MIRA INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIVYA GLOBAL PRIVATE LIMITED |
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Registered Office : |
501, Kakad Market, 5th Floor, 306, Kalbadevi Road, Mumbai –
400 002, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.05.2005 |
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Com. Reg. No.: |
153074 |
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CIN No.: [Company
Identification No.] |
U17120MH2005PTC153074 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD12780F |
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PAN No.: [Permanent
Account No.] |
AACCD1773E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Garments. |
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 190000 |
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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 and reputed company having satisfactory track.
Trade relations are fair. Business is active. Payments are reported as
usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
|
Name : |
Mrs. Neeta |
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Designation : |
Accounts Executive |
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Date : |
20.09.2008 |
LOCATIONS
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Registered Office : |
501, Kakad Market, 5th Floor, 306, Kalbadevi Road, Mumbai –
400 002, Maharashtra, India |
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Tel. No.: |
91-22-22092922 / 66608420 / 22017448 |
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Fax No.: |
91-22-66608419 / 22061421 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
101 and 204, A to Z Industrial Estate, Bh Peninsula Buss Park,
Ganpatrao Kadam Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India |
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Tel. No.: |
91-22-24942850 / 24941144 / 24941155 |
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Fax No.: |
91-22-66608419 |
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Factory : |
Saji Pura, Narol, Ahmedabad, Gujarat, India |
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Tel No.: |
91-79-25714060 |
DIRECTORS
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Name : |
Mrs. Saroj Siraslewala |
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Designation : |
Director |
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Address : |
142, Monalisa Apartment, 10, Bomanji Petit Road, Mumbai – 400 036,
Maharashtra, India |
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Date of Birth/Age : |
20.10.1957 |
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Name : |
Mrs. Vijaylaxmi Siraslewala |
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Designation : |
Director |
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Address : |
143, Monalisa Apartment, 10, Bomanji Petit Road, Mumbai – 400 036,
Maharashtra, India |
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Date of Birth/Age : |
19.09.1954 |
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Name : |
Mr. Nandlal J Siraslewala |
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Designation : |
Director |
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Name : |
Mr. Sitaram Siraslewala |
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Designation : |
Director |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
List of Allotment As on 27.03.2006
|
Names of Allottees |
No. of Shares |
|
Nandlal Jaydayal Siraslewala |
10000 |
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Nandlal and Sons – HUF |
10000 |
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Total |
20000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2007)
|
Category |
Percentage |
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Other top fifty (50) shareholders |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Garments. |
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Exports : |
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Countries : |
·
European Countries ·
North America ·
South America ·
Western Europe ·
Eastern Europe ·
Eastern Asia ·
Southeast Asia ·
Mid East ·
Africa ·
Oceania |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) |
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Purchasing : |
Credit (30 days / 60 days / 90 days) |
GENERAL
INFORMATION
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No. of Employees : |
35 |
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Bankers : |
·
HSBC Bank Limited 52/60, Mahatma Gandhi Road, P O Box 18, Mumbai
– 400 001, Maharashtra, India ·
Standard
Chartered Bank 270, Dr. D N Road, Fort, Mumbai – 400 001, Maharashtra, India |
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Facilities : |
CC Rs.40.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mohanlal Jain and Company Chartered Accountants |
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Address : |
Chartered House, Ground Floor, Office No. 10, Dr. C H Street, Marine
Lines, Mumbai – 400 002, Maharashtra, India
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Associates/Subsidiaries : |
·
Sunil Kumar Ramawtar Textiles Private Limited CIN
No.: U17120MH1992PTC067787 ·
Mayank Processors Private Limited CIN
No.: U17119GJ1994PTC023452 Address
: Saji Pura, Narol, Ahmedabad, Gujarat, India Tel
No.: 91-79-25714060 |
CAPITAL STRUCTURE
(As on 30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1020000 |
Equity Shares |
Rs.10/- each |
Rs.10.200
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 |
|
10.200 |
10.200 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
27.164 |
12.291 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
37.364 |
22.491 |
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LOAN FUNDS |
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1] Secured Loans |
|
145.888 |
100.375 |
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2] Unsecured Loans |
|
92.633 |
95.593 |
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TOTAL BORROWING |
|
238.521 |
195.968 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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275.885 |
218.459 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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32.975 |
33.912 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
26.797 |
8.658 |
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DEFERREX TAX ASSETS |
|
0.110 |
0.110 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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139.465 |
108.107 |
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Sundry Debtors |
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38.244 |
35.473 |
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Cash & Bank Balances |
|
21.605 |
16.228 |
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Other Current Assets |
|
9.384 |
30.272 |
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Loans & Advances |
|
50.795 |
55.353 |
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Total
Current Assets |
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259.493 |
245.433 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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41.442 |
62.519 |
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Provisions |
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2.781 |
7.351 |
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Total
Current Liabilities |
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44.223 |
69.870 |
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Net Current Assets |
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215.270 |
175.563 |
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MISCELLANEOUS EXPENSES |
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0.733 |
0.216 |
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TOTAL |
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275.885 |
218.459 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
561.393 |
578.095 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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561.393 |
578.095 |
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Profit/(Loss) Before Tax |
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18.423 |
16.705 |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
18.423 |
16.705 |
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Export Turnover |
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510.847 |
538.185 |
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Expenditures : |
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Interest |
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8.360 |
6.127 |
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Depreciation & Amortization |
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5.134 |
3.305 |
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Other Expenditure |
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529.476 |
551.958 |
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Total Expenditure |
|
542.970 |
561.390 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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3.28 |
2.89 |
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Net Profit Margin (PBT/Sales) |
(%) |
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3.28 |
2.89 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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6.30 |
5.98 |
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Return on Investment (ROI) (PBT/Networth) |
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0.49 |
0.74 |
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Debt Equity Ratio (Total Liability/Networth) |
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7.57 |
11.82 |
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Current Ratio (Current Asset/Current Liability) |
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5.87 |
3.52 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
- Ambaji Textile – Rajasthan
- Super Synthetic – Madhya Pradesh
Form No. 8
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Name of the company |
DIVYA GLOBAL PRIVATE LIMITED |
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Presented By |
Standard
Chartered Bank 270, Dr. D N
Road, Fort, Mumbai – 400 001, Maharashtra, India |
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1) Date and description of instrument creating the change |
Agreement of
Hypothecation of Machinery (On Exclusive Charge) and Agreement of
Hypothecation of Machinery (On Pari Passu Basis) both dated 20.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
INR 7.500
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 |
Exclusive Charge by
way of Hypothecation on the plant and machinery’s of Agreement of
Hypothecation of Machinery Pari Passu first
charge on movable plant and machinery Agreement of Hypothecation of Machinery
(On Pari Passu Basis) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Limit Type – Term
Loan Description –
Term Loan for expansion project. Tenor – Maximum 5
Years Repayment – To be
payable in 19 equal quarterly installments commencing after a moratorium of
three months. Interest – At the
rate as negotiated with and agreed by the Bank, payable monthly in arrears or
at the maturity of the tenor whichever is earlier. The rate of interest is
subject to change without prior notice at the discretion of the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Standard
Chartered Bank 270, Dr. D N
Road, Fort, Mumbai – 400 001, Maharashtra, India |
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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 |
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Corporate
identity number of the company |
U17120MH2005PTC153074 |
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Name of the
company |
DIVYA GLOBAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
501, Kakad Market, 5th Floor, 306, Kalbadevi Road, Mumbai –
400 002, Maharashtra, India |
|
This form is for |
Creation of
charge |
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Type of charge |
·
Book debts ·
Others o
Stock of Raw
Material, WIP, Finished Goods |
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Particular of
charge holder |
HSBC Bank Limited 52/60, Mahatma Gandhi Road, P O Box 18, Mumbai – 400 001, Maharashtra,
India |
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Nature of
instrument creating charge |
Hypothecation of
all the Company’s stock-in-trade both present and future, including stocks of
raw material, work in progress, spare and stores and finished, etc. |
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Date of
instrument Creating the charge |
18.05.2007 |
|
Amount secured by
the charge |
Rs.35.000
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest As may be stipulated by Bank from time to time. ·
Terms of
repayment On Demand ·
Margin The value of charged goods plus the value of the said book debts shall
at all times be sufficient to provide a reasonable margin of security over
and above the balance for the time being at debit of the said current account
(including interest payable thereon but bot yet debited to the account.) ·
Extent and
operation of the charge The charge is upto an extent of Rs.35.000 millions plus interest, charges and costs and the
amount is secured against 1.
All the
Company’s stock-in-trade both present and future, including stocks of raw
material, work-in-progress, spares, etc and 2.
All the
Company’s present and future book debts, outstanding monies, receivables,
claims due and owing or which may at any time become due and owing. |
|
Particulars of
the property charged |
·
All the Company’s
stock-in-trade both present and future, including stocks of raw material,
work-in-progress, spares, etc and whether stored in the company’s factory,
godown or premises or in the godowns or premises of the Company’s agents or
representatives or held in any bounded godown or warehouse in Mumbai or wheresover in India. ·
All the
Company’s present and future book debts, outstanding monies, receivables,
claims due and owing or which may at any time become due and owing. |
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.46.32 |
|
UK Pound |
1 |
Rs.83.57 |
|
Euro |
1 |
Rs.65.90 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|