MIRA
INFORM REPORT
|
Report Date : |
30.03..2007 |
IDENTIFICATION
DETAILS
|
Name : |
DUGAR OVERSEAS
PRIVATE LIMITED |
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Registered Office : |
D-65 LGF, Anand Niketan, New Delhi – 110 021 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.06.1992 |
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Com. Reg. No.: |
55-49262 |
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CIN No.: [Company
Identification No.] |
U74899DL1992PTC049262 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL04268F |
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PAN No.: [Permanent
Account No.] |
AAACD0817B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Distributors of Confectionery Goods (Jelly
Sweets, Chocolate and Chocolate Products). |
RATING &
COMMENTS
|
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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. Trade relations are fair. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings
at usual trade term and conditions. |
LOCATIONS
|
Registered Office : |
D-65 LGF, Anand Niketan, New Delhi – 110 021, India |
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Tel. No.: |
91-11-51661240/41 |
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Mobile No.: |
91-9811622887 |
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Fax No.: |
91-11-51661310 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Corporate Office : |
F-40, Ground Floor, Kalkaji, New Delhi – 110 019 |
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Tel. No.: |
91-11-20545260 |
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Godown/
Warehouse : |
RZ-381/21, Main Jagamba Road, Tughlakabad Extension, New Delhi Second Floor, 71 NSC Bose Road, Chennai – 600 001, Tamilnadu |
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Branches : |
349/53, Samuel Street, 4th Floor, Indu Chamber, S. Vagadi, Mumbai – 400 003, Maharashtra Tel. 91-22-56926778/9 Fax. 91-22-56914975 71, N. S. E. Bose Road, Chennai – 600 003, Tamilnadu |
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Location : |
Rented |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Nagraj Dugar |
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Designation : |
Director |
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Address : |
402, Block 25, Heritage City, Gurgaon, Haryana |
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Date of Birth/Age : |
16.12.1948 |
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Qualification : |
B. Com. |
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Experience : |
16.12.1948 |
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Date of Appointment : |
21.09.1998 |
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Name : |
Mr. Suraj Dugar |
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Designation : |
Director |
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Address : |
402, Block 25, Heritage City, Gurgaon, Haryana |
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Date of Birth/Age : |
17.08.1953 |
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Qualification : |
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Experience : |
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Date of Appointment : |
22.06.1992 |
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Name : |
Mr. Sumit Khandelwal |
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Designation : |
Director |
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Address : |
201, Cosmos Apartment, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
32 Years |
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Qualification : |
B. Com. |
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Experience : |
20 Years |
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Date of Appointment : |
01.06.1999 |
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Name : |
Mrs. Sarla Khandelwal |
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Designation : |
Director |
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Address : |
201, Cosmos Apartment, Lokhandwala Complex, Andheri (West), Mumbai – 400 053, Maharashtra |
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Date of Birth/Age : |
50 Years |
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Experience : |
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Date of Appointment : |
05.04.1998 |
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Name : |
Mr. Manoj Dugar |
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Designation : |
Executive
Director |
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Address : |
402, Block 25,
Heritage City, Gurgaon-122001 |
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Date of Birth/Age : |
28.03.1971 |
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Qualification : |
22.06.1992 |
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Date of Appointment : |
21.09.1998 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Mr. Sujar Dugar |
|
92,500 |
|
Mr. Manoj Dugar |
|
72,300 |
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Ms. Shalini Duga |
|
45,000 |
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Mr. Nagraj Dugar |
|
31,790 |
|
Noblex Creation (Private) Limited |
|
3,300 |
BUSINESS DETAILS
|
Line of Business : |
Importers and Distributors of Confectionery Goods (Jelly
Sweets, Chocolate and Chocolate Products). |
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Products : |
Candies, Jelly, Chocolate and Wafers |
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Imports : |
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Countries : |
Argentina and Thailand |
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Terms : |
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Selling : |
Cash or Credit |
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Purchasing : |
L/C or Credit (60 days) |
GENERAL
INFORMATION
|
Customers : |
Super Stockist |
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No. of Employees : |
14 |
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Bankers : |
v HSBC Bank v Centurion Bank of Punja v Vijaya Bank, Hauz Khar Branch, Hauz Khas Market, New Delhi-110016, Delhi, India v (The company enjoys credit limits of Rs. 0.600 million from it’s bankers) v Union
Bank of India, Mumbai, Maharashtra |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rakhecha & Company Chartered Accountants |
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Address : |
4831/24, Anzeri Road, Daryaganj, New Delhi – 110 002 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,50,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2,45060 |
Equity Shares |
Rs. 10/- each |
Rs. 2.451 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
|
2.450 |
2.450 |
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|
2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.185 |
2.562 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.635 |
5.012 |
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LOAN FUNDS |
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1] Secured Loans |
|
10.618 |
7.509 |
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2] Unsecured Loans |
|
13.940 |
8.602 |
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TOTAL BORROWING |
|
24.558 |
16.111 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.010 |
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TOTAL |
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30.193 |
21.133 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
3.518 |
2.149 |
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Capital work-in-progress |
|
0.100 |
0.000 |
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INVESTMENT |
|
0.053 |
0.053 |
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DEFERREX TAX ASSETS |
|
0.039 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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22.686 |
8.668 |
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Sundry Debtors |
|
18.267 |
22.569 |
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Cash & Bank Balances |
|
0.466 |
1.400 |
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Other Current Assets |
|
1.940 |
2.827 |
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Loans & Advances |
|
6.624 |
2.254 |
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Total
Current Assets |
|
49.983 |
37.718 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
22.830 |
18.250 |
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Provisions |
|
0.672 |
0.540 |
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Total
Current Liabilities |
|
23.502 |
18.790 |
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Net Current Assets |
|
26.481 |
18.928 |
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MISCELLANEOUS EXPENSES |
|
0.002 |
0.003 |
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TOTAL |
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30.193 |
21.133 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
|
135.012 |
51.498 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
135.012 |
51.498 |
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Profit/(Loss) After Tax |
|
1.648 |
1.318 |
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Expenditures : |
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Interest |
|
2.986 |
1.757 |
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Depreciation & Amortization |
|
0.775 |
0.607 |
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Other Expenditure |
|
129.602 |
57.815 |
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Total Expenditure |
|
133.363 |
60.179 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
1.22 |
2.55 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
4.17 |
3.74 |
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Current Ratio (Current Asset/Current Liability) |
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|
2.12 |
2.00 |
LOCAL AGENCY
FURTHER INFORMATION
Note:-
The company’s registered office at 7, Siri Fort Road, Near Ground Floor, New Delhi has been shifted to the above address.
Form 8 Particular for
creation or modification of charges
|
Name of the company |
DUGAR OVERSEAS PRIVATE LIMITED |
|
Presented By |
Vijaya
Bank and Dugar Overseas Private Limited |
|
1) Date and description of instrument creating the change |
Agreement dated 04.08.2002 (Registered on 27.08.2002) Modified upto Rs.7.5 millions on 13.08.2002 Registered on 27.08.2002 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.6.000 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 |
Hypothecation of stocks of imported confectionery goods stored at 7A-61, Tughlakabad Extension, New Delhi or at any other places and building. The charge is also secured by hypothecation of book debts and all other current and fixed assets held from time to time. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
First charge on above assets is to secure the CC (H) Limit of Rs.6.000 millions sanctioned to the company. Interest is chargeable at 16% p.a. or at such other rates as may be fixed by the Bank form time to time. |
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5) Name and Address and description of the person entitled to the charge. |
Vijaya Bank, Haus Khas, New Delhi |
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6) Date and brief description of instrument modifying the charge |
Letter from the Bank dated 17.06.2005 |
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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 CC (H) Limit secured by this charge is reduced from Rs.7.5 millions to Rs.6.0 millions with the adjustment of Adhoc CC Limit of Rs.1.5 millions. No document has been executed by the company for reduction in CC (H) Limit. Other terms and conditions remain same. |
BUSINESS
Subject is engaged
in as importers and distributors of Confectionery Goods such as Arcor Butter Toffee,
Ritter Sports Chocolate, Heart Hart Beat Caudiex, Magic Pop-Geef and Kopiko –
Coffee Candy.
Agencies held by the company are :-
ARCOR
Founded on
July 5th 1951, Arcor Group is the first candy manufacturer in the world and the
largest confectionery exporter of Argentina, Brazil and Chile. It has 31 plants
in Latin America, 25 of which are located in Argentina, and the other 6 in
Latin America. The Group specializes in elaboration of foods, and its leading
products are candies, chocolates, cookies, preserved fruits and vegetables, and
corn by-products. It produces more than 15 million kg. daily and it reaches 115
countries throughout the 5 continents with its own brand.
GEEF
For the past 23
years since its establishment in 1979, GF Company Limited has developed various
kinds of confectionery that pleases the entire mankind being loved by the whole
world for its idea rich products of chocolates and even snacks, not to mention
candies. GF Company Limited. Started manufacturing the popping candy from 1985
for the first time in Korea and is producing a variety of popping candies.
Especially, the Magic Pop, its own brand name, which adds various fruits
flavours to the sweetness with the popping noise in the mouth is called "four-dimension candy" and is being
loved by the whole world
General Candy
General group
of companies has principle in the confectionery business for over twenty years
under the name of General Candy
Company Limited.
Today, General Candy has expanded its production lines to include seven
categories of quality goods. In Thailand, they are indeed the brand leader in a
category of fruit-flavored fun candy among other sweet and candy industries.
The success is obviously because they value the brand reputation and by
believing "In everything that we
do, we do it with heart".
Ritter Sports
If you enjoy
an active life you also expect more from chocolate. Ritter Sport offers you 18
different sorts to suit individual taste - each chunky bar chock-full of the
best ingredients to give unmistakable, total chocolate enjoyment. And so that
you can identify the sort like most at a glance, all Ritter Sport squares have
their own typical packaging colour - and of course the unique, handy snap-pack.
Which means you can easily snap open Ritter Sport any time, any place - and
it’s just as easy to reseal it, although real chocoholics might find the latter
rather difficult to do.
PT Mayura
An xperienced
Indonesian manufacturer and exporter of branded confectionery products based in
Jakarta. Kopiko is popular product that is high on demand in Indonesia,
Singapore, Australia, Korea and other countries. Kopiko comes in mini sizes.
There are two types of packaging, in 600gr jars and 150gr bags. All the
goodness of Indonesian coffee in one small cube. There are other products from
the same company as danisa cookies and choki choki chocolate paste.
United Foods
The Bolero
range includes chocolate pastes, chocolate bars and wafer sticks, of exceptional
and rare taste. Bolero differs because it has great respect for the traditional
recipes as it uses only carefully chosen pure ingredients, and strictly
examines all the production stages in order to secure only top quality
authentic products. Today Bolero has excellent confectionery delicacies of
unique taste. 80% of the total production is exported to America, Europe,
Middle East, Australasia etc.
Dos En Uno
A leading
candies and chocolates company in Chile with an important international profile
was acquired by Arcor. The purchase of Dos en Uno turned out to be very
strategic because it transformed the Arcor Group into the principal candies
company in Chile and solidified the groups presence on the continent;
significantly broadening its products portfolio. Beyond making Arcor the
leading company in Chile, this operation allowed the group to strengthen its
presence all over the continent.
It is in trade
terms with :-
Shivshakti
Enterprises
10954/5, Doriwala,
East Park Road,
Karol Bagh, New
Delhi
Tel. 91-11-56914979
Arham Enterprises
4273, Gali Bahudi
Pharaji Dheraj Sadar Bazar,
New Delhi
Tel. 91-11-23544175
Profile
Until recent times
imported products were just being sold into the whole - sale market. The main reason
for this was that imports were mainly through the grey channel or either
through the use of various loopholes. A trader would only import products with
high profitability and of reasonable awareness. The only idea was to import,
make money and wash the hands from the product.
The Indian economy has been opening up at very fast pace. More and more
products are being shifted from restrictive import category to free import
category. This has changed the outlook of most International Companies towards
the Indian market and everyone wants to capitalize on the vast potential of the
same.
The Indian economy
has been opening up at very fast pace. More and more products are being shifted
from restrictive import category to free import category. This has changed the
outlook of most International Companies towards the Indian market and everyone
wants to capitalize on the vast potential of the same.
Subject was
incorporated in the month of June in the year 1992.
Since February 1996
we have transformed into an import and distribution house. Today, their company
boasts of Stockists and Distributors in most Indian cities/towns with functions
relating to market placements and servicing retail outlets as mentioned before.
The main focus is to distribute imported consumer products in the same manner
as Indian produced goods are distributed.
Likewise, the mission is to penetrate important cities, towns and districts
through Organized/Modern distribution methods. This is main strength and we are
sure that products and brand can grow only with strong and mass distribution in
India.
Subject commenced
imports of confectionery in 1998. initially, it was a small scale activity
involved with the import and wholesale sales of products. however, this concept
changed completely by early 1999, as the management released the huge potential
in organised and mass market distribution. There were the pioneers in marketing
imported confectionery the “Indian way” i.e as an Indian manufacturer
distributes their products in India.
Mentioned below is a brief write up on
distribution activities:-
Ø The company has appointed Super Stockist in most of the states of India.
Ø
Have helped
Super Stockist to further appoint Distributors in various cities/ towns/ villages in their
respective states.
Ø Support the distributors for distributing
the products to the Retailers.
Ø
The company
been able to reach most of the small cities and towns with their extensive
network thus giving additional sales at all levels.
Ø
Are supporting
each Stockist by their executives who are selling products and are responsible
for placement in new counters.
Ø
Organize test
marketing and sampling including expert analysis of results.
Ø Create the Brand Awareness of the products by
participating in Trade
fairs/Exhibitions.
Ø
Plan out the
best advertising possible in the available resources to generate confidence among the
distributors and retailers.
Ø
Arrange
meetings with all the distributors to get a direct feedback of the market.
Accordingly their queries and problems are solved apart from motivating them to
achieve good volumes.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.47 |
|
UK Pound |
1 |
Rs.85.36 |
|
Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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 |
|