MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
Note : The Registered office address of the company
has been shifted from F-4, Udyog Nagar, Rohtak Road, New Delhi – 110041, Delhi to present
address w.e.f. 01.06.2009.
IDENTIFICATION DETAILS
|
Name : |
DHRUV INDUSTRIES LIMITED |
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|
|
|
Registered
Office : |
55-B, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of Incorporation
: |
30.01.1995 |
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Com. Reg. No.: |
55-064814 |
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|
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CIN No.: [Company Identification
No.] |
U74899DL1995PLC064814 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELD03911F |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
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|
Line of Business
: |
Manufacturer of
Electronic Capacitor Grade Metalized Polypropylene Film Et Polyester Film
which is used as Raw Material for manufacturing of electronic and electrical capacitors. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 520000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Trade
relations are fair. Business is active. Payments are reported to be slow but
correct. The company can be considered for business dealings with some slight
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
55-B, |
|
Tel. No.: |
91-11-25471530 / 25473791 |
|
Fax No.: |
91-11-25474967 |
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E-Mail : |
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Website : |
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Works and Sales : |
Plot No. 17-22 EHTP, Sector 34, Gurgaon – 122001, |
|
Tel. No.: |
91-124-2371345 / 2372176 / 2372177 |
|
Fax No.: |
91-124-2372137 |
DIRECTORS
AS ON : 11.08.2010
|
Name : |
Mr. Ramesh Chand Kathuria |
|
Designation : |
Managing Director |
|
Address : |
1/11, Shanti Niketan, |
|
Date of Birth/Age : |
15.10.1948 |
|
Date of Appointment : |
30.01.1995 |
|
|
|
|
Name : |
Mr. Tanuj Kathuria |
|
Designation : |
Whole Time Managing Director |
|
Address : |
1/11, Shanti Niketan, |
|
Date of Birth/Age : |
24.01.1976 |
|
Date of Appointment : |
30.01.1995 |
|
|
|
|
Name : |
Mr. Dhruv Kathuria |
|
Designation : |
Director |
|
Address : |
1/11, Shanti Niketan, |
|
Date of Birth/Age : |
28.12.1985 |
|
Date of Appointment : |
30.09.2004 |
|
|
|
|
Name : |
Mr. Chanderjit Singh Jhala |
|
Designation : |
Director |
|
Address : |
C-301, Defence Colony, |
|
Date of Birth/Age : |
05.10.1971 |
|
Date of Appointment : |
01.11.2002 |
|
|
|
|
Name : |
Mr. Gautam Budh Mehra |
|
Designation : |
Director |
|
Address : |
D-372, Defence Colony, |
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Date of Birth/Age : |
24.09.1948 |
|
Date of Appointment : |
20.12.2009 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON : 11.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Ramesh Chander Kathuria |
|
2541166 |
|
Norma Steel and Allyos Private Limited, |
|
125000 |
|
Tanuj Kathuria |
|
1464400 |
|
Ramesh Chander Kathuria and Sons (HUF), |
|
1737693 |
|
Norma Investment Private Limited, |
|
1847800 |
|
Dhruv Kathuria |
|
1158843 |
|
Vinod Kathuria |
|
10 |
|
Parul Kathuria |
|
625048 |
|
|
|
10 |
|
Aditi Kathuria |
|
30 |
|
|
|
|
|
Total |
|
9500000 |
AS ON : 11.08.2010
|
Category |
Percentage |
|
|
|
|
Bodies corporate |
20.77 |
|
Directors or relatives of Directors |
79.23 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Capacitor Grade Metalized Polypropylene
Film Et Polyester Film which is used as Raw Material for manufacturing of
electronic and electrical capacitors. |
|
|
|
PRODUCTION STATUS (AS ON 31.03.2010 )
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Metallised Film |
Kgs. |
1300000 |
1168000 |
-- |
|
Polyster |
Kgs. |
-- |
-- |
24410 |
|
Polypropylene |
Kgs. |
-- |
-- |
658176 |
|
Polypropylene (Job Work) |
Kgs. |
-- |
-- |
148361 |
|
|
|
|
|
|
|
Total |
|
|
|
830947 |
GENERAL INFORMATION
|
Bankers : |
Oriental Bank Of
Commerce, Industrial Branch, H-15, Connaught Circus, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Arun K. Gupta and Associates Chartered Accountant |
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Address : |
D-58, East Of Kailash, |
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Related Parties : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8500000 |
Equity Shares |
Rs.10/- each |
Rs.85.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8500000 |
Equity Shares |
Rs.10/- each |
Rs.85.000
Millions |
|
|
|
|
|
AS ON 11.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9500000 |
Equity Shares |
Rs.10/- each |
Rs.95.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9500000 |
Equity Shares |
Rs.10/- each |
Rs.95.000
Millions |
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|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
85.000 |
85.000 |
85.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
44.575 |
38.758 |
32.230 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
129.575 |
123.758 |
117.230 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
99.954 |
106.776 |
87.551 |
|
|
2] Unsecured Loans |
8.387 |
6.546 |
10.744 |
|
|
TOTAL BORROWING |
108.341 |
113.322 |
98.295 |
|
|
DEFERRED TAX LIABILITIES |
6.900 |
11.249 |
14.940 |
|
|
|
|
|
|
|
|
TOTAL |
244.816 |
248.329 |
230.465 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
117.547 |
121.179 |
137.603 |
|
|
Capital work-in-progress |
0.138 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
17.096 |
7.198 |
1.380 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
49.105
|
58.691 |
37.696 |
|
|
Sundry Debtors |
61.017
|
63.390 |
53.721 |
|
|
Cash & Bank Balances |
8.691
|
23.035 |
7.805 |
|
|
Other Current Assets |
1.220
|
1.338 |
1.094 |
|
|
Loans & Advances |
35.568
|
59.965 |
46.438 |
|
Total
Current Assets |
155.601
|
206.419 |
146.754 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Other Current Liabilities |
35.195
|
54.348 |
49.580 |
|
|
Provisions |
10.371
|
32.119 |
5.721 |
|
Total
Current Liabilities |
45.566
|
86.467 |
55.301 |
|
|
Net Current Assets |
110.035
|
119.952 |
91.453 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.029 |
|
|
|
|
|
|
|
|
TOTAL |
244.816 |
248.329 |
230.465 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
|
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
269.441 |
301.759 |
261.116 |
|
|
|
Other Income |
19.850 |
22.175 |
13.270 |
|
|
|
TOTAL (A) |
289.291 |
323.934 |
274.386 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
182.646 |
181.286 |
150.674 |
|
|
|
Power and Fuel |
16.133 |
15.833 |
16.177 |
|
|
|
Employees Remuneration and Benefits |
13.153 |
10.847 |
8.575 |
|
|
|
Operating and other Administrative Expenses |
32.927 |
41.692 |
24.924 |
|
|
|
Increase/Decrease in Stock |
(5.432) |
(0.904) |
(1.237) |
|
|
|
Preliminary Expenses W/Off |
0.000 |
0.029 |
0.029 |
|
|
|
Prior Period Adjustments |
0.152 |
0.495 |
3.940 |
|
|
|
Provision for Diminution in the value of long term investments |
0.000 |
1.384 |
0.000 |
|
|
|
Cost of Packing Material and Consumables |
0.000 |
0.000 |
23.314 |
|
|
|
Provision for Doubtful Debts W/Back |
0.000 |
0.000 |
(1.024) |
|
|
|
TOTAL (B) |
239.579 |
250.662 |
225.372 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.712 |
73.272 |
49.014 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
16.450 |
17.860 |
17.156 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
33.262 |
55.412 |
31.858 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.308 |
21.614 |
20.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
10.954 |
33.798 |
10.947 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
5.138 |
12.354 |
3.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
5.816 |
21.444 |
7.535 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.258 |
32.230 |
24.695 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
42.075 |
36.258 |
32.230 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
117.307 |
205.273 |
171.551 |
|
|
TOTAL EARNINGS |
117.307 |
205.273 |
171.551 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
183.295 |
145.005 |
130.839 |
|
|
|
Stores & Spares |
31.786 |
14.749 |
16.124 |
|
|
TOTAL IMPORTS |
215.081 |
159.754 |
146.963 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.68 |
2.52 |
0.89
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.01
|
6.61 |
2.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.06
|
11.20 |
4.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.01
|
10.31 |
3.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.27 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18
|
0.96 |
1.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.41
|
2.38 |
2.65 |
LOCAL AGENCY FURTHER INFORMATION
NATURE OF
OPERATIONS :
The Company is
engaged in the business of manufacturing of Electronic Capacitor Grade Metallised
Polypropylene Film Et Polyester Film which is used as Raw Material for
manufacturing of electronic and electrical capacitors.
FORM : 8
|
Corporate
identity number of the company |
U74899DL1995PLC064814 |
|
Name of the
company |
DHRUV INDUSTRIES
LIMITED |
|
Address of the
registered office or of the principal place of business in |
55-B, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property Movable property
(not being pledge) Others |
|
Particular of
charge holder |
Oriental Bank Of
Commerce, Industrial Branch, H-15, Connaught Circus, |
|
Nature of
instrument creating charge |
Fresh Term Loan
of Rs. 130.000 millions CC (Hyp) reduced
from Rs. 55.000 millions to Rs. 50.000 millions Packing Credit enhanced from Rs. 17.000
millions Rs. 50.000 millions Letter of Credit (import/ Inland) increased from
Rs. 87.000 millions to Rs. 110,000 millions and renewal of
Personal Guarantee of Rs. 2.500 millions Equitable Mortgage of Plot No.:
17-22, EHTP, Sector - 34, Gurgaon Hypothecation of P and M and Other Assets
of Company, both present and future |
|
Date of
instrument Creating the charge |
14/09/2010 |
|
Amount secured by
the charge |
Rs. 342.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest : CASH CREDIT -
BR+4%, i.e. 12% TERM LOAN -
BR+4%, i.e. 12% Terms of repayment : Term Loan 60
Equal Monthly Instalment Margin : Term Loan 40% On
Cons. Of Building, 25% On Plant and Mach. Cash Credit 25% Packing Credit 25%
Letter Of Credit 10% Cash Margin Guarantee 50% On Financial and 25% On
Performance Extent and operation of the charge : 100% Other Nil |
|
Short particulars
of the property charged (Including location of the property) |
|
|
Date of
instrument modifying the charge |
10/09/2008 |
|
Particulars of
the present modification |
Increase in total
limit from Rs.122.000 millions to Rs.
342.500 millions |
FIXED ASSETS :
- Land
- Buildings
- Plant and
Machinery
- Air
Conditioners
- Vehicles
- Furniture and
Fixtures
- Office Equipments
- Comm.
Vehicles
- Tools and
Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 44.48 |
|
|
1 |
Rs. 72.36 |
|
Euro |
1 |
Rs. 64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
|
32 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.