MIRA
INFORM REPORT
|
Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DIPALI ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
101-A, Krishna Nagri, Opp. Sony Mony S V Road, Borivali (West), Mumbai
– 400092, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.02.1998 |
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Com. Reg. No.: |
113488 |
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CIN No.: [Company
Identification No.] |
U51397MH1998PTC113488 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD09764G |
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PAN No.: [Permanent
Account No.] |
AAACD4194 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Trader of Pharmaceuticals, Bulk Drugs,
Chemicals and Medical Equipment. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 18000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Jitendra Shah, Director of the company up-dated sales figures. Subject is an established trader in pharmaceuticals and bulk drugs.
Trade relations are fair. Financial position is satisfactory. The company is
doing well. It can be considered good for normal business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Jitendra Shah |
|
Designation : |
Director |
|
Date : |
17.04.2008 |
LOCATIONS
|
Registered Office : |
101-A, Krishna Nagri, Opp. Sony Mony S V Road, Borivali (West), Mumbai
– 400092, Maharashtra, India |
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Tel. No.: |
91-22-2060722/ 28657302 |
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Fax No.: |
91-22-2065896 |
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E-Mail : |
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Corporate Office : |
12 Ganesh Bhuvan, 36 – B, Champa Gali Cross Lane, Kalbadevi Road,
Mumbai – 400002, Maharashtra, India |
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Tel. No.: |
91-22-28657300 |
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E-Mail : |
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Factory : |
47 Dr. M B Velkar Street Ground Floor, R No. 10, Mumbai – 400002,
Maharashtra, India |
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Tel No.: |
91-22-2060722 |
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Fax No.: |
91-22-2065896 |
DIRECTORS
|
Name : |
Mr. Jitendra Ramniklal Doshi |
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Designation : |
Whole Time Director |
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Address : |
201, Tejal Building, Shimpoli Cross Road, Borivali (West), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
12.02.1945 |
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Date of Appointment : |
10.02.1998 |
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Name : |
Mr. Dipak Shah |
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Designation : |
Whole Time Director |
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Address : |
502, Rameshwar Building, Shimpoli Road, Borivali (West), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
09.02.1962 |
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Date of Appointment : |
10.02.1998 |
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Name : |
Mr. Himanshoo Jitendra Doshi |
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Designation : |
Whole Time Director |
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Address : |
201, Tejal Building, Shimpoli Cross Road, Borivali (West), Mumbai –
400092, Maharashtra, India |
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Date of Birth/Age : |
24.09.1970 |
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Date of Appointment : |
01.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Mr. Jitendra Ramniklal Doshi |
|
500 |
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Mr. Dipak Shah |
|
500 |
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Mr. Dipak Shah (HUF) |
|
5000 |
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Mrs. Dimple Himanshoo Doshi |
|
200 |
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Mr. Dipak Kantilal Shah |
|
200 |
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Mr. Dipali Jitendra Doshi |
|
200 |
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Mr. Himanshoo Jitendra Doshi |
|
200 |
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Mr. J R Doshi HUF |
|
200 |
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Mr. Manish Dipak Shah |
|
1100 |
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Mrs. Pravina J. Doshi |
|
1100 |
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Mr. Sumit Himanshu Doshi |
|
200 |
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Mrs. Virali Dipak Shah |
|
200 |
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Mrs. Hansaben S. Shah |
|
100 |
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Mrs. Jigna S. Shah |
|
100 |
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Mrs. Hetal S. Shah |
|
100 |
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Mr. Nicholas Oliver Silvera |
|
100 |
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Total |
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10000 |
(As on 31.03.2007)
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
99.98 |
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Other top fifty shareholders (other than listed above) |
|
0.02 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Pharmaceuticals, Bulk Drugs,
Chemicals and Medical Equipment. |
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Products : |
· Pharmaceuticals · Bulk Drugs · Chemicals ·
Medical Equipment. |
GENERAL INFORMATION
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No. of Employees : |
10 |
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Bankers : |
·
The Kapol Co-op Bank Limited 19/21, The Kapol Bank Building, Picket Cross Road, Mumbai – 400002,
Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nitin Shah Chartered Accountant |
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Address : |
M/2, Abhishek 303/307, Samuel Street, Mumbai – 400003, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500
Million |
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|
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
0.500 |
0.500 |
0.100 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
3.927 |
3.023 |
2.648 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
4.427 |
3.523 |
2.748 |
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|
LOAN FUNDS |
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1] Secured Loans |
14.918 |
13.164 |
11.040 |
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2] Unsecured Loans |
12.156 |
11.655 |
11.238 |
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TOTAL BORROWING |
27.074 |
24.819 |
22.278 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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|
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TOTAL |
31.501 |
28.342 |
25.026 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.717 |
3.001 |
3.216 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.430 |
7.686 |
9.014 |
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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 |
9.688
|
4.557 |
4.274 |
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Sundry Debtors |
50.462
|
36.861 |
22.129 |
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Cash & Bank Balances |
2.039
|
1.082 |
2.194 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.471
|
2.010 |
1.696 |
|
Total
Current Assets |
63.660
|
44.510 |
30.293 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
41.104
|
25.178 |
17.501 |
|
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Provisions |
2.202
|
1.679 |
0.000 |
|
Total
Current Liabilities |
43.306
|
26.857 |
17.501 |
|
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Net Current Assets |
20.354
|
17.653 |
12.792 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.002 |
0.004 |
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TOTAL |
31.501 |
28.342 |
25.026 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
174.923 |
134.825 |
|
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
174.923 |
134.825 |
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|
|
|
|
|
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Profit/(Loss) Before Tax |
|
1.478 |
0.628 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
1.478 |
0.628 |
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Expenditures : |
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Interests |
|
2.899 |
3.275 |
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Depreciation |
|
0.356 |
0.425 |
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Other Expenditure |
|
170.190 |
130.497 |
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Total Expenditure |
|
173.445 |
134.197 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.84
|
0.46 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.84
|
0.46 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.27
|
1.32 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.18 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
15.90
|
16.67 |
14.47 |
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Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.66 |
1.73 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U51397MH1998PTC113488 |
|
Name of the
Company |
DIPALI ENTERPRISES PRIVATE LIMITED |
|
Address |
12 Ganesh Bhuvan, 36 – B, Champa Gali Cross Lane, Kalbadevi Road,
Mumbai – 400002, Maharashtra, India |
|
This form is for |
Modification of charge |
|
Type of Charge |
Immovable
Property Movable Property
(not being pledge) |
|
Particulars of the
charge holder |
The Kapol Co-op Bank Limited 19/21, The Kapol Bank Building, Picket Cross Road, Mumbai – 400002,
Maharashtra, India |
|
Nature or
description of the instrument(s) creating or modifying the charge |
Agreement of
hypothecation of Book Debts Hypothecation of
Tangible Moveable Property Hypothecation of
Tangible Moveable Property No Instrument but
by Deposit of Title Deeds dated 03.08.2005 No Instrument but
by Deposit of Title Deeds Dated 03.08.2007 |
|
Date of the
instrument creating or modifying the charge |
03.08.2007 |
|
Amount secured by
the charge |
Rs.11.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
interests: 14.50% per annum Terms of
repayment: Repayable on
demand Margin: Margin on
security Book Debts 50% Stock 40% Cash Margin L/C Limit 25% Extent and
operation of the charge: Charge is modified
to secure working capital facilities of Rs.11.000 Millions Additional
security of Gala No.8 and 9 in Manish Compound at Bhiwandi and Collateral
Security of Flat No.201, Tejal Apartment at Borivali (West), Mumbai |
|
Short particulars
of the property charged (including location of the property) |
All stock for
trade viz, stock of pharmaceuticals, builk drugs chemicals and solvent goods
situated at company godown at Gala No.8 and 9, Manish Complex, Bhiwandi Book Debts Equitable
Mortgage by deposit of title deeds in respect of gala no.8 and 9 in Manish
Compound, Building No.3, at Bhiwandi and Collateral
Security of Flat No.201, Tejal Apartment at Borivali (West) Mumbai Owned by
Mr. Hemanshu Doshi the director of the company. |
|
Particular of the
present modification |
Working Capital
limits increased to Rs.11.000 Millions Additional
security as mentioned is given to secure the increased limits. |
|
Name of the company |
DIPALI ENTERPRISES PRIVATE LIMITED |
|
Presented By |
Mr. Jitendra Ramniklal
Doshi |
|
1) Date and description of instrument creating the change |
Hypothecation of
Tangible Moveable Property Dated 01.06.2001 and Hypothecation of Book Debts
01.06.2001 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.000 Million
(C/C Hypothecation) Rs.3.000 Million
(Book Debts) Rs.1.000 Millions
(L/C) Total:
Rs.5.000 Millions |
|
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
Pharmaceuticals, Builk Drugs, Chemicals and Solvent. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation of
Stock 2 Outside guarantee, personal guarantee of 2 directors, one guarantee
of owner of property, equitable mortgage of property, interest’s @17% p.a.
will be charged. |
|
5) Name and Address and description of the person entitled to the charge. |
The Kapol Co-op
Bank Limited 19/21, The Kapol Bank Building, Picket Cross Road, Mumbai – 400002,
Maharashtra, India |
|
6) Date and brief description of instrument modifying the charge |
Hypothecation of
tangible stocks of pharmaceuticals, bulk drugs, chemicals and solvent lying
or being in or about the borrower premises and godowns at Mumbai or wherever
else the same may be or be held any party anywhere to the order and
disposition of the borrower or in course of transit to the borrower. Agreement of
hypothecation of book debts dated 01.06.2001 by way of first charge all the
outstanding book debts, money receivable, Claims and approval Book Debts, due
to the borrower and bill which are now due and owing or which may at any time
here after doing the continuance of this security become due and owing to the
borrower’s in the course of the its business. Hypothecation of
tangible movable property at 01.06.2001 covering stock of pharmaceuticals,
bulk drugs chemicals and solvents. |
|
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 |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.39.96 |
|
UK Pound |
1 |
Rs.78.66 |
|
Euro |
1 |
Rs.63.31 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|