MIRA
INFORM REPORT
|
Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DYNAFLEX PRIVATE LIMITED |
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Registered Office : |
12, Sampatrao Colony, R C Dutt Road, Vadodara-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 : |
19.06.1984 |
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Com. Reg. No.: |
04-7018 |
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CIN No.: [Company
Identification No.] |
U25200GJ1984PTC007018 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDD00708B |
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PAN No.: [Permanent
Account No.] |
AAACD8084A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacture
and Supplier of Printed Shopping Bags, Courier, Security Envelopes, Mailing
Covers and Printed Rolls |
RATING &
COMMENTS
|
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 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. The
company has some accumulated losses. Trade relations are fair. Payments are however
reported as usually made as per commitments. The company can be considered good for small to mediocre business
dealings. |
INFORMATION PARTED
BY
|
Name : |
Mr. Prakash |
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Designation : |
Account Manager |
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Date : |
11.10.2008 |
LOCATIONS
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Registered Office : |
12, Sampatrao Colony, R C Dutt Road, Vadodara-390005, Gujarat, India |
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Tel. No.: |
91-265-2336248/
2340803/ 91-2676-247999/ 247009 |
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Fax No.: |
91-265-2355281/
91-2676-247066 |
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E-Mail : |
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Website : |
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Area : |
2000 Sq. Ft |
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Location : |
Owned |
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Factory 1 : |
Plot no.321, P.O.Baska,
Baroda-Halol Express-way Taluka-Halol, Dist. Baroda |
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Tel. No.: |
91-2676-247
999/247 009 |
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Fax No.: |
91-2676-247066 |
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E-Mail : |
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Area : |
5000 sq. ft |
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Location : |
Leased |
DIRECTORS
|
Name : |
Mr. Sudhir Chhotalal Vora |
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Designation : |
Director |
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Address : |
Behind Natural Centre, Race Course Circle, Baroda-390007, Gujarat,
India |
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Date of Birth : |
18.04.1947 |
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Date of Appointment : |
19.06.1984 |
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Name : |
Mr.
Niranjan Chhotalal Vora |
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Designation : |
Managing
Director |
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Address : |
12, Sampatrao Colony,
Vadodara-390 007, Gujarat, India |
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Date of Birth : |
06.04.1939 |
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Date of Appointment : |
19.09.1984 |
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Name : |
Mr.
Gaurav Niranjan Vora |
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Designation : |
Director |
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Address : |
12, Sampatrao Colony,
Vadodara-390 007, Gujarat, India |
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Date of Birth : |
09.08.1973 |
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Date of Appointment : |
02.09.1996 |
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Name : |
Mr. Siddharth
Niranjan Vora |
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Designation : |
Director |
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Address : |
12, Sampatrao Colony,
Vadodara-390 007, Gujarat, India |
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Date of Birth : |
09.01.1976 |
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Date of Appointment : |
01.01.2000 |
KEY EXECUTIVES
|
Name : |
S. Samdhani
and Associates- C.P.No.2863 |
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Designation : |
Company Secretary |
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Address : |
103, Tanisquw, Opposite SBI URMI
Branch, Productivity Road, Baroda-2, Gujarat, India |
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Tel No.: |
91-265-2330583/ 2321494/ 2463794 |
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Email : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Preference
Shares |
No. of Equity Shares |
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Shobha
S. Vora |
325 |
-- |
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Sudha
D. Vora |
200 |
2850 |
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Jitendra
C. Vora |
200 |
-- |
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Niranjan
C Vora |
400 |
2625 |
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Sudhir
C. Vora |
935 |
-- |
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Hansa
C. Vora |
500 |
1825 |
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Usha
J. Vora |
400 |
1825 |
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Dhirendra
C. Vora- |
500 |
2625 |
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Kamlaben
C. Vora |
200 |
-- |
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Dhirendra
C. Vora- HUF |
250 |
-- |
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Jitendra
C. Vora- HUF |
250 |
-- |
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Niranjan
C Vora HUF |
250 |
-- |
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Sudhir C. Vora- HUF |
250 |
-- |
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Usha
J. Vora |
3340 |
-- |
|
Sudhir
and Shobha Vora |
00 |
1000 |
|
Hansa and Niranjan Vora |
-- |
1150 |
|
Nita Ghosh |
-- |
800 |
|
B Shashwat Pal |
-- |
700 |
|
Relatives
& Others in small Numbers |
-- |
22100 |
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|
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Total |
8000 |
37500 |
Equity Share Breakup (Percentage of Total Equity)
(As on 29.09.2007)
|
Category |
|
Percentage |
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Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
and Supplier of Printed Shopping Bags, Courier, Security Envelopes, Mailing Covers
and Printed Rolls |
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Brand Names : |
DYNAFLEX |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C,
Cash and Credit Up to 45-Days Maximum |
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Purchasing : |
L/C,
Cash and Credit Up to 30-Days Maximum |
GENERAL
INFORMATION
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Customers : |
Ø
Procter and Gamble Ø Hindustan lever Limited Ø Agrotech Food Limited Ø Godrej Pillsbury Limited Ø Godrej Agrovet Ø
Godrej Food |
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No. of Employees : |
45 |
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Bankers : |
75, GIDC Estate, Makarpura, Vadodara-390010, Gujarat, India
Main Branch, Baroda, India
Makarpura
Industrial Estate Branch, Baroda-390 010, India
Ground Floor,
Productivity House, Productivity Road, Alkapuri, Vadodara-390007, Gujarat,
India |
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Facilities : |
CC Rs.25.000 Millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Shah Sanghvi and Company Chartered Accountant |
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Address : |
“Samparpan”, 26, Haribhakti Colony, Race Course Circle,
Vadodara-390015, Gujarat, India |
CAPITAL STRUCTURE
(As on 27.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000 |
Equity Shares |
Rs.100/- each |
Rs.4.000 Millions |
|
10000 |
Preference Shares |
Rs.100/- each |
Rs.1.000 Million |
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Total |
|
Rs.5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
37500 |
Equity Shares |
Rs.100/-
each |
Rs.3.750
Millions |
|
8000 |
Preference Shares |
Rs.100/-
each |
Rs.0.800
Million |
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Total |
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Rs.4.550 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
4.550 |
4.550 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.182 |
3.182 |
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4] (Accumulated Losses) |
|
[2.328] |
[4.525] |
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NETWORTH |
|
5.404 |
3.207 |
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LOAN FUNDS |
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1] Secured Loans |
|
18.693 |
10.972 |
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2] Unsecured Loans |
|
21.177 |
18.809 |
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TOTAL BORROWING |
|
39.870 |
29.781 |
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DEFERRED TAX LIABILITIES |
|
0.883 |
0.000 |
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TOTAL |
|
46.157 |
32.988 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
20.272 |
13.552 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.476 |
0.250 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.438 |
8.946 |
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Sundry Debtors |
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17.911 |
19.175 |
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Cash & Bank Balances |
|
2.428 |
0.621 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
3.692 |
2.646 |
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Total
Current Assets |
|
32.469 |
31.388 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
6.231 |
11.428 |
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Provisions |
|
0.829 |
0.774 |
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Total
Current Liabilities |
|
7.060 |
12.202 |
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Net Current Assets |
|
25.409 |
19.186 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
|
46.157 |
32.988 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
95.730 |
88.251 |
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Other Income |
|
0.000 |
0.000 |
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Total Income |
|
95.730 |
88.251 |
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Profit/(Loss) Before Tax |
|
3.158 |
3.544 |
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Provision for Taxation |
|
0.961 |
0.105 |
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Profit/(Loss) After Tax |
|
2.197 |
3.439 |
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Total Expenditure |
|
92.572 |
84.707 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.29 |
3.90 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.30 |
4.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
5.99 |
7.89 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.58 |
1.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
8.68 |
13.09 |
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Current Ratio (Current Asset/Current Liability) |
|
|
4.60 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
- Raymonds
- West End
Bankers Charges
Report as per Registry
|
Name of the company |
DYNAFLEX PRIVATE LIMITED |
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Presented By |
DYNAFLEX PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Hypothecation
Agreement executed on dated 31.05.2005 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.000 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 |
Hypothecation of movable
plant and machinery, vehicles, consumable stores and spares, at stocks of raw
materials. Work in process, semi finished goods and finished goods, both
present and future, book debts, factory shed situated at Plot No. 321, P.O.
Baska, Baroda Hotel Express way Taluka Halot Distict, Panchmahal |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interst @ 13.25%
p.a. Margin 30% (Term
Loan) Repayable in 60
equal monthly installments of Rs. 0.033 Million plus applicable interst. Goods should be
fully insured. Bankers shall
have right to inspect the goods, book of accounts etc. |
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5) Name and Address and description of the person entitled to the charge. |
The Makarpura Industrial Estate Co-Operative Bank Limited, 75, GIDC
Estate, Makarpura, Vadodara-390010, Gujarat, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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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. |
NA |
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This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25200GJ1984PTC007018 |
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Name of the
company |
DYNAFLEX PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
12, Sampatrao Colony, R C Dutt Road, Vadodara-390005, Gujarat |
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Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Centurion Bank of
Punjab Limited, Ground Floor, Productivity House, Productivity Road,
Alkapuri, Vadodara-390007, Gujarat, India |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement of
Hypothecation of Goods, Vehicles, Plant and Machinery, Stocks and Book Debts. |
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Date of
instrument Creating the charge |
25.09.2007 |
|
Amount secured by
the charge |
Rs. 44.420
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
Terms of
Repayment Cash Credit –
Repayable on Demand Term Loan II, III
: As per Bank’s Sanction Terms Margin
Extent and
Operation of the charge The charge
created on the property shall secure total aggregate limit of Rs. 44.020 Millions
together with interest, Penal Interest, Commission, Premia on Pre-Payment,
Costs, Charges, Expenses and all other monies payable by the company to the
bank |
|
Short particulars
of the property charged |
At Factory/ Godown in Plot No. 321, P.O. Baska, Panchmahal District,
Gujarat or elsewhere 3. All Current assets. |
AS PER WEBSITE
Company Profile:
The group
started operations in the field of plastic converting in early 70’s and Company is the fourth venture which
commenced commercial operation in 1987.
Subject is promoted by a group of technocrats having vast
experience of about three decades in plastic printing and converting industry.
The company was Pioneer in the field of non laminated flexible packaging and
carrier bags and the first to introduce plastic banners in India.
Sister concerns of the company are two other firms active in
flexible packaging industry and one firm in manufacturing of the plastic
converting equipments Customer base? Domestic and Overseas:
The Company is engaged in manufacturing and sales of premium
quality, high end products for advertising, packaging and retailing
applications. The company has a highly respectable customer base in India. The
high quality products have also found acceptance in the highly quality
conscious market of USA and Europe where the company exports its goods either
directly or through Indian merchant exporters.
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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
38 |
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 |
|