MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIVINE TUBES PRIVATE LIMITED |
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Registered Office : |
401, Phase 1, GIDC Industrial Estate, Chhatral Kalol, Gandhinagar – 382
729, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
12.03.2004 |
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Com. Reg. No.: |
04-43781 |
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CIN No.: [Company
Identification No.] |
U27109GJ2004PTC043781 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD03737G |
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PAN No.: [Permanent
Account No.] |
AABCD9957B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Stainless Steel, Tubes and Pipes. |
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 22000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade
relations are fair. Financial position is good. Payments are reported as slow
but correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ramesh M. Patel |
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Designation : |
Director |
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Contact No.: |
91-9327930555 |
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Date : |
01.11.2008 |
LOCATIONS
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Registered Office/ Factory : |
401, Phase 1, GIDC Industrial Estate, Chhatral Kalol, Gandhinagar –
382 729, Gujarat, India |
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Tel. No.: |
91-2764-232401/2 91-79-23297806/ 23297807 |
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Mobile No.: |
91-9327930555 (Mr. Ramesh Patel) |
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Fax No.: |
91-2764-232403 91-23294391/ 23293488 |
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E-Mail : |
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Website : |
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Area : |
8000 sq ft |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Ramesh Mansingbhai Patel |
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Designation : |
Director |
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Address : |
1, Shivdarshan Bunglow, Near Saakar English Medium School, New C. G.
Road, Chandkheda, Ahmedabad – 380 001, Gujarat, India |
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Date of Birth/Age : |
29 Years |
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Qualification : |
B.Com |
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Date of Appointment : |
12.02.2004 |
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Name : |
Mr. Mr. Naresh M. Patel |
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Designation : |
Director |
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Address : |
1st Floor, Samruddhi Complex, New C. G. Road, Chandkheda,
Gandhinagar, Ahmedabad – 380 001, India |
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Date of Birth/Age : |
26 Years |
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Qualification : |
B. Com |
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Date of Appointment : |
02.01.20007 |
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Name : |
Mr. Navin Piraram Patel |
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Designation : |
Director |
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Address : |
At- Kalol, 32, Iffco Nagar Society, Gandhinagar – 382 721, Gujarat,
India |
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Date of Appointment : |
01.02.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Ramesh Mansingbhai Patel |
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5000 |
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Mrs. Mafiben Mafatlal Patel |
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7500 |
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Mrs. Indiraben Devilal Patel |
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7500 |
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Total |
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20000 |
Equity share breakup (percentage of total equity)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Stainless Steel, Tubes and Pipes. |
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Products : |
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Exports : |
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Products : |
Finished Goods (Tubes and Pipes) |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Customers : |
End Users, OEM’s
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No. of Employees : |
120 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Malav J Ajmera Chartered Accountant |
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Address : |
304, Chanakya Building, Near Torrent House, Off Ashram Road, Ahmedabad
– 380 009, Gujarat, India |
CAPITAL STRUCTURE
(As On 27.09.2007)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 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 |
0.200 |
0.200 |
0.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
4.211 |
0.165 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.011) |
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NETWORTH |
4.411 |
0.365 |
(0.089) |
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LOAN FUNDS |
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1] Secured Loans |
12.719 |
0.726 |
0.000 |
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2] Unsecured Loans |
0.598 |
0.938 |
0.000 |
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TOTAL BORROWING |
13.317 |
1.664 |
0.000 |
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DEFERRED TAX LIABILITIES |
1.268 |
0.000 |
0.000 |
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TOTAL |
18.996 |
2.029 |
(0.089) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
25.392 |
3.850 |
0.000 |
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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 |
0.051 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
17.903
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2.834 |
0.000 |
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Sundry Debtors |
15.268
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4.789 |
0.000 |
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Cash & Bank Balances |
3.117
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0.122 |
0.087 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
2.221
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0.354 |
0.000 |
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Total
Current Assets |
38.509
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8.099 |
0.087 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
44.905
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9.976 |
0.006 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
44.905
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9.976 |
0.006 |
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Net Current Assets |
(6.396)
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(1.877) |
0.081 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.008 |
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TOTAL |
18.996 |
2.029 |
0.089 |
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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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152.448 |
10.406 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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152.448 |
10.406 |
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Profit/(Loss) Before Tax |
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6.184 |
0.315 |
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Provision for Taxation |
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2.139 |
0.139 |
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Profit/(Loss) After Tax |
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4.045 |
0.176 |
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Expenditures : |
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Other Expenditure |
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146.264 |
10.091 |
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Total Expenditure |
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146.264 |
10.091 |
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Particulars |
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31.03.2008 |
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Sales Turnover |
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250.000 |
Expected Sales (2007-08): Rs.250.000 Millions
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.65
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1.69 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
4.05
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3.02 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.67
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2.63 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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1.40
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0.86 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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13.19
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31.89 |
0.06 |
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Current Ratio (Current Asset/Current Liability) |
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0.85
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0.81 |
14.50 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject made a modest beginning in the year 2004. within a short span it established a reputation as reliable manufacturer and exporters of quality stainless steel tubes and pipes.
Subject has been granted an ISO 9001:2000 Certificate by BVQI Management Services UKAS for Quality Management System for the manufacturing of Stainless Steel Tubes/Pipes
.
Today Divine has geared itself to meet any requirement of stainless steel tubes and pipes in both welded and seamless quality and covers widest range possible under one roof from 6mm OD to 600mm OD.
Subject stainless tubes and pipes are synonymous with improved mechanical as durability, better corrosion resistance, smooth finish and high pressure conductivity. Truly Subject Stainless Steel Tubes / Pipes are here to match the most demanding and most exact requirements of process industry.
Design Engineers have world wide conceptualized Stainless Steel Pipes / Tubes for most critical application for continuous process industries. Subject has centralised the manufacturing activities at CHHATRAL, Dist. GANDHINAGAR and Gujarat with National and International standard manufacturing facilities and state of art technology.
The Stainless Steel welded and seamless Tubes / Pipes are used in various field and process industries such as Sugar Industries, Chemical Plants, Fertilizer Plants, Pharmaceutical, Railway Coaches, Refrigeration, Metallurgical Industries, Oil and Gas Industries, Decoratives, Dairies and Food Products, Instrumentation, Power Plants, Heat Exchanger, Pulp Instrumentation, Power Plants, Heat Exchanger, Pulp and Paper Mills, Food Industries, Ornamental, Energy Industries, Ships, Fabrication, Automobile Industries, Sanitary/Plumbing, Boilers, Space Application etc.
Form 8
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Corporate
identity number of the company |
U27109GJ2004PTC043781 |
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Name of the
company |
Divine tubes
Private Limited |
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Address of the
registered office or of the principal place of business in India of the company |
401, Phase 1, GIDC Industrial Estate, Chhatral Kalol, Gandhinagar –
382 729, Gujarat, India |
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This form is for |
Creation of
Charge |
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Type of charge |
Hypothecation |
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Particular of
charge holder |
Punjab National Bank, Relief Road Branch, Ahmedabad – 380 001,
Gujarat, India |
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Nature of
instrument creating charge |
Hypothecation of Assets
to secure term loans Date 05.04.2006 |
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Date of
instrument Creating the charge |
05.04.2006 |
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Amount secured by
the charge |
Rs.2.500 Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest:
BPLR 10.75%+1.50%+0.50%=12.75% p.a. 5 Year excluding moratorium period,
margin 25% on value of Machineries to be financed and repayment:incial
moratorium of 6 month from date of sanction and 1st of the qtly
installment ofRs.0.125 Million+interest to start from 6 month of sanction and
entire term loan proposed to be repaid from oct. 2006 to oct.2001 |
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Description of
the property charged indicating whether it is a charged on |
Plant and
machinery |
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Particulars of
the property charged |
Hypothecation of additional
machineries-fresh purchased (security: machineries costing Rs.3.200 Millions) |
Operation:
Company has achieved a turnover of Rs.152.400
Millions against Previous year Turnover Rs.9.952 Millions. Net Profit before tax
is Rs.6.185 Millions against Previous year of Rs.0.315 Million
Fixed Assets
- Air Conditioner
- Building and Shed
- Computer
- Digital Camera
- Electrification Factory
- Electrification Office
- Electronics Scale
- Fax Machine
- Furniture-Factory
- Furniture- Office
- Motar Car
- Plant and Machinery
- Television
- Telephone and Mobile
- Weighing Scale
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.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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