MIRA
INFORM REPORT
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Report Date : |
22.09.2007 |
IDENTIFICATION DETAILS
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Name : |
DHOOT COMPACK LIMITED |
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Registered Office : |
D-88, M.I.D.C. Industrial Area, Nagapur, Ahmednagar –
414111, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.12.1978 |
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Com. Reg. No.: |
11-20841 |
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CIN No.: [Company Identification No.] |
U63031MH1978PLC020841 |
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TAN No.: [Tax Deduction & Collection Account No.] |
PNED03719C |
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PAN No.: [Permanent Account No.] |
AAACD8904B |
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Legal Form : |
A closely held public limited liability company. |
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Line of Business : |
Manufacture of circular woven HDPE / PP Sacks and Fabrics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet
normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 480000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having
satisfactory track. Directors are reported as 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 : |
D-88, M.I.D.C. Industrial Area, Nagapur, Ahmednagar –
414111, |
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Tel. No.: |
91-241-2777241 |
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Fax No.: |
91-241-2777241 |
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E-Mail : |
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Website : |
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Head Office : |
A-13, M.I.D.C. Industrial Area, Chikalthana, |
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Tel. No.: |
91-240-2482326, 2482436,
2482700 |
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Fax No.: |
91-240-2484460 |
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Factory 1 : |
15 Km. Stone, Gut No. 100 , Farola, |
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Tel. No.: |
91-2431-251628 |
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Fax No.: |
91-2431-251928 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shrigopal R. Dhoot |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
09.02.1942 |
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Date of Appointment : |
13.12.1978 |
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Name : |
Mr. Rameshchandra R. Dhoot |
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Designation : |
Whole Time Director |
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Address : |
Madhuram, Govindnagar, |
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Date of Birth/Age : |
29.05.1945 |
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Date of Appointment : |
05.08.1987 |
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Name : |
Mr. Kishorilal R. Dhoot |
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Designation : |
Director |
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Address : |
“Mangirish” Padmapura Aurangabad – 431005, |
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Date of Birth/Age : |
12.07.1939 |
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Date of Appointment : |
13.12.1978 |
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Name : |
Mr. Ravi Mohan |
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Designation : |
Director |
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Address : |
7 Joy Palasia, |
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Date of Birth/Age : |
10.04.1947 |
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Date of Appointment : |
22.02.1995 |
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Name : |
Mr. Abhay N Firodiya |
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Designation : |
Director |
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Address : |
Sanmitra 132 B / 2 A, |
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Date of Birth/Age : |
05.11.1944 |
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Date of Appointment : |
22.02.1995 |
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Name : |
Mr. B D Mimani |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.10.1929 |
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Date of Appointment : |
10.04.1995 |
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Name : |
Mr. Vinod R Maheshwari |
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Designation : |
Director |
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Address : |
Navabharat Cotton Market, |
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Date of Birth/Age : |
17.10.1944 |
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Date of Appointment : |
10.04.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No.
of Shares |
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Shrigopal R. Dhoot |
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864190 |
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Rameshchandra R. Dhoot |
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1077450 |
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Pratibha S Dhoot |
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165670 |
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Padma R Dhoot |
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555475 |
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Anurag S Dhoot |
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382935 |
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Vaishali A Dhoot |
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70185 |
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Anuj R Dhoot |
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552995 |
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Paritosh A Dhoot |
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366000 |
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Shrigopal R. Dhoot
- HUF |
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526020 |
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Rameshchandra R. Dhoot
- HUF |
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289080 |
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Epitome Components Limited |
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100000 |
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Total
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4950000 |
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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 : |
Manufacture of circular woven HDPE / PP Sacks and Fabrics |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
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Installed Capacity |
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HD/PP FABRICS, SACKS |
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N. L. |
MT |
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10,000.00 |
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S. L. |
MT |
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11,100.00 |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name
: |
B. B. Bharadiya and Company Chartered Accountants |
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Address
: |
Ganje Galli, Ahmednagar – 414001, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,950,000 |
Equity Shares |
Rs. 10/- each |
Rs.
49.500 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 |
49.500 |
49.500 |
49.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
70.708 |
67.051 |
53.682 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
120.208 |
116.551 |
103.182 |
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LOAN FUNDS |
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1] Secured Loans |
25.373 |
56.511 |
62.547 |
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2] Unsecured Loans |
115.277 |
82.006 |
62.855 |
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TOTAL
BORROWING |
140.650 |
138.517 |
125.402 |
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DEFERRED TAX LIABILITIES |
15.364 |
14.434 |
10.665 |
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TOTAL |
276.222 |
269.502 |
239.249 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
218.673 |
169.063 |
169.031 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.262 |
4.360 |
4.312 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
64.468
|
58.754 |
33.973 |
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Sundry Debtors |
78.815
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86.144 |
76.300 |
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Cash & Bank Balances |
27.869
|
4.784 |
4.010 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
18.426
|
9.052 |
8.442 |
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Total Current Assets |
189.578
|
158.734 |
122.725 |
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Less :
CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
121.469
|
54.857 |
54.799 |
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Provisions |
10.822
|
7.798 |
2.020 |
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Total Current Liabilities |
132.291
|
62.655 |
56.819 |
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Net Current Assets |
57.287
|
96.079 |
65.906 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
276.222 |
269.502 |
239.249 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
781.645 |
704.043 |
537.713 |
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Other Income |
0.852 |
0.441 |
4.527 |
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Total Income |
782.497 |
704.484 |
542.240 |
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Profit/(Loss) Before Tax |
20.373 |
24.104 |
26.507 |
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Provision for Taxation |
8.929 |
8.769 |
7.545 |
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Profit/(Loss) After Tax |
11.444 |
15.335 |
18.962 |
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Imports : |
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Total Imports |
NA |
2.892 |
1.537 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
68.255 |
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Administrative Expenses |
0.000 |
0.000 |
5.637 |
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Raw Material Consumed |
600.016 |
525.454 |
376.016 |
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Purchases made for re-sale |
0.000 |
0.000 |
0.000 |
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Consumption of stores and spares
parts |
23.812 |
26.118 |
0.000 |
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Increase/(Decrease) in Finished
Goods |
[2.024] |
0.791 |
0.000 |
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Salaries, Wages, Bonus, etc. |
13.507 |
12.625 |
0.000 |
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Managerial Remuneration |
0.360 |
0.360 |
0.000 |
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Payment to Auditors |
0.031 |
0.031 |
0.000 |
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Interest |
5.810 |
12.939 |
16.398 |
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Insurance Expenses |
0.869 |
0.739 |
0.000 |
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Power & Fuel |
33.233 |
27.817 |
0.000 |
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Depreciation & Amortization |
17.081 |
16.649 |
12.109 |
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Other Expenditure |
69.429 |
56.857 |
37.318 |
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Total Expenditure |
762.124 |
680.380 |
515.733 |
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KEY
RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.46
|
2.18 |
3.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.61
|
3.42 |
4.93 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.99
|
7.35 |
9.09 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.21 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.27
|
1.73 |
1.77 |
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Current Ratio (Current Asset/Current
Liability) |
|
1.43
|
2.53 |
2.16 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Land
- Factory
- Furniture
and Fixture
- Office
Equipments
- Motor
Truck
- Computer
- Electrical
Installations
- Tools
and Equipments
Bankers Charges Report as per Registry
|
Name of the company |
DHOOT
COMPACK LIMITED |
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Presented By |
Mr. Rameshchandra
R. Dhoot, Director of Dhoot Compack Limited
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1) Date and description of
instrument creating the change |
Date 28.03.2003 Promissory note, Letter of continuity an agreement of
Hypothecation to secure demand cash credit against goods. |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs.
25.000 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 |
Stock
of Raw materials, Work in Process and finished goods and book debts. |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
Rate
of Interest 14.50 % p.a. Hypothecation of stocks of raw materials, work in process, finished goods etc. and
hypothecation of book debts. Margin
of 25 % for stocks Margin
of 50 % for book debts |
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5) Name and Address and
description of the person entitled to the charge. |
Central
Bank of Kranti
Chowk, |
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6) Date and brief description of instrument
modifying the charge |
NA |
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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. |
NA |
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This
form is for |
Modification
of charge |
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Charge
identification number of the charge to be modified |
10026167 |
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Corporate
identity number of the company |
U63031MH1978PLC020841 |
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Name
of the company |
DHOOT COMPACK LIMITED |
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Address
of the registered office or of the principal place of business in |
D-88, M.I.D.C. Industrial Area, Nagapur, Ahmednagar –
414111, |
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Type
of charge |
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Particular
of charge holder |
State Bank of Industrial Finance Branch Jaggi’s Building, Kranti Chowk, |
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Nature
of description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
26.04.2007 |
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Amount
secured by the charge |
Rs.
142.600 Millions |
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Brief
particulars of the principal terms an conditions and extent and operation of
the charge |
Rate
of Interest Demand
Cash Credit : 1.25 % below State Bank Advance rate with minimum of 11.00 %
p.a. rising of falling therewith, on daily products with monthly rests.
Present effective rate – 11.00 % p.a. Term
loan 0.75 % below State Bank Advance rate with minimum of 11.50 % p.a. rising
or falling therewith on daily products with monthly rests. Present effective
rate – 11.50 % p.a. Terms
of repayment Repayable
on Demand Term
loan = Repayment 60 monthly installments commencing from 01.10.2007 59 installments
of Rs. 0.300 millions each + applicable interest 1
installments of Rs. 0.400 Millions each + applicable interest Repayment
of term loan for windmill projects to continue as before Margin
CC –
raw Materials – 25 % Semi – Finished 35 % Consumables 35 % Finished goods 35%
Receivables 40 % Term
Loan 26 % LC 15
% Extent
operation of the charge Exclusive
charge of the charge holder on the above mentioned fixed assets of the
company Others
Personal
guarantees of Shri Gopal Ramnath Dhoot and Shri Rameshchandra
R. Dhoot |
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Short
particulars of the property charged |
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Particulars
of the present modification |
Enhancement
in overall limit from Rs. 125.100 Millions to Rs. 142.600 Millions |
AS PER WEBSITE
Subject is units for the manufacture of circular woven HDPE
/ PP Sacks and Fabrics in
Established : 1978
Production Capacity : HDPE/PP Woven Sacks/Bags - 110
Million Per annum
The Management
The Board of Directors consists of highly qualified and experienced persons
from diverse fields to ensure a smooth and efficient functioning.
Mr. Shreegopal Dhoot - Managing Director
Head of Board of Directors. More than 30 years of
Experience. Expertisation in Finance, Commercial and Legal.
Mr. Rameshchandra Dhoot - Executive Director
More than 28 Years of experience. Expertisation in
Technical, Development & Marketing.
Brief Financial Highlight
|
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All figures are in Million US$ |
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Financial Year |
2003-04* |
2002-03* |
2001-02* |
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Paid-up Capital |
1.06 |
1.06 |
1.06 |
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Total Sales |
11.61 |
10.09 |
8.84 |
Subject are a ISO 9001:2000 certified Company
Technology and Products
The Company has enriched experience over three decades and has
state of art Plants and other Equipments, supported with sound Human Resource
Cell comprising of team of Qualified, Experienced, well trained and dedicated
Technocrats and Workforce; therefore the Company is able to produce the product
of an International Standard.
Markets
DCL enjoys Imaged Customer Loyality in the Market as an
acknowledgement of proven quality Excellency in product and timely supply,
Effectively DCL products are being Fertilizer, Cement, Chemicals, Sugar,
Food-grain, Salt, Plastics polymers and many other Industries in
HDPE/PP Woven Sacks
HDPE/PP Woven Sacks are made from their fabric variety or as
per customer specifications.
As per the IS Standards or Customer specifications.
Variety of Woven Sacks.
- Top open or
valve type.
- Blade cut,
heat cut, cold cut zig-zag type mouth cutting.
- With LDPE/LLDPE/HMHDPE
liner variety.
- With or
without liner loose/hemmed/top bottom stitched.
- With or
without lamination.
- One side or
both side printing upto 3 colour shade printing
- Printing on
laminated surface or non laminated surface.
- Lamination
with mirror finish or matt finish.
- Box type bags
- Wrappers.
- HDPE/PP Woven
Sacks with UV stabilized or without UV stabilized.
- Paper
sandwich lamination.
- With single
fold or double fold.
- With one row
or two row stitching.
HDPE/PP
Woven Fabrics
- Having woven fabric width range from 30 cm to
84 cm Cir. Or 60 cm to 168 cm flat.
- With large range of weaving mesh from 8X8 to
14X14.
- Denier range 600 to 1400.
- With or without lamination.
- Lamination by 15 to 75 micron of any colour
shade.
- Any type of Fabric colour shade upto the
customer satisfaction.
- With UV stabilized or without UV.
- As per the IS Standards or Customer
specifications.
HDPE
Tarpaulin
- Available in various sizes, colour, GSM, with
or without UV stabilized.
- With or without eyelet.
LL/LLD/HMHDPE Liners
- Available in different sizes, thickness,
colour.
- Easily openable.
- As per specific requirement of customer.
Other
variety of Sacks (Leno bags, Antislip bags)
Available
in different size, colour and GSM or as per specific requirement of Customer.
ADVANTAGES
Woven sacks of HDPE/PP offer several advantages over other industrial packaging
material. Some of the advantages are:
Moisture Proof
HDPE / PP Bags are inherently moisture repellent
Light
Weight
HDPE / PP Bags being light weight, offers easy and cheap transportation
Printing
Bright 2 / 3 Colour printing offers aggressive marketing prospects
Stackability
No problems in stacking. Can be gussetted to further improve stacking
Strength
High Tensile strength and long life. No corrosion
Economical
Highly economical compared to other alternative packing material
Seepage
No Seepages
Technology
:
DCL has comprehensive range of equipments, plants and machinery for manufacturing HDPE / PP woven sacks and laminated bags as well as allied products upto the International Standards.- Tape Lines from Lohia Packaging,
- Lamination Plant.
- Automatic Printing / Bag Making Machinery.
Standard system of work & control as per ISO 9001 - 2000 standards -
Effective standard quality product supply in the market.
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
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.39.81 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.56.02 |
SCORE & RATING EXPLANATIONS
|
SCORE
FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
48 |
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. |
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 |
|