MIRA
INFORM REPORT
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Report Date : |
29.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIVYA STRIPS AND PROFILES PRIVATE LIMITED |
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Registered Office : |
641, Industrial Area, Urla, Raipur 493221, Chattisgarh, India |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.09.2002 |
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Com. Reg. No.: |
10-015263 |
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CIN No.: [Company
Identification No.] |
U27105CT2002PTC015263 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JBPD00767E |
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PAN No.: [Permanent
Account No.] |
AABCD6981D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of C R Strips, H R Strips, Coils |
RATING &
COMMENTS
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MIRAs 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 108072 |
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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. Trade relations are reported as fair. Trade relations are
fair. Business is active. Payments are reported as usually correct and as per
commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sanjiv Rathi |
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Designation : |
Director |
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Contact No.: |
91-9425205023 |
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Date : |
25.04.2008 |
LOCATIONS
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Registered Office/ Factory : |
641, Industrial Area, Urla, Raipur 493221, Chattisgarh, India |
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Tel. No.: |
91-771-2323393 |
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Mobile No.: |
91-9425205023 |
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Fax No.: |
91-771-2323393 |
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E-Mail : |
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Area : |
22000 sq. ft. |
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Location : |
Leased |
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Warehouse : |
Located at: Mumbai |
DIRECTORS
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Name : |
Mr. Sanjiv Kumar Rathi |
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Designation : |
Director |
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Address : |
Saraswati, C-51, Sector 5, Devendra Nagar, Raipur 493221,
Chattisgarh, India |
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Date of Birth/Age : |
03.01.1969 |
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Qualification : |
C.A. |
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Date of Appointment : |
09.09.2002 |
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Name : |
Mrs. Divya Rathi |
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Designation : |
Director |
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Address : |
Saraswati, C-51, Sector 5, Devendra Nagar, Raipur 493221,
Chattisgarh, India |
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Date of Birth/Age : |
02.10.1972 |
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Qualification : |
B.Com |
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Date of Appointment : |
09.09.2002 |
KEY EXECUTIVES
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Name : |
Rohtash Agarwal and Company |
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Designation : |
Company Secretary |
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Address : |
D-4, 2nd Floor, Ekatma Parisar, B J P Complex, Rajbandha
Maidan, G E Road, Raipur 492001, India |
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Tel No.: |
91-771-5034876 |
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Mobile : |
91-9827165378 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
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Amazon Sales Private Limited |
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1000 |
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Anita Apartment Private Limited |
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10000 |
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Mrs. Asha Devi Somani |
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3500 |
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Devlok Marketing Private Limited |
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10000 |
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Mrs. Divya Rathi |
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53900 |
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Mr. Hanumanmal Bana |
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10000 |
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Highland Finance and Trading Company |
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27000 |
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Innovative Mercandise Private Limited |
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10000 |
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Inset Commercial and Trading Company |
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10000 |
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Khazana Marketing Private Limited |
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4000 |
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Mr. Lalit Bihani |
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5000 |
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Malavika Merchants |
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10000 |
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Mirases Commercial Private Limited |
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10000 |
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Mr. Ram Khilawan Verma |
|
11250 |
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Regal Comnotrade Private Limited |
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20000 |
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Mr. Sanjiv Rathi |
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60120 |
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Shalimar Mercantile Private Limited |
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10000 |
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Snow White Metal Industrial Limited |
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6000 |
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Mrs. Sunita Ramthakar |
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11250 |
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Tumpa Finvest and Impex Private Limited |
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10000 |
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Vindhyachal Farm and Forestry Private Limited |
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26100 |
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Mr. Gulab Chand Bafna |
|
3996 |
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S K Achaya and Sons |
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3500 |
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Ms. Bimla Devi Rathi |
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9000 |
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Long Range Finance and Leasing Private Limited |
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26700 |
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Mr. M L Rathi |
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1500 |
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Ankur Suppliers Private Limited |
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10000 |
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Bell Fast Agencies Private Limited |
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4000 |
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STL Overseas Private Limited |
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7550 |
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Vishnu Kant Holani and Sons |
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3500 |
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Dr. Gautam Chand Lunawat |
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11910 |
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Mrs. Maneesha Jhawar |
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3500 |
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Bloom Commercial Private Limited |
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33000 |
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Shradhanjali Vinimay Private Limited |
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15500 |
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Asian Goods Private Limited |
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8000 |
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Others |
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4890 |
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Total |
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465666 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (Not mentioned above) |
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56.00 |
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Directors or relatives of directors |
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28.00 |
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Other top fifty shareholders (other than listed above) |
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16.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of C R Strips, H R Strips, Coils |
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Products : |
· C R Strips · H R Strips · Coils |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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Bankers : |
· Dena Bank Jawahar Nagar Branch, Raipur 492001, Chattisgarh, India |
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Facilities : |
C/C and Terms of Loan |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
O P Singhania and Company Chartered Accountant |
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Address : |
199-A, Samta Colony, Raipur 492001, India |
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Tel No.: |
91-771-2253844/ 2253845 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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465666 |
Equity Shares |
Rs.10/- each |
Rs.4.657 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
4.657 |
4.057 |
3.977 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
22.361 |
16.538 |
15.162 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27.018 |
20.595 |
19.139 |
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LOAN FUNDS |
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1] Secured Loans |
32.104 |
15.185 |
15.813 |
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2] Unsecured Loans |
10.781 |
3.796 |
3.783 |
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TOTAL BORROWING |
42.885 |
18.981 |
19.596 |
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DEFERRED TAX LIABILITIES |
0.507 |
0.446 |
0.000 |
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TOTAL |
70.410 |
40.022 |
38.735 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
12.306 |
12.113 |
13.075 |
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Capital work-in-progress |
8.328 |
4.308 |
3.227 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.128 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
38.278
|
17.773 |
12.637 |
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Sundry Debtors |
13.961
|
6.062 |
12.206 |
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Cash & Bank Balances |
4.577
|
3.101 |
2.753 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
14.133
|
5.526 |
6.216 |
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Total
Current Assets |
70.949
|
32.462 |
33.812 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.536
|
8.112 |
11.267 |
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Provisions |
2.644
|
0.763 |
0.261 |
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Total
Current Liabilities |
21.180
|
8.875 |
11.528 |
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Net Current Assets |
49.769
|
23.587 |
22.284 |
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MISCELLANEOUS EXPENSES |
0.007 |
0.014 |
0.021 |
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TOTAL |
70.410 |
40.022 |
38.735 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
199.954 |
168.425 |
126.535 |
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Other Income |
2.029 |
2.047 |
7.582 |
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Total Income |
201.883 |
170.472 |
134.117 |
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Profit/(Loss) Before Tax |
0.571 |
1.363 |
0.464 |
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Provision for Taxation |
0.148 |
0.707 |
0.055 |
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Profit/(Loss) After Tax |
0.423 |
0.656 |
0.409 |
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Expenditures : |
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Financial Charges |
1.762 |
1.790 |
1.127 |
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Depreciation |
1.675 |
1.729 |
1.905 |
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Other Expenditure |
197.875 |
165.590 |
129.621 |
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Total Expenditure |
201.312 |
169.109 |
132.653 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.21
|
0.38 |
0.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.28
|
0.81 |
0.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.68
|
3.08 |
0.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.07 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.37
|
1.35 |
1.63 |
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Current Ratio (Current Asset/Current Liability) |
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3.35
|
3.66 |
2.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Corporate
identity number (CIN) Foreign company registration number |
U27105CT2002PTC015263 |
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Name of the
Company |
DIVYA STRIPS AND PROFILES PRIVATE LIMITED |
|
Address |
641, Industrial Area, Urla, Raipur 493221, Chattisgarh, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Immovable
Property Book Debts Movable Property
(not being pledge) |
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Particulars of
the charge holder |
Dena Bank Jawahar Nagar, Raipur 492001, Chattisgarh, India |
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Nature or
description of the instrument(s) creating or modifying the charge |
Memorandum of
Entry |
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Date of the
instrument creating or modifying the charge |
26.12.2006 |
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Amount secured by
the charge |
Rs.36.160
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: For Term Loan BPLR
+1.00% + 0.50%, Presently, 13.25% p.a. with monthly rests. For Cash Credit
Hypothecation (Stock-cum-book debts)- BPLR +1.00%, Presently, 12.75% p.a.
with monthly rests. Terms of
Repayment: Term Loan
Repayable in 20 quarterly installment of Rs.0.333 Million each commencing
from 16.03.2007 Cash Credit
Hypothecation (Stock-cum-book debts) Repayable On Demand Margin: For Term Loan
25% against Building and 43.14% against plant and Machinery (Including Cost
of 2nd hand machineries) For Cash Credit Hypothecation
(Stock-cum-book debts) 25% in case of stock and 50% in case of book debs up
to 90 days. For Letter of
Credit 25% in the from of Cash/ term deposit. Extent and
operation of the charge: The existing
equitable mortgage on immovable properties located at Village Achholi,
Industrial Estate Urla, Raipur has been extended to secure fue repayment of
increased financial facilities aggregating Rs.36.160 Millions as given below
: Nature of Limit Rs. In Million Term Loan Rs.6.660
Millions Cash Credit
Limit
Rs.17.000 Millions Letter of
Credit
Rs.12.500 Millions
----------------------------- Rs.36.160
Millions
----------------------------- Others: Others terms and
conditions as per sanction letter dated 12.12.2006 |
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Short particulars
of the property charged (including location of the property) |
Equitable
mortgage on immovable properties located at Plot No.641, Village Achholi, P
H No.100, Industrial Estate Urla, Raipur (CG) Hypothecation of
entire stock of raw materials, semi finished goods, finished goods, stores
and spares and other item used in the manufacturing process. Hypothecation of
Book debts and other movable assets. |
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Particular of the
present modification |
Vide sanction letter
dated 12.12.2006 the Bank has increased financial facilities from Rs.15.600
Millions to Rs.36.160 Millions. By the present modification the equitable
mortgage on immovable properties has been extended to secure enhanced
financial facilities aggregating to Rs.36.160 Millions |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Intl
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 companys 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.40.14 |
|
UK Pound |
1 |
Rs.79.66 |
|
Euro |
1 |
Rs.62.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
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|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
This score serves as a reference to assess SCs 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 |
|