MIRA
INFORM REPORT
|
Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DHAMA INNOVATIONS PRIVATE LIMITED (w.e.f. 13.08.2010) |
|
|
|
|
Formerly Known
As : |
DHAMA APPAREL INNOVATIONS PRIVATE LIMITED |
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Registered
Office : |
503, Legend Apartments, H.No.3-6-493/A/503, Street # 7, Himayath
Nagar, |
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Country : |
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Financials (as
on) : |
31.03.2009 |
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|
|
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Date of
Incorporation : |
17.01.2008 |
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|
|
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Com. Reg. No.: |
01-057183 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs.0.450
million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17120AP2008PTC057183 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD8261B |
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|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Clima Ware Neck Wrap, Head Gear, Shoes,
Jacket, Haemosave System and Pain Relieving System. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
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|
|
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a company having moderate track. The management has not filed
the latest financials of the company with the government departments. As per last available financials, the company has not started its
commercial business activities. Payment terms are unknown. Initially, the company can be considered for business dealings on a
secured trade terms and conditions. |
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 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
503, Legend Apartments, H.No.3-6-493/A/503, Street # 7, Himayath
Nagar, |
|
Tel. No.: |
91-40-276204618 |
|
Mobile No.: |
91-9724081053 (Mr. Kranthi Kumar) |
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E-Mail : |
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|
Website : |
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|
Factory : |
H.No.8-5/4, Rajiv Gandhi Nagar, |
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Tel. No.: |
91-40-40209343 (At present the number is not working, faulty as per
Mr. Kranthi Kumar) |
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|
|
|
Overseas Office : |
Located at: v
|
|
Tel. No.: |
1-617-3958378 |
DIRECTORS
As on 30.09.2010
|
Name : |
Vistakula Kranthi Kiran |
|
Designation : |
Executive Director (Chief Executive Officer) |
|
Address : |
503, Legend Apartments, H.No.3-6-493/A/503, Street # 7, Himayath
Nagar, |
|
Date of Birth/Age : |
09.03.1980 |
|
Date of Appointment : |
17.01.2008 |
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DIN No.: |
01920561 |
|
|
|
|
Name : |
Urja Harshal Shah |
|
Designation : |
Independent Director |
|
Address : |
13/5, |
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Date of Birth/Age : |
11.11.1975 |
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Date of Appointment : |
06.06.2009 |
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Date of Ceasing : |
02.02.2011 |
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DIN No.: |
02675341 |
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|
|
|
Name : |
Mr. Sasha Gulu Mirchandani |
|
Designation : |
Nominee Director |
|
Address : |
D-131, |
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Date of Birth/Age : |
26.02.1972 |
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Date of Appointment : |
06.06.2009 |
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Date of Ceasing : |
02.02.2011 |
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DIN No.: |
01179921 |
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|
|
|
Name : |
Mr. Navin Kotrappa Honagudi |
|
Designation : |
Nominee Director |
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Address : |
C-3-2, Nilgiri Deonar Baug, Deonar, Mumbai – 400 088, |
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Date of Birth/Age : |
30.10.1981 |
|
Date of Appointment : |
06.06.2009 |
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Date of Ceasing : |
02.02.2011 |
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DIN No.: |
02670167 |
|
|
|
|
Name : |
Mr. Sameer Verma |
|
Designation : |
Nominee Director |
|
Address : |
P-4, N.D.S.E. Part Two, |
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Date of Birth/Age : |
21.07.1980 |
|
Date of Appointment : |
06.06.2009 |
|
Date of Ceasing : |
02.02.2011 |
|
DIN No.: |
02670178 |
|
|
|
|
Name : |
Vistakula Damayanthi |
|
Designation : |
Director |
|
Address : |
503, Legend Apartments, H.No.3-6-493/A/503, Street # 7, Himayath
Nagar, |
|
Date of Birth/Age : |
02.12.1959 |
|
DIN No.: |
01920579 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders (Equity Shares) |
|
No. of Shares |
|
Vistakula Kranthi Kiran |
|
40000 |
|
Vistakula Damayanthi |
|
5000 |
|
Total |
|
45000 |
|
Names of Shareholders (Preference Shares) |
|
No. of Shares |
|
Reliance Capital Limited, |
|
13496 |
|
Mirchandani Sasha Gulu |
|
1205 |
|
Choksi Manish Mahendra |
|
1085 |
|
Sehgal Rajesh Narayan |
|
603 |
|
Kilachand Parthiv Tanil |
|
482 |
|
Malaney Ronil Vishnu |
|
603 |
|
Choksey Prashant Girish |
|
241 |
|
Verma Sameer Pawan Kumar |
|
240 |
|
Honagudi Navin Kotrappa |
|
121 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Clima Ware Neck Wrap, Head Gear, Shoes,
Jacket, Haemosave System and Pain Relieving System. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
SVK and Associates Chartered Accountants |
|
Address : |
102, Angel Complex, Next to Hotel Oasis, Near Income Tax Under Bridge,
Off Ashram Road, Ahmedabad – 380 014, Gujarat, India |
|
Tel. No.: |
91-79-26560332 |
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Mobile No.: |
91-9825245520 |
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Fax No.: |
91-79-26560332 |
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E-Mail : |
|
|
PAN No.: |
AAGFM2562D |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 million |
|
35000 |
Preference Shares |
Rs.10/- each |
Rs.0.350 million |
|
|
Total |
|
Rs.0.950 million
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000 |
Equity Shares |
Rs.10/- each |
Rs.0.450
million |
|
18075 |
Preference Shares |
Rs.10/- each |
Rs.0.181
million |
|
|
Total |
|
Rs.0.631 million |
As on 31.03.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000 |
Equity Shares |
Rs.10/- each |
Rs.0.450
million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
0.450 |
0.450 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
(0.231) |
(0.026) |
|
|
NETWORTH |
|
0.219 |
0.424 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.429 |
0.000 |
|
|
TOTAL BORROWING |
|
0.429 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.013 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.661 |
0.424 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.152 |
0.242 |
|
|
Capital work-in-progress |
|
0.560 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.043 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.004 |
0.111 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.009 |
0.000 |
|
Total
Current Assets |
|
0.013 |
0.154 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
0.544 |
0.000 |
|
|
Other Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.055 |
0.004 |
|
Total
Current Liabilities |
|
0.599 |
0.004 |
|
|
Net Current Assets |
|
(0.586) |
0.150 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.535 |
0.032 |
|
|
|
|
|
|
|
|
TOTAL |
|
0.661 |
0.424 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Other Income |
|
0.000 |
0.000 |
|
|
|
TOTAL |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
0.026 |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
|
0.190 |
0.026 |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(0.190) |
(0.026) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.016 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(0.206) |
(0.026) |
|
|
|
|
|
|
|
|
|
|
ACCUMULATED
PROFIT/ (LOSS) {Reserves and Surplus) |
|
(0.231) |
(0.026) |
|
|
|
|
|
|
|
|
|
|
IMPORT VALUE |
|
0.122 |
0.043 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
(4.57) |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
(115.15) |
(6.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
(0.87) |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
4.69 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
0.02 |
38.50 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
This is the second year of commercial operation of the company on (Prototype
Development of heating/ cooling apparel” and the company has achieved a
turnover NIL, but the board opines for better future prospects.
FIXED ASSETS:
Tangible Assets
v Computers
v Mobile Instruments
Intangible Assets
v Patent
WEBSITE DETAILS:
MANAGEMENT
PROFILE
Kranthi Kiran
Vistakula is the young and dynamic founder and CEO of the technology and
innovation venture Subject Kranthi is the inventor of the breakthrough ClimaCon
technology, that went on to secure a patent and win numerous international
awards and accolades right since its conception. ClimaCon technology is a
unique technology incorporating novel heat transport mechanisms that can be
readily embedded into apparel and accessories to provide heating/cooling on
demand.
As the CEO of
Dhama Apparel Innovations Private Limited, Kranthi is the company's spearhead
for venture capital management, strategy formulation, business development and
product development. Currently, he finds himself in overdrive mode with the
company's oncoming August 2010 launch into retail sector with three products
that address the healthcare and sports industry.
Kranthi has also been the Co-Founder and Co-Managing Director of Intact Labs,
Kranthi's
innovative spirit was evident right since childhood through his fondness for
experimenting and questioning status quo. His ideas and skills found the
perfect nurturing ground in some of the world's best universities.
The prestigious Massachusetts Institute of Technology, Cambridge was where
Kranthi pursued his Masters degree in 'Mechanical Engineering and Technology
Policy Program', after having completed B.Tech in Biomedical Engineering from
the Jawaharlal Nehru Technological University, Hyderabad.
Despite
having acquired his learning in internationally renowned institutes halfway
across the globe, ultimately it was the love for his motherland that drew him
back to
Kranthi has won several laurels for his remarkable contributions to the field
of innovation, science and technology.
He has been a Gold
Medalist at Lockheed Martin India Innovation Growth Programs Innovator's
competition and been a winner of NASA grant for bioelectricity generation. He
has won India Innovation Pioneers Challenge in Champion of Champions category
and has been the winner of MIT 1K Warm up Business Plan Competition.
2010 has so far been a milestone year for Kranthi's illustrious journey with
the Business World Magazine crowning him ' Entrepreneur of the Year 2010 ' and
the MIT published Technology Review Magazine applauding his achievements with
their ' Innovator of the Year 2010 ' title.
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.45.20 |
|
|
1 |
Rs.73.50 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
13 |
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.