MIRA
INFORM REPORT
|
Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEEPAK CELLULOSE PRIVATE LIMITED |
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Registered Office : |
A-001 Nirav, 90
Feet, Near Thakur Polytehnic, Asha Nagar, Off W E Highway, Kandivali [East], Mumbai
400101, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.05.2004 |
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Com. Reg. No.: |
11-146248 |
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CIN No.: [Company
Identification No.] |
U24133MH2004PTC146248 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD12232D |
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PAN No.: [Permanent
Account No.] |
AABCD9933D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Cellulose |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 11000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 3 years old company having moderate track records. Trade
relations are fair. Scale of operation is limited. Payments are reported as
slow but correct. The company can be considered for small to mediocre business dealings with
slight caution, initially. |
LOCATIONS
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Registered Office : |
A-001 Nirav, 90 Feet, Near Thakur Polytehnic,
Asha Nagar, Off W E Highway, Kandivali [East], Mumbai 400101, Maharashtra,
India |
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Tel. No.: |
91-22-28547705
/ 32404344 |
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Fax No.: |
91-22-28547690 |
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E-Mail : |
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Website : |
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Factory : |
115, New GIDC,
Gundalav, Valsad – 396035, Gujarat, India |
DIRECTORS
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Name : |
Mr. Bipinchandra Shantilal Gandhi |
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Designation : |
Director |
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Address : |
802, Dimple Heights, Asha Nagar, Western Express Highway, kandivali
[East], Mumbai – 400101, Maharashtra, India
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Date of Birth/Age : |
18.02.1948 |
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Date of Appointment : |
12.05.2004 |
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Name : |
Mr. Shrenkkumar Shantilal Maniar |
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Designation : |
Director |
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Address : |
503, Pragji Tower, Valsad – 396001, Gujarat, India |
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Date of Birth/Age : |
01.04.1954 |
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Date of Appointment : |
12.05.2004 |
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Name : |
Mr. Dilsukhrai Labhshanker Joshi |
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Designation : |
Director |
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Address : |
D/L – Labh Plot No. – 9, Road No. 4, Sector – 1, New Panvel |
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Date of Birth/Age : |
06.12.1932 |
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Date of Appointment : |
12.05.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Mr. Labhshanker Dilsukhrai Joshi |
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20000 |
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Mr. Shantilal Bipnchandra Gandhi |
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20000 |
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Mr. Shantilal Shrenkkumar Maniar |
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20000 |
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Total |
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60000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Cellulose |
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Products : |
Cellulose |
GENERAL
INFORMATION
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Bankers : |
Indian Bank Valsad Branch, Halar Road, Valsad – 396001,Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D. D. Jimulia and Company Chartered Accountants |
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Address : |
206, Avon Arcade, D. J. Road, Vile Parle [West], Mumbai – 400056,
Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.600 Million |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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60000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.600 Million |
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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 |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.084 |
0.504 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2.684 |
1.104 |
0.600 |
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LOAN FUNDS |
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1] Secured Loans |
0.606 |
0.326 |
0.000 |
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2] Unsecured Loans |
2.400 |
2.400 |
1.908 |
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TOTAL BORROWING |
3.006 |
2.726 |
1.908 |
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DEFERRED TAX LIABILITIES |
0.076 |
0.057 |
0.000 |
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TOTAL |
5.766 |
3.887 |
2.508 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.371 |
3.533 |
2.325 |
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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 |
0.913
|
0.847 |
0.356 |
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Sundry Debtors |
4.080
|
1.252 |
0.733 |
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Cash & Bank Balances |
0.097
|
0.103 |
0.252 |
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Other Current Assets |
0.027
|
0.027 |
0.027 |
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Loans & Advances |
0.312
|
0.163 |
0.000 |
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Total
Current Assets |
5.429
|
2.392 |
1.368 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
4.044
|
1.452 |
1.002 |
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Provisions |
0.000
|
0.602 |
0.387 |
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Total
Current Liabilities |
4.044
|
2.054 |
1.389 |
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Net Current Assets |
1.385
|
0.338 |
[0.021] |
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MISCELLANEOUS EXPENSES |
0.010 |
0.016 |
0.204 |
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TOTAL |
5.766 |
3.887 |
2.508 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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18.489 |
11.806 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
|
18.489 |
11.806 |
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Profit/(Loss)
Before Tax |
|
2.442 |
0.886 |
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Provision for
Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
2.442 |
0.886 |
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Export Value |
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NA |
NA |
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Import Value |
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NA |
NA |
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Expenditures : |
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Interest |
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0.176 |
0.134 |
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Depreciation & Amortization |
|
0.539 |
0.276 |
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Other Expenditure |
|
15.332 |
10.51 |
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Total Expenditure |
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16.047 |
10.920 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
13.20
|
7.50 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
13.20
|
7.50 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.91
|
14.95 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.90
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0.80 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.62
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4.33 |
5.50 |
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Current Ratio (Current Asset/Current Liability) |
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1.34
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1.16 |
0.98 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24133MH2004PTC146248 |
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Name of the
company |
DEEPAK CELLULOSE PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
A-001 Nirav, 90
Feet, Near Thakur Polytehnic, Asha Nagar, Off W E Highway, Kandivali [East],
Mumbai 400101, Maharashtra, India |
|
This form is for |
Creation of charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Indian Bank Valsad Branch, Halar Road, Valsad – 396001,Gujarat, India |
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Nature of
instrument creating charge |
Agreement of
Guarantee |
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Date of
instrument Creating the charge |
07.06.2006 |
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Amount secured by
the charge |
Rs. 1.000 Million |
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Brief of the principal
terms an conditions and extent and operation of the charge |
As per agreement |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of the
property charged |
Stocks and
Machinery lying at the factory at 115, New GIDC, Gundalav, Valsad – 396035 |
AS PER WEBSITE
Profile
Subject
(DCPL) takes pride in launching two popular high-tech, high purity, versatile polymers
namely HPMCP (hydroxypropyl methylcellulose phthalate or hypromellose
phthalate) and C-A-P (cellulose acetate phthalate) for coating of
pharmaceutical tablets, granules, pellets and capsules. Both resist prolonged
exposure to highly acidic gastric fluids but readily dissolve in mildly acidic
to neutral environment of the small intestine and their degree of solubility in
aqueous environment is directly related to pH. Their sensitivity to pH
permit their use as enteric film coating polymers or matrix binders and can be
processed into solid dosage forms from organic or aqueous coating systems or by
direct compression / granulation.
Both
products offer wide formulation lattitude to pharmaceutical industry and are
derived from natural cellulose, the most abundant and renewable organic
resource on the planet earth.
DCPL
’s core team of promoter – directors consist of people with strong foundation
of cellulose technology, its derivatives and their industrial
applications. Their association with industry in general and cellulosics in
particular exceeds 30 years with vast alround experience in R and D,
manufacturing and marketing. Their pioneering work experience include
manufacture / development of specialty cellulosic polymers viz: nitrocellulose,
methyl and ethyl cellulose, cellulose acetate, cellulose acetate phthalate and
hydroxypropyl methylcellulose phthalate.
All these are high-tech, high priced, complex specialties known to substitute
imports and have potential to not only save but also earn valuable foreign
exchange for their country. Exposure to selection, research, development /
manufacture of vital raw materials viz: bleached cotton linters and high purity
chemical wood pulp have helped them consolidate their cellulose base. All these
products have played and will continue to play very important role in
pharmaceutical industry as incipients and excipients (tablet coating) and
surface coating industry (paints, printing inks, lacquers, adhesives).
C-A-P and HPMCP besides being excipients for enteric coating of tablets are
also known (since recent past) to have biocidal properties and are likely to
play key role in monitoring / controlling ever-frightening HIV-1 and alike
viruses and STDs.
While introducing to industry these products, HPMCP and C-A-P, they share with
their pride with modesty and humility and rededicate themselves to give the
industry their very best in cellulose specialties of highest international
standards at competitive price and with professional service with a smile.
Products
DEEPCOAT HPMCP and C-A-P
HPMCP
and C-A-P are both versatile, popular, cellulosic, polymers used mainly in
pharmaceutical industry for enteric film and / or sustained / time / delayed
release coating of tablets, granules, pellets or capsules. Whereas Hypromellose
Phthalate is a monophthalic acid ester of hydroxypropyl methylcellulose,
Cellacefate is a reaction product of phthalic anhydride and a partial acetate
ester of cellulose.
Both DEEPCOAT HPMCP and C-A-P are free flowing white powdery products and their
pH sensitive solubility characteristics permit their use in enteric film
coating as well as matrix binders. They can be easily processed into
solid dosage forms from organic or aqueous solvent systems or by direct
compression method.
Both DEEPCOAT HPMCP and C-A-P withstand prolonged contact with strongly acidic
gastric fluids but readily dissolve in mild-acidic to neutral environment of
small intestine.
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.39.56 |
|
UK Pound |
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.57.89 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
YES |
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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 |
|
27 |
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 |
|