MIRA
INFORM REPORT
|
Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DHRUV GLOBALS LIMITED |
|
|
|
|
Registered Office : |
68 SSI, G T Karnal Road, Delhi- 110033 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Year of Establishment : |
11.05.2001 |
|
|
|
|
Com. Reg. No.: |
55-110804 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U18101DL2001PLC110804 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RTKD03237D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCD3498H |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturing and export of readymade garments, knitted garments and leather garments. |
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 560000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company meeting its normal commitments
timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
68 SSI, G T Karnal Road, Delhi- 110033, India |
|
Tel. No.: |
91-129-2256504 |
|
Fax No.: |
91-129-2275240 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
14, Milestone, Mathura Road, Faridabad- 121003, Haryana, India |
|
Tel. No.: |
91-129-2256503/04 |
|
Mobile No.: |
91-9810370560 |
DIRECTORS
|
Name : |
Mr. Ram Goyal |
|
Designation : |
Whole Time Director |
|
Address : |
PP-1, Pitam Pura, New Delhi-110088, India |
|
Date of Birth/Age : |
16.11.1967 |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. Sushil Goyal |
|
Designation : |
Managing Director |
|
Address : |
PP-1, Mayura Enclave, Pitampura, Delhi-110034, India |
|
Date of Birth/Age : |
18.05.1961 |
|
Date of Appointment : |
01.04.2006 |
|
|
|
|
Name : |
Mr. Shyam Lal Mittal |
|
Designation : |
Director |
|
Address : |
138, Deepali Enclaves, Pitam Pura, Delhi-110034, India |
|
Date of Birth/Age : |
25.04.1962 |
|
Date of Appointment : |
30.03.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2004
|
Names of Shareholders |
|
No. of Shares |
|
Ram Goyal |
|
107300 |
|
Sushil Goyal |
|
265300 |
|
ONS Construction Company |
|
55000 |
|
Sushil Garg HUF |
|
32500 |
|
P. M. Cresio Private Limited |
|
250500 |
|
Kishan Mittal HUF |
|
90000 |
|
Bishan Goyal HUF |
|
470 |
|
Sangita Goyal |
|
475 |
|
Balbir Singh |
|
500 |
|
Anand Kumar Binda |
|
1250 |
Equity Share Breakup (Percentage of Equity)
As on 30.09.2007
|
Category |
|
Percentage of
Holding |
|
Bodies Corporate (not mentioned above) |
|
34.38 |
|
Directors or relatives of directors |
|
65.62 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and export of readymade garments, knitted garments and leather garments. |
|
|
|
|
Products : |
|
|
|
|
|
Exports : |
|
|
Countries : |
America and Europe Countries |
GENERAL
INFORMATION
|
Customers : |
CANADA
EUROPE
INDIA
|
|
|
|
|
Bankers : |
State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1,
Tolstoy Marg, New Delhi-110001, India |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Surinder Rajan and Associates Chartered Accountant |
|
Address : |
G-5, Vikas Apartments, 34/1, East Punjabi Bagh, New Delhi-110026,
India |
|
|
|
|
Name : |
R. K. Varshney and Company Chartered Accountants |
|
Address : |
New Delhi – 110 034 |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4958095 |
Equity Shares |
Rs. 10/- each |
Rs. 49.580
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2006 |
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
|
1] Share Capital |
|
|
49.581 |
|
|
|
2] Share Application Money |
|
|
0.000 |
|
|
|
3] Reserves & Surplus |
|
|
62.469 |
|
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
|
NETWORTH |
|
|
112.050 |
|
|
|
LOAN FUNDS |
|
|
|
|
|
|
1] Secured Loans |
|
|
155.754 |
|
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
|
TOTAL BORROWING |
|
|
155.754 |
|
|
|
DEFERRED TAX LIABILITIES |
|
|
13.797 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
281.601 |
|
|
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
104.064 |
|
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
|
Inventories |
|
|
55.128
|
|
|
|
Sundry Debtors |
|
|
103.559
|
|
|
|
Cash & Bank Balances |
|
|
8.556
|
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
|
Loans & Advances |
|
|
51.889
|
|
|
Total
Current Assets |
|
|
219.132 |
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
|
Current Liabilities |
|
|
41.219
|
|
|
|
Provisions |
|
|
0.376
|
|
|
Total
Current Liabilities |
|
|
41.595 |
|
|
|
Net Current Assets |
|
|
177.537 |
|
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL |
|
|
281.601 |
|
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
592.970 |
550.684 |
|
|
Other Income |
|
150.545 |
0.000 |
|
|
Total Income |
|
743.515 |
550.684 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
16.859 |
43.519 |
|
|
Provision for Taxation |
|
0.000 |
8.660 |
|
|
Profit/(Loss) After Tax |
|
16.589 |
34.859 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Export Earnings |
|
551.434 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
|
251.629 |
175.963 |
|
|
Consumption of stores and spares parts |
|
69.071 |
43.029 |
|
|
Increase or Decrease in finished goods |
|
[41.781] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
|
151.845 |
98.067 |
|
|
Payment to Auditors |
|
0.239 |
0.158 |
|
|
Interest |
|
15.730 |
0.000 |
|
|
Insurance Expenses |
|
1.571 |
1.407 |
|
|
Power and Fuel |
|
44.241 |
0.000 |
|
|
Depreciation and amortization |
|
18.753 |
0.000 |
|
|
Other Expenditure |
|
215.356 |
188.541 |
|
Total Expenditure |
|
726.656 |
507.165 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.23 |
6.33
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.84 |
7.90
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
N.A |
10.79
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
N.A. |
0.311
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
N.A. |
1.76
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
N.A. |
5.27
|
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE:
Profile:
People like Mr. Krishan Aggarwal and Mr. Sri Ram Goyal, the
true professionals, who always endeavor to write a success story with every
step they stride. And one such story is Subject
Subject was promoted by this duo of energetic and innovative
entrepreneurs in the year 2000. This vertically integrated plant, with a total
covered area of 1, 50,000 sq ft., is located in Faridabad , a well-developed
and easily accessible industrial area, on main Mathura Road adjoining Delhi .
The company has state-of-the-art technology for garment
manufacturing under one roof, which ensures stringent quality controls with
shortest lead time for every garment produced. The plant has been approved by
reputed buyers like HADDAD, NIKE, CAG, VANITY FAIR, KOHLS etc.
The organization is part of an over well established group
that has highly diversified interests in the fields of steel, oil and
construction industries and is headed by people having sound business acumen.
The turnover of the company for the year ending 2004- 05 was US $10 million and
for the year 2005-2006 company will achieve turnover of US $ 14 Million.
Always a step ahead of its
competitors, the Company strongly emphasizes on systematic management, rigid
quality with timely delivery and cost control. Its strength is its team of
competent and committed professionals who have thorough knowledge of ever
changing market trends.
With competitive prices, right quality of the garment,
punctual delivery and clear communication Dhruv Globals ensures the services which
are next to the best in the industry.
INFRASTRUCTURE:
The manufacturing unit at subject is equipped with latest
technology and state-of-the-art modern machinery.
The Knitting Division of the company is totally modernized
with world-class circular knitting machines. Apart from this it has the world's
best SHIMA SEIKI Flat knitting computerized machines to make plain and jacquard
collars. It has capacity of this division is 75 TONS PER MONTH
The Fabric Processing Division of the compnay has Italian
(HTHP) soft flow dyeing machines from BRAZOLI to dye both cotton and
cotton/poly bends. It also has world's best finishing range of SANTEX, which
ensures that the resultant fabric is properly handled and treated to get
world's accepted norms of finishing and shrinkage. The company has ultra-modern
testing facility equipped with the latest state-of-the-art analysis equipments
and software.
The total capacity of this division is
300 tons per month
The Garment division ensures that every single piece meet
the customer's demands. The unit has ultra-modern facility for each process
like Fabric inspection, cutting, stitching, finishing and washing etc. This
division has 400 machines of
Juki/Pegasus along with Eastman cutters, band knife and HASIMA fusing .
The imported and indigenous machinery also includes Needle Detector machines . Also it
has a large in-house garment washing facility which includes washing hydro, tumbler and perk (from Renzacci)
machine .
Production capacity
of this division is 2.5 Lac PCS per Month
The Sweater division has sweater making machines from FLYING
TIGER, computerized with complete linking and finishing line along with washing
facility equipped with machines from Perk and Oryclean. This vertical unit has
been set up to produce quality and quantity within the stipulated time-frame,
to achieve all over targets and challenges triumphantly.
The Capacity of this division is 60,000
PCS per month
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U18101DL2001PLC110804 |
|
Name of the
company |
DHRUV GLOBALS LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
68 SSI, G T Karnal Road, Delhi- 110033 |
|
Type of charge |
Others |
|
Particular of
charge holder |
State Bank of India, Overseas Branch, Jawahar Vyapar Bhawan, 1,
Tolstoy Marg, New Delhi-110001, India |
|
Nature of description
of the instrument creating or modifying the charge |
Supplemental Deed
of Guarantee of increase in Overall Limit |
|
Date of
instrument Creating the charge |
11.01.2008 |
|
Amount secured by
the charge |
Rs. 410.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per bank
rules, subject to charge from time to time. Terms of
Repayment Payable of Demand Margin As prescribed by
the bank from time to time. Extent and
Operation of the charge Extent and
operation of charge- 100% |
|
Short particulars
of the property charged |
Corporate
Guarantee of the company for securing working capital facilities provided by the
Bank to its associates concern M/S Ajanta Soya Limited |
|
Name of the company |
DHRUV GLOBALS LIMITED |
||||||||||||
|
Presented By |
Jointly by
Chargeholder and Borrower |
||||||||||||
|
1) Date and description of instrument creating the change |
Loan Agreement for
Overall Limit Dated 23.07.2001 Agreement of
Hypothecation of Goods and Assets dated 23.07.2001, (Registered on
03.09.2001) |
||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 87.000
Millions
|
||||||||||||
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation of all
the current and fixed assets of the company. All present and future goods,
book debts and all other. Movable assets of the company including outstanding
moneys, receivables, claims, bills, monies, documents, contracts,
engagements, securities, investments and Assets. Equitable
Mortgage by deposit of title deeds in respect of Company’s immovable
properties measuring 8 Kanal out of total land are of 25 Kanal. |
||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Payable on Demand |
||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of
India, Overseas Branch, Lawahar Vyapar Bhawan, Tolstoy Marg, New Delhi-
110001 |
||||||||||||
|
6) Date and brief description of instrument modifying the charge |
|
||||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The Extent of
operation of the charge on current as well as fixed assets stands enhanced
due to increase in overall limit from Rs. 164.300 Millions to Rs. 198.900
Millions as under Rs. In Millions
The enhanced Loan
facilities of Rs. 198.900 Millions together with interest add limit liquidated
damages, commitment charge, prema on prepayments or on redemption costs,
charges, expenses and other moneys payable by the Company to SBI are secured
by
I.
First charge
on current assets namely goods, movables, book-debts and other current assets
of the company.
II.
First charge
over entire fixed assets of the company. Both present and future.
III.
Equitable
mortgage by deposit of title deeds in respect of Company’s immovable property
measuring 25 Kanals, 18 Made bearing Khasra No. 289/378, 351/339 Khatom No.
578/557, 501/481 Rect No. 14, Killa No. 17/2 (3-7). 17/1 (4-13) [8(8-0) Ret
No. 13 Killa No. 20/2 (1-18) situated within the Revenue Estate of Village
Mewla Mahranpur Tehsil and District faridabad, Haryana together with bearing
constructed are be constructed thereon and entire plant and machinery fixed
to the permanently listened to anything attached to the canrth both present
and future. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.79 |
|
UK Pound |
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|