MIRA
INFORM REPORT
|
Report Date : |
26.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
DHARAMVIR EXPORTS PRIVATE LIMITED |
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Registered Office : |
A-112, Defence Colony, New Delhi – 110 024 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
16.12.2004 |
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Com. Reg. No.: |
55-131309 |
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CIN No.: [Company
Identification No.] |
U51211DL2004PTC131309 |
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IEC No.: |
0595051774 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD07583C |
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PAN No.: [Permanent
Account No.] |
AACFD1559P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Basmati Rice, Spice, Oil Seeds, Rice
Walnuts etc. |
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 12900 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established Company having satisfactory track
records. Trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The Company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
A-112, Defence Colony, New Delhi – 110024, India |
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Tel. No.: |
91-11-24335242 |
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Fax No.: |
91-11-24332488 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Factory : |
At Gondia, Karnal, Unjha |
DIRECTORS
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Name : |
Mr. Tarlochan Singh Ahluwalia |
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Designation : |
Director |
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Address : |
Ground Floor A-112, Defence Colony, New Delhi 110 024 |
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Date of Birth/Age : |
13.04.1958 |
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Qualification : |
Material Management and Engineering |
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Date of Appointment : |
16.12.2004 |
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Name : |
Mrs. Tarvinder Kaur Ahluwalia |
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Designation : |
Director |
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Address : |
Ground Floor A-112, Defence Colony, New Delhi 110 024 |
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Date of Birth/Age : |
24.09.1964 |
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Qualification : |
Master Economics |
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Date of Appointment : |
16.12.2004 |
KEY EXECUTIVES
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Name : |
A. Upadhyaya and Associates |
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Designation : |
Company Secretary |
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Address : |
F-143, Karampura, New Delhi – 110015, India |
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Mobile : |
91-9312271115 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 24.11.2004
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Names of Shareholders |
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No. of Shares |
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Mr. Tarlochan Singh Ahluwalia |
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125000 |
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Ms. Tarvinder Kaur Ahluwalia |
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125000 |
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Total |
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250000 |
(As on 30.09.2007)
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Category |
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Percentage |
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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 Basmati Rice, Spices, Oil Seeds, Rice,
Walnuts etc. |
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Products : |
· Basmati Rice · Spices · Oil Seeds · Rice · Walnuts |
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Brand Names : |
INDIKA GOLD |
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Exports : |
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Products : |
· Basmati Rice · Spices · Oil Seeds · Rice · Walnuts |
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Countries : |
· Cyprus · Norway · Romania · Spain · UK · Slovenia · Bulgaria · Sweden · Canada · Kuwait · Jordan · Saudi Arabia · UAE · Iran · Hong Kong · Singapore |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Spice, Oil seeds etc |
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20 MT per day |
10 MT per day |
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Rice |
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36 MT per day |
25 MT per day |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · Importers |
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No. of Employees : |
130 ( In Office 10 and In Factory 120 ) |
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Bankers : |
· Indian Bank A-261, Defence Colony, New Delhi – 110024, India · State Bank of
Bikaner and Jaipur Connaught Place, New Delhi, India
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Facilities : |
Credit Limit Rs. 15.000 Millions |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
KC Singhal and Associates |
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Address : |
B1/ 21, Yamuna Vihar, Delhi – 110053, India |
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Tel. No.: |
91-11-22919305 |
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Fax No.: |
91-11-22914571 |
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E-Mail : |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs. 10/- each |
Rs. 2.500 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.500 |
2.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.734 |
0.457 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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3.234 |
2.957 |
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LOAN FUNDS |
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1] Secured Loans |
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11.273 |
4.804 |
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2] Unsecured Loans |
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0.641 |
0.905 |
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TOTAL BORROWING |
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11.914 |
5.709 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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15.148 |
8.666 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.483 |
0.362 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.303 |
0.298 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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12.161 |
5.497 |
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Cash & Bank Balances |
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0.976 |
1.472 |
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Other Current Assets |
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2.773 |
1.393 |
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Loans & Advances |
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1.849 |
1.447 |
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Total
Current Assets |
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17.759 |
9.809 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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4.386 |
1.640 |
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Provisions |
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0.072 |
.230 |
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Total
Current Liabilities |
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4.458 |
1.870 |
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Net Current Assets |
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13.301 |
7.939 |
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MISCELLANEOUS EXPENSES |
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0.061 |
0.067 |
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TOTAL |
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15.148 |
8.666 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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33.065 |
26.790 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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33.065 |
26.790 |
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Profit/(Loss) Before Tax |
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0.509 |
0.778 |
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Provision for Taxation |
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0.232 |
0.000 |
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Profit/(Loss) After Tax |
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0.277 |
0.778 |
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Earnings in Foreign Currency : |
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Export Earnings |
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32.800 |
26.100 |
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Total Earnings |
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32.800 |
26.100 |
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Expenditures : |
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Cost of Goods Sold |
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28.800 |
23.400 |
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Administrative Expenses |
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3.200 |
1.900 |
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Interest |
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0.446 |
0.599 |
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Depreciation & Amortization |
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0.111 |
0.093 |
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Other Expenditure |
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0.006 |
0.007 |
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Total Expenditure |
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32.563 |
25.999 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.84 |
2.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.54 |
2.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.64 |
7.64 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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5.06 |
2.56 |
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Current Ratio (Current Asset/Current Liability) |
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3.98 |
5.24 |
LOCAL AGENCY
FURTHER INFORMATION
Other
Information:
In current year company will touch a Turnover (100% export) INR 60.000
Millions. They are going to add more commodities and also increase the volume of
present products/ commodities. Company has not received any quality complaint
from any buyers and business volume is going up. With in next 3-4 years company
turnover will touch INR 150.000 Millions. They are planning to convert their
company Private Limited to a Limited Company in next 5 years.
Form 8:
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Name of the company |
DHARAMVIR EXPORTS PRIVATE LIMITED |
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Presented By |
Company and State Bank of Bikaner and Jaipur, Connaught Place, New
Delhi, India |
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1) Date and description of instrument creating the change |
Hypothecation
agreement for goods and assets dated 20.10.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 4.000
Millions |
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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 |
All present and
future goods, book dents and all other movable assets of the borrower
outstanding, monies, receivables by way of cash incentive / cash assistance
under the cash inventive scheme or any other scheme, claims including claims
by way of refund of excise / custom duties under the duty draw back credit
scheme, bills invoices, investments and right and the present machinery
listed in the schedule hereunto and all future machinery belonging to or in
the possession or under the control of party whether in India or wherever
else thought the world shall stand hypothecated to the Bank by way of first
charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The above is to
secure the following credit facilities :
Rate of Interest as
prescribed by the bank from time to time. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Bikaner and Jaipur, Connaught Place, New Delhi, India |
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6) Date and brief description of instrument modifying the charge |
Not Available |
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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 Available |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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90332762 |
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Corporate
identity number of the company |
U51211DL2004PTC131309 |
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Name of the
company |
DHARAMVIR EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
A-112, Defence Colony, New Delhi – 110 024 |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
Indian Bank, A- 261, Defence Colony, New Delhi – 110 024 |
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Nature of
description of the instrument creating or modifying the charge |
Agreement for
packing credit advance dated 22.11.2007 Agreement for
bills purchased dated 22.11.2007 Letter of
acknowledgement for mortgage of property dated 26.11.2007 |
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Date of
instrument Creating the charge |
22.11.2007 |
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Amount secured by
the charge |
Rs. 15.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest For Packing
Credit : 10 % [BPLR – 2.50 %] For FBP / FBN :
10 % Terms of
Repayment For Packing
Credit : 12 Months For FBP / FBN :
12 Months Margin For Packing
Credit : 10 % For FBP / FBN :
10 % Extent and
Operation of the charge As per agreement |
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Short particulars
of the property charged |
Equitable
Mortgage of house property at A-112, Defence Colony, New Delhi – 110 024 in the
name of Mr. T S Ahluwalia Director of the company |
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Particulars of
the present modification |
Working capital
limit enhanced from 10 millions to 15 millions as per details mentioned below
: Sub limit with in
working capital of Rs. 5.000 Millions has been increased to Rs. 7.500
Millions FBP/FBN within
packing credit of Rs. 4.000 Millions has been enhanced to Rs. 7.500 Millions Property at A-112, Defence
Colony, New Delhi – 110 024 in the name of Mr. T S Ahluwalia Director of the
company has been mortgaged. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 42.84 |
|
UK Pound |
1 |
Rs. 84.78 |
|
Euro |
1 |
Rs. 67.32 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
41 |
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 |
|