.1977 |
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Registration No.: |
11 - 020035 |
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CIN No.: [Company
Identification No.] |
U21020MH1977PTC020035 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
1] MUMD09966F 2] MUMD09304B |
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PAN No.: [Permanent
Account No.] |
1] AAACD4604L 2] AAACD4604L |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturer of Small Containers Drums, Barrels etc. Used in Chemical
Industries for packaging. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 2000 000 |
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Status : |
Good |
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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 experience 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 dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Sita Niwas 1st Floor, Charatsin Colony, Andheri Kurla Road, Andheri (E) Mumbai 400
093, Maharashtra |
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Tel. No.: |
91-22-2655708 |
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Corporate Office : |
117, Rajabahadur Mansion, 11, 3rd Floor, 24 – B, Ambala
Doshi Marg, Mumbai – 400 001 , Maharashtra |
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Tel. No.: |
91-22-22656531 / 56311499 |
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Fax No.: |
91-22-22655708 / 3082119 |
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E-Mail : |
ddbl@mtnl.net.in |
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Factory 2 : |
Gulsunde Village, Rasayani -
410 207 |
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Tel. No.: |
91-2192-250163/ 250164 |
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Fax No.: |
91-2192-250340 |
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Marketing Office : |
516,Maker Chamber No. V, Nariman Point, Mumbai – 400 021 |
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Tel. No.: |
91-22-22836623 / 22836624 |
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Fax No.: |
91-22-22836626 |
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E-Mail : |
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SOLE
PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Surendra A. Kotadia |
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Designation : |
Director , M – Managing Director |
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Address : |
27 – C, Krishna Niwas, 4th Floor, Walkeshwar Road, Mumbai –
400 006, Maharashtra |
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Date of Birth/Age : |
13.02.1948 |
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Date of Appointment : |
17.12.1977 |
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Name : |
Mr. Hiralal Amritlala Kotadia |
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Designation : |
Director |
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Name : |
Mr. Rajesh H. Kotadia |
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Designation : |
Whole time Director, S- Secretary, R – Manager |
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Address : |
Sita Niwas, 1st Floor, Dr. Charat Singh Colony, Andheri –
Kurla Road, Mumbai – 400 093, Maharashtra |
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Date of Birth/Age : |
04.09.1966 |
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Date of Appointment : |
01.10.1985 |
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Name : |
Mr. Amit H. Kotadia |
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Designation : |
Director, M – Managing Director |
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Address : |
Manju Mahal, Flat – 111, Chetak Co-op. Housing Society, 35 Pali Hill,
Bandra (W), Mumbai – 400 006, Maharashtra |
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Date of Birth/Age : |
19.04.1954 |
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Date of Appointment : |
26.06.1978 |
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MAJOR SHAREHOLDERS
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Names of Shareholders |
No. of Shares |
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2] Surendra Kotadia S/o
Amritlala Kotadia |
625 |
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3] Amit H. Kotadia |
849 |
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4] Kamud A. Kotadia |
250 |
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5] Chameli A. Kotadia |
150 |
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6] Indrabala A. Kotadia |
324 |
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7] Suryakanta H. Kotadia |
174 |
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8] Avani H. Kotadia / D/o Hiralal Hotadia |
174 |
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10] Saroj H. Kotadia / W/ o Hiralal Kotadia |
224 |
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11] Niranjana H. Kotadia / D/ o
Hiralal Kotadia |
174 |
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12] Trupti S. Kotadia / W/ o Surendra Kotadia |
100 |
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13] Balam Investment Company |
01 |
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14] Rajesh H. Kotadia / S/o Hiralal Kotadia |
130 |
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15] Dinesh H. Kotadia / S/o Hiralal Kotadia |
125 |
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16] Sanjay Kotadia / S/o Hiralal Kotadia |
124 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of small containers Drums, Barrel etc. Used in Chemical
Industries for packaging. |
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Products : |
Drums & Barrels Scrap Stores |
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PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Capacity : Barrels |
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N.A. |
1000 Barrels |
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GENERAL
INFORMATION
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No. of Employees : |
About 450 |
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Bankers : |
State Bank of India, Matunga
Branch, Mumbai – 400 019 |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H. N. V. Trivedi & Company Chartered Accountant |
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Address : |
2-A, Churchgate Mansion, A Road Churchgate, Mumbai – 400 020, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500 |
Equity Share |
Rs.1000/- Each |
Rs.3.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3500 |
Equity Share |
Rs.1000/- Each |
Rs.3.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.500 |
3.500 |
3.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
539.019 |
446.746 |
388.207 |
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4] (Accumulated Losses) |
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NETWORTH |
542.519 |
450.246 |
391.707 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
542.519 |
450.246 |
391.707 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
542.519 |
450.246 |
391.707 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
17.208 |
16.347 |
18.762 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
11.561 |
16.262 |
3.483 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
103.453
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67.758 |
74.306 |
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Sundry Debtors |
204.765
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200.629 |
166.034 |
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Cash & Bank Balances |
164.990
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108.253 |
68.081 |
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Other Current Assets |
94.409
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77.816 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
62.759 |
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Total
Current Assets |
567.617
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454.456 |
371.180 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
6.167
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0.000 |
1.718 |
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Provisions |
47.700
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36.819 |
0.000 |
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Total
Current Liabilities |
53.867
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36.819 |
1.718 |
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Net Current Assets |
513.750
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417.637 |
369.462 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
542.519 |
450.246 |
391.707 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
755.151 |
697.648 |
526.731 |
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Other Income |
13.727 |
9.570 |
16.766 |
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Total Income |
768.879 |
707.218 |
543.497 |
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Net Profit or Net Loss |
138.559 |
94.000 |
58.321 |
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Expenditures : |
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Opening Stock |
0.000 |
0.000 |
90.782 |
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Cost of Goods Sold |
0.000 |
0.000 |
0.000 |
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Manufacturing Expenses |
0.000 |
0.000 |
41.620 |
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Administrative Expenses |
0.000 |
0.000 |
0.000 |
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Raw Material Consumed |
487.396 |
472.229 |
0.000 |
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Purchases made for re-sale |
0.000 |
0.000 |
358.971 |
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Consumption of stores and spares parts |
43.473 |
49.564 |
0.000 |
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Increase/(Decrease) in Finished Goods |
-1.566 |
0.026 |
0.000 |
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Salaries, Wages, Bonus, etc. |
42.589 |
34.844 |
33.809 |
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Managerial Remuneration |
0.000 |
0.000 |
0.000 |
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Payment to Auditors |
0.040 |
0.025 |
0.025 |
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Interest |
0.000 |
0.000 |
0.000 |
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Insurance Expenses |
0.169 |
0.220 |
0.000 |
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Power & Fuel |
14.235 |
12.676 |
0.000 |
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Depreciation & Amortization |
1.979 |
2.820 |
3.046 |
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Other Expenditure |
42.005 |
40.814 |
0.000 |
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Selling Expense |
0.000 |
0.000 |
2.869 |
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Financial Charges |
0.000 |
0.000 |
0.333 |
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Total Expenditure |
630.320 |
613.218 |
531.455 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
18.02
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13.29 |
10.73 |
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Net Profit Margin (PBT/Sales) |
(%) |
18.34
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13.47 |
11.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
23.69
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19.96 |
14.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.25
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0.20 |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.09
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1.08 |
1.00 |
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Current Ratio (Current Asset/Current Liability) |
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10.53
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12.34 |
216.05 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets :
1] Land
2] Ownership Flat
and Parking Space
3] Factory
Building
4] Office Building
5] Plant &
Machinery
6] Furniture &
Fixture
7] Cars
8] Tempo &
Jeeps
9] Office Equipment
10] Arms & Ammunition
11] Computers
12] Fire Extinguisher
From No. 8
- Date and description
of the instrument creating the charge : a] General Agreement for the grant of
small indl. Advances (Working Capital limit) Dt. 28.08.89
b] General Agreement for the grant of medium
Terms Advances Dt. 28.08.89
- Amount
security by the charge / amount owing on security of the charge :
Working Capital
Rs. 40.000 Millions
Medium Terms Loan Rs. 2.175
Millions
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Total 42.175 millions
- Short
Particulars of property charged. If the property acquired is subject to
charge date of
acquisition of
property should be given. : Present & future goods, book debts,
moveable & other
assets including
documents of title to goods, & other asset such as outstanding money,
receivable,
claims, bills, invoices,
documents , contracts, engagement, securities, investments & rights &
presents
& future machinery.
- Gist of the
terms and conditions and extent and operation of the charge : Rate of
Interest : As would be determined by the bank
Margin
: As required by the bank.
- Names,
addresses and description of the person entitled to charge. : State Bank of India,
Matunga Branch, Mumbai – 400 019
- Date and
brief descriptions of instrument modifying the charge. : Supplemental General Agreement Dt. 1.6.92
Ancillary Agreement No. 1 Dt. 1.6.92
Ancillary Agreement No. 3 Dt. 1.6.92
Ancillary Agreement No.6 Dt. 1.6.92
Guarantee Agreement Dt. 1.6.92
All the Agreements constitute a single
modification.
- Particulars
of modifications specifying the terms and conditions or the extent or
operation of the
charge in which modification is made and the details of the
modification. : Original charge was
created on 28.8.89 for Rs. 42.175 Millions. Which is increased to
Rs.44.675 Millions. By this
modification as follows.
Nature of Facility Existing Limit Modified
Limit
1) Working Capital Rs. 40.000 Millions Rs.42.500 Millions
2) MTL Rs.
2.175 Millions Rs.
2.175 Millions
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________________________
Rs.42.175
Millions Rs.44.675 Millions
Rate
of Interest : Working Capital limit
@ 2.75% over SBAR
Min 22.75% p.a.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.39 |
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UK Pound |
1 |
Rs.85.16 |
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Euro |
1 |
Rs.57.66 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
|
57 |
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 |
|
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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 |
|
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 |
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