MIRA
INFORM REPORT
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Report Date : |
18.10.2007 |
IDENTIFICATION DETAILS
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Name : |
DEVIDAYAL [SALES] LIMITED |
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Registered Office : |
1st Floor Devidayal Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.11.1949 |
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Com. Reg. No.: |
11-7856 |
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CIN No.: [Company
Identification No.] |
U51420MH1949PTC007856 |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacturers of agrochemicals |
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
unfavourable 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 1500000 |
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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 records. 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 dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1st Floor Devidayal Estate, |
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Tel. No.: |
91-22-23714913 / 23742708 |
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Fax No.: |
91-22-23742708 |
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E-Mail : |
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Website : |
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Executive Office : |
33/D, Alakapuri, |
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Tel. No.: |
91-265-2357797/2340268 |
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Fax No.: |
91-265-2338127 |
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E-Mail : |
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Factory 1 : |
50/A, GIDC Industrial Estate, Karol ( PMS ), Panchmahala-District
- 389330 |
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Tel. No.: |
91-2676-235232/235245/235938 |
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Fax No.: |
91-2676-235698 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Prem Amirchand Devidayal |
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Designation : |
Director |
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Address : |
83, |
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Date of Birth/Age : |
07.09.1949 |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Ramkishan Amirchand Devidayal |
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Designation : |
Director |
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Address : |
74, |
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Date of Birth/Age : |
08.12.1950 |
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Date of Appointment : |
01.04.1994 |
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Name : |
Mr. Tushar Prem Devidayal |
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Designation : |
Director |
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Address : |
74, |
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Date of Birth/Age : |
04.11.1975 |
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Date of Appointment : |
01.10.2001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Prem Amirchand Devidayal |
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724878 |
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Prem Amirchand Devidayal - HUF |
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208125 |
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Ramkishan Amirchand Devidayal |
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1009995 |
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Ramkishan Amirchand Devidayal – HUF |
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214089 |
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Devidayal Priyam Prem |
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241047 |
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Devidayal Sumita Ramkishan |
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234966 |
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Devidayal Tushar Prem |
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23010 |
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Devidayal Tulika Prem |
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201870 |
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Devidayal Ritika Ramkishan |
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2100 |
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Devidayal Raghuvir Ramkishan |
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188850 |
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Devidayal Tanvi Prem |
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179670 |
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Tushar Investments Company |
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71400 |
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Total |
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3300000 |
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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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2.00 |
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Directors or relatives of directors |
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98.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of agrochemicals |
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Products : |
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Brand Names : |
‘Devidayal Agro Chemicals' |
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Export to : |
Europe, South America, the Far East,
Asia-Pacific, Africa and the |
GENERAL INFORMATION
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Bankers : |
Indian Overseas
Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. M. Dadia and Company Chartered Accountants |
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Address : |
Devidayal Estate, 1st floor, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 33.000 Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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33.000 |
33.000 |
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2] Reserves & Surplus |
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365.081 |
319.097 |
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NETWORTH |
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398.081 |
352.097 |
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LOAN FUNDS |
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1] Secured Loans |
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2.723 |
6.149 |
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2] Unsecured Loans |
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7.106 |
13.850 |
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TOTAL BORROWING |
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9.829 |
19.999 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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407.910 |
372.096 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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47.998 |
46.857 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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109.731 |
68.546 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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104.653 |
183.666 |
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Sundry Debtors |
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220.474 |
159.305 |
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Cash & Bank Balances |
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46.687 |
37.399 |
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Other Current Assets |
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48.238 |
48.891 |
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Total
Current Assets |
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420.052 |
429.261 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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141.538 |
172.568 |
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Provisions |
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28.333 |
0.000 |
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Total
Current Liabilities |
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169.871 |
172.568 |
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Net Current Assets |
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250.181 |
256.693 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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407.910 |
372.096 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover (Including Other Income) |
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1009.427 |
917.090 |
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Total Income |
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1009.427 |
917.090 |
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Profit/(Loss) Before Tax |
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103.787 |
97.794 |
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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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103.787 |
97.794 |
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Export Turnover |
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209.417 |
22.523 |
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Expenditures : |
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Interest |
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3.512 |
3.417 |
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Depreciation & Amortization |
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5.235 |
7.021 |
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Other Expenditure |
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905.640 |
819.296 |
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Total Expenditure |
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914.387 |
829.734 |
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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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10.28 |
10.66 |
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Net Profit Margin (PBT/Sales) |
(%) |
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10.28 |
10.66 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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22.17 |
20.53 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.45 |
0.55 |
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Current Ratio (Current Asset/Current Liability) |
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2.47 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
DEVIDAYAL
[SALES] LIMITED |
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Presented By |
DEVIDAYAL [SALES] LIMITED and Indian overseas Bank, |
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1) Date and description of instrument creating the change |
07.11.2000
All the above
said documents are dated 07.11.2000 and relate to one single charge. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 6.147
Millions
Together with interest
cost, charges an other expenses which may accrue and be debited to the
appropriate account from time to time. |
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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
: All the company’s
goods, plant and machinery / machineries stored in the company’s premises at
Mumbai and the goods, plant and machinery which shall hereafter by stored /
fixed in the said premises or in any other premises in addition to the goods,
plant and machinery / machineries now stored or by way of substitution for
and in lieu of any goods, plant and machinery which may have been withdrawn
or replaced from time to time All the company’s
book debts which are now due and owing and which may hereafter become due and
owing to the company during the ordinary course of its business As security for
the due repayment of the loan by the company to the bank The written down
value of the plant and machinery as on 31.03.1999 is Rs. 3.691 Millions |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest : 16.5 %
p.a. or at such other rates as may be notified by the bank from time to time
with quarterly rests
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5) Name and Address and description of the person entitled to the charge. |
Indian Overseas
Bank Mumbai – 400023 |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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AS PER
WEBSITE
Subject registered office is located in
They offer technicals and formulations: {
Micronutrients in:
- Aluminium bottles and cans
- PET, Co-Extruded, and HDPE bottles
- Metal drums, HDPE drums and fibre drums
- Boxes
- Bags
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.68 |
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1 |
Rs.80.53 |
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Euro |
1 |
Rs.56.23 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
7 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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67 |
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. |
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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