MIRA
INFORM REPORT
|
Report Date : |
14.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DECENT LAMINATES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
401, Harikrupa Tower, Ellisbridge, Ahmedabad – 380006, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
31.10.1985 |
|
|
|
|
Com. Reg. No.: |
04-8230 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U20219GJ1985PTC008230 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD00169B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD5487D |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Decorative Laminated Sheets and Electric
Insulation Board. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 49000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed company having
satisfactory track. Trade relations are fair. Business is active. Payments re
reported as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ashok Patel |
|
Designation : |
Account Executive |
|
Contact No.: |
91-9909003704 |
|
Date : |
13.08.2008 |
LOCATIONS
|
Registered Office : |
401, Harikrupa Tower, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
Tel. No.: |
91-79-26444120/ 26420305 |
|
Mobile No.: |
91-9909003704 |
|
Fax No.: |
91-79-26562335 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
400 sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory : |
Survey 296/1, Near Madhu Textile Mills, Kalol Mehsana Highway,
Nandasan, Gujarat, India |
|
Tel. No.: |
91-79-26444120/ 2764273331 |
SOLE PROPRIETOR
|
Name : |
Mr. Mukundbhai D. Patel |
|
Designation : |
Managing Director |
|
Address : |
19, Indraprasth Bunglows, Opposite Management Enclave, Vastrapur,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
19.02.1962 |
|
Date of Appointment : |
22.02.1994 |
|
|
|
|
Name : |
Mr. Prakashchandra D. Patel |
|
Designation : |
Managing Director |
|
Address : |
18, Indraprasth Bunglows, Opposite Management Enclave, Vastrapur,
Ahmedabad – 380015, Gujarat, India |
|
Date of Birth/Age : |
25.11.1959 |
|
Date of Appointment : |
07.11.2000 |
KEY EXECUTIVES
|
Name : |
Parikh Dave and Associates |
|
Designation : |
Company Secretary |
|
Address : |
109, Sarita Complex, Near Sarovar Complex, Off C G Road, Navrangpur –
380009, India |
|
Tel No.: |
91-79-26405454 |
|
Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Dahyabhai B. Patel |
|
4850 |
|
Prakashchandra D. Patel |
|
6750 |
|
Navneetkumar D. Patel |
|
9750 |
|
Mukundkumar D. Patel |
|
8450 |
|
Lalitaben D. Patel |
|
5200 |
|
Swati P. Patel |
|
4300 |
|
Alpaben N. Patel |
|
4000 |
|
Bhavnaben M. Patel |
|
4000 |
|
Prakashchandra D. Patel HUF |
|
10119 |
|
Navneetkumar D. Patel HUF |
|
2000 |
|
Mukundkumar D. Patel HUF |
|
2000 |
|
Prakashchandra D. Patel HUF |
|
2000 |
|
Manan P. Patel |
|
1850 |
|
Priyanka Prakashchandra Patel |
|
3668 |
|
Kiran M. Patel |
|
3750 |
|
Kruti M. Patel |
|
2050 |
|
Jaina N. Patel |
|
251 |
|
Others |
|
103 |
|
|
|
|
|
Total |
|
75091 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Decorative Laminated Sheets and Electric
Insulation Board. |
|
|
|
|
Exports : |
|
|
Countries : |
Kenya |
|
|
|
|
Terms : |
|
|
Selling : |
Advance |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL
INFORMATION
|
Customers : |
Wholesalers |
|
|
|
|
No. of Employees : |
21 (Office – 5 and Factory – 16) |
|
|
|
|
Bankers : |
Ashram Road, Ahmedabad – 380006, Gujarat, India
Lati BazarBranch, Ahmedabad – 380001, Gujarat, India
|
|
|
|
|
Facilities : |
Over Draft – Rs.21.500
Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Modhi and Associates Chartered Accountant |
|
Address : |
101, New Cloth Market, Ahmedabad – 380002, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
760000 |
Equity Shares |
Rs.10/- each |
Rs.7.600 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750910 |
Equity Shares |
Rs.10/- each |
Rs.7.509
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
7.509 |
7.509 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
2.300 |
2.028 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(0.176) |
|
|
NETWORTH |
|
9.809 |
9.361 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
20.803 |
15.906 |
|
|
2] Unsecured Loans |
|
13.538 |
13.038 |
|
|
TOTAL BORROWING |
|
34.341 |
28.944 |
|
|
DEFERRED TAX LIABILITIES |
|
1.087 |
1.286 |
|
|
|
|
|
|
|
|
TOTAL |
|
45.237 |
39.591 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
13.750 |
7.816 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.585 |
0.582 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
32.419 |
33.343 |
|
|
Sundry Debtors |
|
173.771 |
16.331 |
|
|
Cash & Bank Balances |
|
0.679 |
0.366 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
5.151 |
4.565 |
|
Total
Current Assets |
|
212.020 |
54.605 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
180.460 |
22.603 |
|
|
Provisions |
|
0.658 |
0.629 |
|
Total
Current Liabilities |
|
181.118 |
23.232 |
|
|
Net Current Assets |
|
30.902 |
31.373 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
45.237 |
39.591 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
|
250.434 |
129.306 |
|
|
Other Income |
|
1.352 |
1.776 |
|
|
Total Income |
|
251.786 |
131.082 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.766 |
1.324 |
|
|
Provision for Taxation |
|
0.498 |
0.629 |
|
|
Profit/(Loss) After Tax |
|
0.268 |
0.695 |
|
|
|
|
|
|
|
|
Export Value |
|
9.704 |
2.564 |
|
|
|
|
|
|
|
|
Import Value |
|
3.054 |
1.351 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Financial Charge |
|
7.233 |
2.454 |
|
|
Depreciation & Amortization |
|
1.220 |
1.244 |
|
|
Other Expenditure |
|
242.567 |
126.060 |
|
Total Expenditure |
|
251.020 |
129.758 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.11 |
0.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.31 |
1.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.34 |
2.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.08 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
21.97 |
5.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.17 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Metro
Laminates, Mumbai
- Akshat
Marketing, Mumbai
Form 8:
|
Corporate
identity number of the company |
U20219GJ1985PTC008230 |
|
Name of the
company |
DECENT LAMINATES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
401, Harikrupa Tower, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
Ashram Road, Ahmedabad – 380006, Gujarat, India |
|
Nature of
instrument creating charge |
Simple Mortgage
Deeds |
|
Date of
instrument Creating the charge |
23.07.2007 |
|
Amount secured by
the charge |
Rs.29.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 15% Being 2% over
Bank’s PLR Terms of
Repayment: TL: In 24 EMIS
without any repayment holiday CC: Valid Up to
31.07.2008 Margin: Stock: 30% Book Debts: 50% For LC 25% Extent and
Operation of the charge: All the secured described
herein below in column No.14 Have been charged to the bank to secured its:
Aggregating to
Rs.29.500 Millions |
|
Particulars of
the property charged |
All those pieces
of land bearing survey No.296 Paiki South ensile land Admeasuring about 10644
sq. mtrs situated lying and being at mouje village: Nandasan, Tal Kadi, and
In Registeration District Mehsana Sub District at kadi Belonging to the
company. All piece to na
land bearing survey No.273/1, Paiki Admeasuring about 5720 sq. mtrs situated
lying and being at mouje Village: : Nandasan, Tal Kadi, In Registeration
District Mehsana Sub District at kadi Belonging to divine vineer and plywood
Private Limited |
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 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.42.67 |
|
UK Pound |
1 |
Rs.80.92 |
|
Euro |
1 |
Rs.63.71 |
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 |
YES |
|
--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 |
|