MIRA
INFORM REPORT
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Report Date : |
26.12.2008 |
IDENTIFICATION DETAILS
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Name : |
SHIVANI DETERGENTS PRIVATE LIMITED |
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Registered Office : |
448, Goyal Nagar, Flat No. 1, Kalakriti Appartment, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.06.1995 |
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Com. Reg. No.: |
10-9534 |
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CIN No.: [Company
Identification No.] |
U24243MP1995PTC009534 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BPLS01889G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Detergent Cakes Power and Acid Slury |
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 46000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION DECLINED BY
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Name : |
Mr. Bagani |
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Designation : |
Director |
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Date : |
24.12.2008 |
LOCATIONS
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Registered Office : |
448, Goyal Nagar, Flat No. 1, Kalakriti Appartment, |
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Tel. No.: |
91-731-4077016 / 5077016 |
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E-Mail : |
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Factory : |
Branch Coder 1, Plot No. 101 J, Sector 1, Pithampur, Dhar – 454 775, |
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Tel. No.: |
91-7292-507344 / 507770 |
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Mobile No.: |
91-9826063000 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Chander Lal Bagani |
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Designation : |
Director |
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Address : |
11-A, Manish Puri, |
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Date of Birth/Age : |
11.02.1951 |
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Date of Appointment : |
29.05.1996 |
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Name : |
Mr. Naresh Bagani |
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Designation : |
Director |
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Address : |
10, Manish Puri Colony, |
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Date of Birth/Age : |
02.12.1967 |
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Date of Appointment : |
29.05.1996 |
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Name : |
Mr. Nandkishore Bagani |
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Designation : |
Director |
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Address : |
44, Saket Nagar, |
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Date of Birth/Age : |
03.02.1954 |
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Date of Appointment : |
01.10.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.09.2008)
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Names of Shareholders |
No. of Shares |
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Chander Lal Bagani |
1920 |
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Naresh Bagani |
2210 |
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Nandkishore Bagani |
2501 |
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Veena Bagani |
1001 |
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Yamini Bagani |
851 |
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Sunita Bagani |
2601 |
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Harish Bagani |
1301 |
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Devi Bagani |
3051 |
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Ganpat Lal Goyal |
1 |
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Malti Vyas |
1 |
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Anshu Jaisinghani |
1 |
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Naresh Bagani |
1401 |
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Suraj Bagani |
500 |
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Saroj Vinayakya |
1 |
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Usha Vinayakya |
1 |
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Purswnidas Tikam |
2 |
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Mayadevi Omprakask |
1 |
Equity share
breakup (percentage of total equity)
(As on
30.09.2008)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Detergent Cakes Power and Acid Slury |
GENERAL INFORMATION
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Suppliers : |
·
A One ·
Aditya and Associates ·
Advance Detchem Limited ·
Akash Pack Tech (Private) Limited ·
B M Narayan and Company ·
Chaurasia Traders ·
D D and Company Transport ·
Detective and Security Sernices Indore ·
Godha and Company ·
P H Marketing ·
Ras Industries ·
Selmore ·
Vimalachal Print and Pack Private Limited ·
WW Shiping Company |
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Customers : |
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SAdarsh Kirana Stores, Ashta ·
Agar Track ·
Barwah Track ·
Ganesh Traders Kareli ·
Interstate ·
Jhabua Track ·
Kailadevi Agancy, Dhar ·
Mukesh Brothers, Bhikagaon ·
Pramod Traders Sonkatch ·
Seema Agency, Katani ·
Shakti Traders, Balaghat ·
Suni Kiana Stores, Sagar ·
Vasudev Dilip Kumar, Shajapur ·
Vijay Kumar Ratanlal Mandot Sailana |
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Bankers : |
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Canara Bank SSI Branch Palasia, ·
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg,
Lower Parel (West), Mumbai – 400 013, ·
ICICI Bank ·
Bank of ·
State Bank of ·
Dhulia Vikas Bank |
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Facilities : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Khandelwal Kakani and Company Chartered Accountant |
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Address : |
8, Johari Palace, 1st Floor, 51, M |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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17362 |
Equity Shares |
Rs.100/- each |
Rs.1.736
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.736 |
1.736 |
1.736 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
7.376 |
4.948 |
3.722 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
9.112 |
6.684 |
5.458 |
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LOAN FUNDS |
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1] Secured Loans |
18.862 |
15.256 |
11.561 |
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2] Unsecured Loans |
9.987 |
10.667 |
11.895 |
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TOTAL BORROWING |
28.849 |
25.923 |
23.456 |
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DEFERRED TAX LIABILITIES |
0.203 |
0.593 |
0.583 |
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TOTAL |
38.164 |
33.200 |
29.497 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.809 |
21.188 |
18.629 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
16.615
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8.986 |
6.972 |
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Sundry Debtors |
14.181
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11.708 |
13.288 |
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Cash & Bank Balances |
3.379
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2.002 |
1.022 |
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Other Current Assets |
3.788
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1.644 |
1.807 |
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Loans & Advances |
0.579
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0.334 |
0.454 |
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Total
Current Assets |
38.542
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24.674 |
23.543 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
27.098
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12.633 |
12.669 |
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Provisions |
0.089
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0.029 |
0.006 |
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Total
Current Liabilities |
27.187
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12.662 |
12.675 |
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Net Current Assets |
11.355
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12.012 |
10.868 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
38.164 |
33.200 |
29.497 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
143.633 |
112.169 |
89.781 |
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Other Income |
22.666 |
15.349 |
7.743 |
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Total Income |
166.299 |
127.518 |
97.524 |
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Profit/(Loss) Before Tax |
3.220 |
2.045 |
1.049 |
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Provision for Taxation |
1.102 |
0.820 |
0.445 |
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Profit/(Loss) After Tax |
2.118 |
1.225 |
0.604 |
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Expenditures : |
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Raw Material |
118.875 |
89.069 |
68.026 |
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Manufacturing Expenses |
10.019 |
7.476 |
4.364 |
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Administrative Expenses |
35.249 |
25.934 |
20.494 |
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Finance Charges |
2.741 |
2.288 |
1.456 |
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Increase/(Decrease) in Finished Goods |
(7.629) |
(2.014) |
0.269 |
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Depreciation & Amortization |
3.824 |
2.720 |
1.866 |
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Total Expenditure |
163.079 |
125.473 |
96.475 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.27
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0.96 |
0.62 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.24
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1.82 |
1.17 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.93
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4.46 |
2.49 |
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Return on Investment (ROI) (PBT/Networth) |
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0.35
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0.31 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
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6.15
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5.77 |
6.62 |
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Current Ratio (Current Asset/Current Liability) |
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1.42
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1.95 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
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Corporate
identity number of the company |
U24243MP1995PTC009534 |
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Name of the
company |
SHIVANI DETERGENTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
448, Goyal Nagar, Flat No. 1, Kalakriti Appartment, |
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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) ·
Floating
charge |
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Particular of
charge holder |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400
013, |
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Nature of
instrument creating charge |
·
Supplemental
Memorandum relating to Hypothecation of Stocks, Book Debts and Machinery; and ·
Memorandum
recording transaction of creation of Equitable Mortgage by deposit of title
deeds by Constructive Delivery. ·
(Collectively
constitute a single charge for Rs.36.000 millions.) |
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Date of instrument
Creating the charge |
03.06.2008 |
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Amount secured by
the charge |
Rs.36.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest Interest at the rate may be communicated by the Bank from time to
time. ·
Terms
of repayment On Demand ·
Margin Company shall at all times during the continuance of this security
maintain the said debts of a sufficient amount to provide the margin of security
as may from time to time advised by the Bank. ·
Extent
and operation of the charge Hypothecation by way of First Charge on Stocks, Book Debts and
Machinery to secure as a Continuing Security : and The company accorded and gave oral consent to Bank to continue to hold
retain the title deeds (by way of Constructive delivery) in respect of its
already deposited immovable properties and additional immovable properties as
mentioned under item no. 14 as security for repayment of principal, interest,
liquidated, for repayment of monies due and payable by the Company to the
Bank. ·
Others Nil |
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Particulars of
the property charged |
Hypothecation
first charge over the Stocks, Book Debts and Machinery of the Company ; and All that piece and
parcel of the property being Plot No,. 41/C. Industrial Area No. 2,
Pithampur, District Dhar |
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Particulars of
the present modification |
The bank having
at the request of Company has agreed to increased credit facility, therefore
charge increased from Rs.20.000 millions to Rs.36.000 millions. |
The Companies turnover for the year has
increased by 34%. The company has regular job work of Procter and Gamble, a
reputed multinational. But the same is not expected to achieve present level in
this however. Companies turn over in
Fixed Assets
·
·
Factory Buildings
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Plant and Machinery
·
Scoter
·
Furniture
·
Car
·
·
Computer
·
Motor Cycle
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Fax Machine
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Electrical Installation
·
New Factory Buildings
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
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Indian Rupees |
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US Dollar |
1 |
Rs.48.99 |
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|
1 |
Rs.72.49 |
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Euro |
1 |
Rs.68.44 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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45 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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