MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SCHREIBER DYNAMIX
DAIRIES LIMITED |
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Formerly Known As : |
DYNAMIX DAIRY
INDUSTRIES LIMITED |
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Registered Office : |
A –
306/307, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.05.1992 |
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Com. Reg. No.: |
11-66700 |
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CIN No.: [Company
Identification No.] |
U99999MH1992PLC066700 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09903F |
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PAN No.: [Permanent
Account No.] |
AAACD3743J |
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Legal Form : |
Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturing of
value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener,
Cheese, Butter and Ghee. It also undertakes
contract manufacturing in respect of certain products such as Butter, Ghee,
Cheese, Fruit Juices, Curd, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 2800000 |
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Status : |
Poor |
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Payment Behaviour : |
Slow &
Delayed |
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Litigation : |
Unknown |
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Comments : |
The Company is a
part of medium sized Dynamix group who made good fortunes in real estate
development. Subject could not
make any headway and continue to incur heavy losses. Financial position is
poor. Payments are slow and delayed. The company is a Sick Industry and could
not repay the term loans to financial institutions in time. Subject can be
considered for any business dealings on safe and secured trade terms and
conditions. |
LOCATIONS
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Registered Office / Head Office : |
A – 306/307, Dynasty Business Park, 58 Andheri Kurla Road, Andheri [East], Mumbai – 400059, Maharashtra, India |
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E-Mail : |
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Website : |
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Factory: |
E-94, MIDC, |
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Tel. No.: |
91-2112-243821-24 |
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Fax No.: |
91-2112-243710 / 243707 |
DIRECTORS
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Name : |
Mr. Krishnamurari Goenka |
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Designation : |
Chairman |
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Address : |
501, Kings Apartment, |
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Date of Birth/Age : |
06.12. 1936 |
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Date of Appointment : |
11.05. 1952 |
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Name : |
Mr. Gobind K. Daryanani |
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Designation : |
Director |
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Address : |
131/132, Madhuli, |
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Date of Birth/Age : |
13.08.1936 |
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Date of Appointment : |
30.09.1992 |
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Name : |
Mr. Goenka K. Pramod |
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Designation : |
Director |
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Address : |
Janki Kutir, Vaibhav Society, |
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Date of Birth/Age : |
22.09.1967 |
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Date of Appointment : |
25.09.2003 |
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Name : |
Mr. Smoot G. Charles |
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Designation : |
Director |
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Address : |
4386, |
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Date of Birth/Age : |
06.05.1966 |
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Date of Appointment : |
14.01.2004 |
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Name : |
Mr. Newman E. Craig |
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Designation : |
Director |
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Address : |
3071, |
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Date of Birth/Age : |
22.09.1967 |
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Date of Appointment: |
25.09.2003 |
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Name : |
Mr. Felder H. Helmut |
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Designation : |
Director |
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Address : |
425, Pine Street, Green Bay, WI, U.S.A.-54301 |
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Date of Birth/Age : |
06.05.1966 |
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Date of Appointment : |
14.01.2004 |
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Name : |
Mr. Roberts N Thomas |
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Designation : |
Director |
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Address : |
N8078, |
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Date of Birth/Age : |
NA |
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Date of Appointment : |
23.09.2005 |
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Name : |
Mr. R. M. Naidu |
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Designation : |
Director |
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Address : |
R-3, Midc,
Jalochi, Baramati, Dist: Pune, |
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Date of Birth/Age : |
13.03.1958 |
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Date of Appointment : |
04.05.2004 |
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Name : |
Mr. Amitabha Ray |
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Designation : |
Director |
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Address : |
Plot No.
37, Flat No. 82, Trishul Swamy Samarth Nagar, Andheri [West], Mumbai –
400058, |
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Date of Appointment : |
25.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Gobind K. Daryanani |
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1108250 |
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Ram K. Daryanani |
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1108250 |
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Schreiber International Inc. |
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44686200 |
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Jitendra Trivedi |
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2500 |
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Usha Trivedi |
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2500 |
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Keyur Trivedi |
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2500 |
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Dwij Trivedi |
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2500 |
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Prakash Kumar Bajaj |
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1000 |
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Savita Chemicals limited |
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833300 |
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Rosy Blue Investment Limited |
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1312500 |
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Erie Foods International Inc. |
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1250000 |
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Simco Limited |
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1000000 |
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Mr. Dinesh Kumar Jain |
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2000 |
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Eversmile Construction Company |
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30932260 |
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Aditya Constructions & Developers |
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2217350 |
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Batliwala & Karani Securities |
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208770 |
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Rosy Blue Private Limited |
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1350000 |
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Shivkumar Dalmia-HUF |
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186000 |
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Surendrakumar Dalmia-HUF |
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186000 |
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AshokKumar Dalmia-HUF |
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186000 |
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Ms. Meghana S Dalmia |
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100000 |
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Mrs. Rashmi Agarwal |
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526220 |
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Mr. Shivkumar Dalmia |
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94800 |
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Mr. Surendrakumar Dalmia |
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152600 |
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Mr. Ashokkumar Dalmia |
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94600 |
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Sahyadri Agro Produce & Dairy |
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58400 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Public Financial Institutions |
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1.14 % |
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Foreign Holdings |
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53.92 % |
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Bodies Corporate |
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42.06 % |
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Directors or relatives of directors |
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0.02 % |
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Other top 50 shareholders |
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2.86 % |
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Total |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of value added dairy products viz. Casein, Skimmed Milk Powder, Dairy Whitener, Cheese, Butter and Ghee. It also undertakes contract manufacturing in respect of certain products such as Butter, Ghee, Cheese, Fruit Juices, Curd, etc. |
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Products : |
Butter, Ghee, Cheese, Fruit Juices, Curd, etc.
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed
Capacity |
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Processed Cheese |
MT |
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17914 |
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Casein/MPC 80 |
MT |
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3200 |
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Lactose |
MT |
|
3200 |
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Powders |
MT |
|
21600 |
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Butter & Ghee |
MT |
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11520 |
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UHT Milk/Fl Milk/Juice |
Ltr’000 |
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43200 |
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Natural/Mozarella Cheese |
MT |
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7200 |
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Dahi |
MT |
|
1000 |
GENERAL INFORMATION
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Suppliers : |
v
Chino-Laxsons ( v Kailash Salt Gringing Mill v Precision Foils Private Limited v Sapna Packaging |
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No. of Employees : |
200 |
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Bankers : |
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Financial Institution : |
Rabo India
Finance Private Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. R. Batliboi & Company Chartered Accountants |
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Address : |
6th Floor, |
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Holding Company : |
Schreiber International Inc. |
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Subsidiaries : |
v Dynamix Milk & Food Industries Limited |
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Associates: |
v
Bharat Timber Industries ( v Consort Hotel Private Limited v Conwood Agencies Private Limited v Conwood Apartments & Resorts Private Limited v Conwood Builders Private Limited v Conwood Chemical Industries Private Limited v Conwood Housing Developers Private Limited v Conwood Investments Private Limited v Conwood Overseas Construction Company Private Limited v Conwood Prefab Private Limited v Conwood Properties Private Limited v Denswood Private Limited v Eversmile Construction Company Private Limited v Everta Private Limited v
Excon Construction Systems ( v Excon Developers Private Limited v Hillside Construction Company Private Limited v
International Gold ( v Metrcon Leather Industries Private Limited v Shehal Investments & Traders Private Limited v Span Builders Private Limited v Span Construction Company Private Limited v Tapasya Properties Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,10,000,000 |
(A- Class) Equity Shares |
Rs. 10 each |
Rs.1100.000 millions |
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1,00,000,000 |
(B-Class) Equity Shares |
Rs. 1/- each |
Rs. 100.000 millions |
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Total |
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Rs. 1200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
89486100 |
Equity shares |
Rs. 10/- each |
Rs. 894.861
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
894.861 |
876.162 |
876.162 |
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2] Share Application Money |
29.249 |
0.000 |
0.000 |
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3] Reserves & Surplus |
391.718 |
391.717 |
391.717 |
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4] (Accumulated Losses) |
[600.157] |
[936.805] |
[1046.633] |
NETWORTH
|
715.671 |
331.074 |
221.246 |
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LOAN FUNDS |
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1] Secured Loans |
1046.721 |
1239.927 |
1236.929 |
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2] Unsecured Loans |
0.295 |
0.885 |
1.475 |
TOTAL
BORROWING
|
1047.016 |
1240.812 |
1238.404 |
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TOTAL
|
1762.687 |
1571.886 |
1459.650 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1221.430 |
1340.211 |
1468.600 |
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Capital work-in-progress |
64.741 |
15.481 |
27.421 |
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Asset Retired from active use |
22.568 |
5.981 |
28.556 |
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INVESTMENTS |
0.820 |
0.820 |
1.320 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
316.039 |
339.373 |
245.767 |
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Sundry Debtors |
227.523 |
198.059 |
73.168 |
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Cash & Bank Balances |
16.487 |
26.055 |
24.929 |
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Loans & Advances |
227.966 |
146.099 |
198.733 |
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Total Current Assets |
788.015 |
709.586 |
542.597 |
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Less : |
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Current Liabilities |
305.189 |
480.289 |
597.260 |
Provisions
|
29.698 |
19.904 |
11.584 |
Total
Current Liabilities
|
334.887 |
500.193 |
608.844 |
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Net Current Assets |
453.128 |
209.393 |
(66.247) |
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MISCELLANEOUS EXPENSES |
-- |
-- |
-- |
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TOTAL
|
1762.687 |
1571.886 |
1459.650 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
4948.307 |
3884.702 |
2200.415 |
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Other Income |
172.993 |
120.212 |
46.266 |
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Total Income |
5121.300 |
4004.914 |
2246.681 |
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Profit/(Loss) Before Tax |
371.327 |
122.472 |
(129.073) |
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Provision for Taxation |
34.679 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
336.648 |
122.472 |
(129.073) |
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Earnings in Foreign Currency : |
|
|
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Export Earnings |
NA |
1076.640 |
203.839 |
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Total Earnings |
NA |
1076.640 |
203.839 |
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Imports : |
|
|
|
|
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Raw Materials |
NA |
91.621 |
91.284 |
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Stores & Spares |
NA |
22.172 |
18.495 |
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Capital Goods |
NA |
6.048 |
7.070 |
|
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Others |
NA |
119.841 |
116.849 |
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Total Imports |
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Expenditures : |
|
|
|
|
|
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Operating and other Expenses |
0.000 |
0.000 |
289.844 |
|
|
Personal Expenses |
0.000 |
0.000 |
117.507 |
|
|
Raw Material Consumed |
3635.566 |
3035.157 |
1700.786 |
|
|
Purchases made for re-sale |
0.000 |
7.835 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
89.948 |
[87.579] |
56.851 |
|
|
Salaries, Wages, Bonus, etc. |
152.692 |
136.658 |
0.000 |
|
|
Managerial Remuneration |
0.880 |
1.728 |
0.000 |
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Payment to Auditors |
2.958 |
1.633 |
0.000 |
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Interest |
116.277 |
147.329 |
0.000 |
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|
Insurance Expenses |
12.536 |
12.278 |
0.000 |
|
|
Power & Fuel |
246.968 |
185.637 |
0.000 |
|
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Depreciation & Amortization |
94.758 |
94.954 |
96.535 |
|
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Other Expenditure |
397.390 |
346.812 |
114.231 |
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Total Expenditure |
4749.973 |
3882.442 |
2375.754 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
6.57
|
3.06 |
[5.75] |
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Net Profit Margin (PBT/Sales) |
(%) |
7.50
|
3.15 |
[5.87] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
18.48
|
5.97 |
[6.42] |
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Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.37 |
[0.58] |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.93
|
5.26 |
8.35 |
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Current Ratio (Current Asset/Current Liability) |
|
2.35
|
1.42 |
0.89 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from Conwood House, A. K. Vaidya Marg, Goregaon
(East), Mumbai - 400 063, Maharashtra to the present address w.e.f. 25.09.2006.
Bankers Charges
Report as per Registry
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Name of the company |
DYNAMIX DAIRY INDUSTRIES LIMITED |
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Presented By |
K. M. Goenka,
Director |
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1) Date and description of instrument creating the change |
Indenture of
Mortgage executed on 01.06.2004 by Dynamix Dairy Industries Limited in favour
of : Rabo India Finance Private Limited |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1125.000
Millions lent and advanced by the first mortgage as an amortizing term loan
to the mortgagor. |
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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 |
The Mortgagor
grant, covey, assign, assures and transfer unto the Mortgagee all and
singular and land hereditaments and premises more particularly described in
the Scheme attached to the said Indenture of Mortgage and as attached
herewith as Annexure together with all buildings, structures, erections,
godowns, and constructions of every description which are standing, erected
or attached thereon or thereto or shall at any time hereafter constituted be
standing, erected or attached thereon or hereto or shall at any time hereafter during the continuance of
security hereby constituted by standing, erected or attached to the aforesaid
land or any part thereof together with all and singular the houses, outhouses
and appurtenances whatsoever in or to the aforesaid land, hereditamnets and
premises or any part hereof belonging to or in anyway appertaining or usually
held, occupied or enjoyed therewith or reputed to belong or be appurtenant
thereto and all items which now are or which may at any time hereafter during
the continuance o9f this security be affixed or attached to or installed or
erected or be brought in or placed
upon the said land, hereditaments and premises or any buildings or structures
standing or erected thereto and all the estate, right title, interest,
property, claims and demand whatsoever of the Mortgagors in to and upon the
same and all the deeds, writings and other evidences of title in any way
relating to the land and buildings to have and hold all and singular the land
and buildings unto and to the use of the Mortgagee absolutely but subject to
proviso for redemption. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charge
operates as security by way of the first Pari Passu Charge be created for
Rabo India Finance Private Limited for the credit facilities granted by it to
the extent of Rs. 1125.000 Millions The charge
operate as a first pari passu charge in favour of Global Trust Bank limited
for a sum of Rs. 112.000 Millions. The charge
operate as a second charge in favour of Global Trust Bank Limited for a sum
of Rs. 91.200 Millions for working capital non funded facility. The charge operate as a second charge in favour of Global Trust Bank Limited for a sum of Rs. 68.000 Millions for addition working capital funded facility. The security created is to be a continuing security. The properties under mortgage are property insured. |
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5) Name and Address and description of the person entitled to the charge. |
Rabo India
Finance Private Limited Charanjit Rai
Marg, Fort, Mumbai – 400001 |
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6) Date and brief description of instrument modifying the charge |
24.05.2005 Deed of
Substitution and Additional Loan |
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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 charge is
modified to secure the new faculties granted by the following : Rs In millions
State Bank of Rabo India
Finance has released Flat No. 1 Apartments No. 1 adm. About 37.35 sq. mtrs.,
Flat No. Apartment No. 2 adm. About 53.62 sw. mtrs. flat No. 3 apartment No.
two adm. About 48.61 sq. mtrs. at stilt floor and all that Garage
corresponding apartment No. 9 adm. About 15.33 sw. mtrs. situated at
Shivleela Apartmetn, Village Aundh. Other terms and
conditions remain same. |
Fixed Assets:
- Buildings
- Plant & Machinery
- Furniture & Fixtures
- Vehicles
As Per Website
What started in
1995 as a committed vision to procure surplus cow milk from the farmers to
produce value-added dairy products through superior technology and process is a
world-class giant entity today. Presenting Dynamix Dairy Industries Ltd. - a fully integrated dairy company
with processing capacity of 500,000 litres of cow milk per day. The products
produced include, cheese, butter, ghee, dairy whitener, SMP, WMP, lactose,
casein, whey protein concentrate, whey powder, baby food and UHT products
Located in Baramati
near
DYNAMIX has also set up
hundreds of bulk cooling stations spread over 110 villages. A Demonstration
Dairy Farm has been set up to educate milk producers in clean milk production,
regulated feeding, disease control and genetic improvement of cows. There’s
also a field extension service to provide artificial insemination, vaccination
and treatment of sick animals
DYNAMIX
is producing a range of international quality Dairy Products which include :
- Cheese
- Butter & Ghee
- SMP / WMP, Dairy Whitener
& Infant food
- Casein / Lactose & Whey
Products
- UHT Plain Milk, Flavoured
Milk & Juices
All
their products are Halal certified by
To ensure the quality of
milk, DYNAMIX has set up hundreds of bulk cooling stations spread over 110
villages. A demonstration Dairy Farm has also been set up to educate milk
producers.
Once
they assure the quality of the milk received in the Plant, they further pre-process
the milk in the Bactofuges imported from Westfalia Separators,
The milk is now ready for
further processing into value added dairy products. Cheese is produced in
technical collaboration with Schreiber Foods,
They produce Casein
of world class standard which is exported world -over. The technology and the
Plant is provided by Westfalia Separators AG,
Lactose and Whey
Protein concentrate are produced in technical collaboration with Whey Systems,
DYNAMIX UHT Plant has been
set up with Tetra Pak technology for processing Plain Milk, Flavoured Milk,
Fruit Juices and Yoghurt Drinks.
Relentless R & D
enables DYNAMIX to upgrade its products constantly and stringent Quality
Control ensures that only products meeting the exacting standards reach the
consumers. GMP and HACCP are being followed in their production facility making
it truly international.
The Plant is fully
automated with the complete system designed by Siemens in association with
Profile/Chemicals:
Lactose
of all grades for food, pharmaceutical and other categories. The company has
dairy with State of the Art facilities at Baramati (Dist. Pune) manufacturing
dairy products like Cheese, Milk Powders, Lactose, Casein, Protein
concentrates, Ghee, Butter, UHT Milk, Juice. Subject is planning a massive
expansion at the Baramati plant, which will take its processing capacity from
one million litre per day to two million litre at a cost of around Rs.1500
Millions. Expansion of the network of the bulk cooling station at collection
centres and upgrading the local breed by setting up a 300 acre Heifer farm at
Baramati are also in the pipeline. Dynamix is processing and packing the
Milkman brand of Britannia, Tropican juices, Nestle milk and curds, Lipton
lemon tea and provides 100 per cent of the cheese used by the McDonalds chain.
Dynamix has bagged the contract from Pepsi to process and pack Mango Slice in
tetra paks. Dynamix is expected to break even this financial year and cross the
Rs.3000 Millions turnover mark. It has accumulated losses of Rs.1400 Millions
over the last six years. Dynamix has a blueprint to expand its milk collection
network by setting up 500 bulk cooling centres across seven districts in
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 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.40.94 |
|
|
1 |
Rs.82.26 |
|
Euro |
1 |
Rs.55.59 |
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 |
|