MIRA
INFORM REPORT
|
Report Date : |
12.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELMER PRODUCTS LIMITED |
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Formerly Known As : |
DELUXE MERCHANDISE PRIVATE LIMITED |
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Registered Office : |
101, Circular Block, Alkapuri Shopping Centre, Vishwas Colony, Alkapuri,
Baroda – 390005, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.06.1987 |
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Com. Reg. No.: |
009707 |
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CIN No.: [Company
Identification No.] |
U51909GJ1987PLC009707 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDD00552G |
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PAN No.: [Permanent
Account No.] |
AABCD3161F |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Indigenous E-weighing Scales |
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 6652 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old 2 established company having moderate track.
Company’s profitability is under severe pressure. It has some accumulated
losses. 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/ Head Office/ Factory : |
101, Circular Block, Alkapuri Shopping Centre, Vishwas Colony,
Alkapuri, Baroda – 390005, Gujarat, India |
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Tel. No.: |
91-265-2353971/ 2357934/ 20/ |
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Mobile No.: |
91-9825076601/ 9824313231 |
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Fax No.: |
91-265-2332094 |
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E-Mail : |
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Website : |
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Branches : |
MUMBAI 1,Mahavir Industrial Estate, ff Mahakali Caves Road, Nr. Paper Box, ndheri (E) MUMBAI. Phone : 91-22-26876323/66920103/32015592 Fax : 91-22-66750201 Mobile 1 : +91-9820434711 Mobile 2 : +91-9820355005 ICICI : 000405016832 Website : www.scasen.com
Email : dipak@delmerindia.com SHARJAH
(UAE) OTEC GULF FZC, P.O. Box: 8939, JPO2/03 Jewellery Park,
SAIF ZONE Sharjah- UAE Phone: 971-6-5572576 Fax : 971-6-5572578 Mobile : +971-50-8432863 Service : +971-50-7595302 Email : dipen@delmerindia.com KENYA
(EAST AFRICA) Delmer East Africa Limited Road A, off Enterprise Road, Industrial Area, Next To Alpine Coolers P.O. Box 39948 - 00623, Nairobi – Kenya Phone: 254 20 550747/559238 Fax : 254 20 559238 Email : ritesh@delmerindia.com JAIPUR
DCAD, D-23 Indrapuri, Lal Kothi, Pankaj Singhvi marg, Jaipur-302 005 Phone no. :91-141-2744619 E-mail :design@delmerindia.com Mobile 1 :+91-9828623976 (Mr. vijay) Mobile 2 :+91-9314819919(Mr.Kamal) Website : www.delmer.in |
DIRECTORS
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Name : |
Mr. Viral Nalinbhai Parikh |
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Designation : |
Whole Time Director |
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Address : |
A – 401, Samrajya Vasna Road, Vadodara – 390015, Gujarat, India |
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Date of Birth/Age : |
15.07.1966 |
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Date of Appointment : |
09.06.1987 |
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Name : |
Mrs. Mamta Viral Parikh |
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Designation : |
Whole Time Director |
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Address : |
A – 401, Samrajya Vasna Road, Vadodara – 390015, Gujarat, India |
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Date of Birth/Age : |
18.06.1972 |
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Date of Appointment : |
01.04.1996 |
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Name : |
Mr. Ritesh Virendra Ratil |
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Designation : |
Whole Time Director |
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Address : |
2, Sandeep Apartment, Vishwas Colony, Alkapuri, Vadodara – 390007,
Gujarat |
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Date of Birth/Age : |
08.04.1974 |
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Date of Appointment : |
01.04.1996 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Viral Nalinbhai Parikh |
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11825 |
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Mrs. Mamta Viral Parikh |
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2350 |
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Mrs. Pratimaben Nalinbhai Parikh |
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500 |
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Mr. Ritesh Virendra Ratil |
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16835 |
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Mr. Parulben P Bhatt |
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540 |
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Scasen Private Limited |
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4700 |
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Total |
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36750 |
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Category |
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Percentage |
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Bodies Corporate |
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13.00 |
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Directors or relatives of directors |
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86.00 |
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Other top 50 shareholders (other than those listed above) |
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1.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Indigenous E-weighing Scales |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Jetalpur Branch,
Jetalpur Road, Baroda – 390005, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S A Patel and Company Chartered Accountant |
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Address : |
422, Paradise Complex, Sayajigunj, Vadodara – 390005, Gujarat, India |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.100/- 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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36750 |
Equity Share |
Rs.100/- each |
Rs.3.675 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 |
3.675 |
3.675 |
3.675 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(2.012) |
00000 |
0.000 |
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NETWORTH |
1.663 |
3.675 |
3.675 |
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LOAN FUNDS |
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1] Secured Loans |
3.770 |
5.297 |
5.944 |
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2] Unsecured Loans |
0.996 |
0.100 |
0.169 |
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TOTAL BORROWING |
4.766 |
5.397 |
6.113 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.088 |
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TOTAL |
6.429 |
9.072 |
9.876 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.438 |
3.070 |
3.388 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.005 |
0.000 |
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DEFERREX TAX ASSETS |
0.046 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5.606
|
5.918 |
6.346 |
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Sundry Debtors |
2.566
|
1.722 |
1.457 |
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Cash & Bank Balances |
0.099
|
0.204 |
0.859 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.743
|
1.597 |
1.205 |
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Total
Current Assets |
9.014
|
9.441 |
9.867 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
6.059
|
4.998 |
4.198 |
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Provisions |
0.010
|
0.027 |
0.000 |
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Total
Current Liabilities |
6.069
|
5.025 |
4.198 |
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Net Current Assets |
2.945
|
4.416 |
5.669 |
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MISCELLANEOUS EXPENSES |
0.000 |
1.581 |
0.819 |
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TOTAL |
6.429 |
9.072 |
9.876 |
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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 |
8.398 |
10.159 |
8.429 |
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Other Income |
0.007 |
0.070 |
0.339 |
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Total Income |
8.405 |
10.229 |
8.768 |
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Profit/(Loss) Before Tax |
(0.435) |
(0.797) |
(0.966) |
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Provision for Taxation |
(0.003) |
(0.036) |
(0.069) |
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Profit/(Loss) After Tax |
(0.438) |
(0.833) |
(1.035) |
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Expenditures : |
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Raw Material Consumed |
3.599 |
4.230 |
4.776 |
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Purchases made for re-sale |
0.747 |
0.195 |
0.199 |
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Increase/(Decrease) in Finished Goods |
0.808 |
2.118 |
0.531 |
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Salaries, Wages, Bonus, etc. |
0.747 |
0.726 |
0.608 |
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Managerial Remuneration |
0.592 |
0.564 |
0.608 |
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Payment to Auditors |
0.033 |
0.029 |
0.025 |
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Interest |
0.649 |
0.586 |
0.660 |
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Insurance Expenses |
0.045 |
0.053 |
0.070 |
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Power & Fuel |
0.048 |
0.077 |
0.068 |
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Depreciation & Amortization |
0.559 |
0.725 |
0.855 |
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Other Expenditure |
1.014 |
1.723 |
1.335 |
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Total Expenditure |
8.841 |
11.026 |
9.735 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total
Income |
(%) |
(5.21)
|
(8.14) |
(11.80) |
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Net Profit Margin (PBT/Sales) |
(%) |
(5.18)
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(7.84) |
(11.46) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(3.49)
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(6.37) |
(7.29) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.26)
|
(0.22) |
(0.26) |
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Debt Equity Ratio (Total Liability/Networth) |
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6.51
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2.83 |
3.20 |
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Current Ratio (Current Asset/Current Liability) |
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1.48
|
1.89 |
2.35 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
DELMER PRODUCTS LIMITED |
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Presented By |
Mr. Viral N.
Parikh |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement Dated : 03.03.2001 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Fresh Terms Loan
Rs.1.000 Million |
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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 |
Whole of Stock of
Goods, Book Debts, Movable Machinery etc. As per second schedule of the
hypothecation agreement including computer SPLLT Account and Label Printers. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interests at 4%
Over PLR Margin 36% |
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5) Name and Address and description of the person entitled to the charge. |
Bank of Baroda Jetalpur Branch,
Jetalpur Road, Baroda - 390005 |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Profile:
Kick-started in 1987, Subject has been offering innovative
and unbeatable solutions in the field of E-weighing. Since 1995, subject is
manufacturing 100% indigenous E-weighing scales
A true multi-product company, subject caters to extensive
market sectors and has collaborated with various international companies like
Bizerba, Otec, DPS - Promatic and Austik. An accelerating customer base of over
50,000 customers, brewing technology and customized weighing solutions is a
signpost amongst the many of subject phenomenal success.
Their trading activities with world leaders OTEC
PRAZISIONFINISH – GERMANY is making active progress in the jewelry finishing
business
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.40.47 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.62.11 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
32 |
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 |
|