1. Summary Information
|
|
|
Country |
|
|
Company Name |
D C MILLS
PRIVATE LIMITED |
Principal Name 1 |
Mr. K J Dennis |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Dennis Sholly |
|
|
|
Registration # |
09-9988 |
|
Street Address |
No.
134/Mannanchery Panchayath, Valavanadu Kalavoor P.O. Alpauzha-688522, |
||
|
Established Date |
07.02.1996 |
SIC Code |
-- |
|
Telephone# |
-- |
Business Style 1 |
Exporter of Carpet Rugs, Door Mats and Bath Mats. |
|
Fax # |
-- |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Jute Rugs |
|
|
# of employees |
-- |
Product Name 2 |
Washable Rugs |
|
Paid up capital |
Rs.
25,000,000 |
Product Name 3 |
Coir Mats |
|
Shareholders |
Directors or relatives of directors
(100.00%) |
Banking |
State Bank of HDFC Bank Limited |
|
Public Limited Corp. |
-- |
Business Period |
|
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
- Subsidiaries |
Country
|
Company
Name |
D.C Mills |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
409,608,000 |
Current Liabilities |
129,871,000 |
|
Inventories |
574,750,000 |
Long-term Liabilities |
870,882,000 |
|
Fixed Assets |
473,284,000 |
Other Liabilities |
-- |
|
Deferred Assets |
-- |
Total Liabilities |
1,000,753,000 |
|
Invest& other Assets |
301,288,000 |
Retained Earnings |
733,177,000 |
|
|
|
Net Worth |
758,177,000 |
|
Total Assets |
1,758,930,000 |
Total Liab. & Equity |
1,758,930,000 |
|
Total Assets (Previous Year) |
1,722,574,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
938,800,000 |
Net Profit |
-- |
|
Sales(Previous yr) |
1,037,500,000 |
Net Profit(Prev.yr) |
-- |
MIRA
INFORM REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
D C MILLS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
No. 134/Mannanchery Panchayath, Valavanadu Kalavoor P.O.
Alpauzha-688522, Kerala |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
07.02.1996 |
|
|
|
|
Com. Reg. No.: |
09-9988 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U25199KL1996PTC009988 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Exporter of Carpet Rugs, Door Mats and Bath Mats. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3032708 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual 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/ Corporate Office : |
No. 134/Mannanchery Panchayath, Valavanadu Kalavoor P.O.
Alpauzha-688522, |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
P.B. No. 169, Cocodale, M.O. Ward, Alleppey-688001, |
|
Tel. No.: |
91-477-2249902/ 2249901/ 2259695/ 2251016/ 2253166 |
|
Fax No.: |
91-477-2259695/ 2251201/ 2251301 |
DIRECTORS
As on 27.09.2010
|
Name : |
Mr. K J Dennis |
|
Designation : |
Director |
|
Address : |
Coco Dale, M.O.Ward, Alappuzha-688011, |
|
Date of Birth/Age : |
09.10.1956 |
|
Date of Appointment : |
07.02.1996 |
|
|
|
|
Name : |
Mr. Dennis Sholly |
|
Designation : |
Managing Director |
|
Address : |
Coco Dale, M.O.Ward, Alappuzha-688011, |
|
Date of Birth/Age : |
04.11.1957 |
|
Date of Appointment : |
07.02.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
K J Dennis |
|
1750000 |
|
Dennis Sholly |
|
750000 |
|
Total |
|
2500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2010
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of Carpet Rugs, Door Mats and Bath Mats. |
|
|
|
|
Products: |
·
Coir Mats ·
Washable Rugs ·
Jute Rugs ·
Sisal Rugs ·
Bamboo Rugs ·
Coir Rugs |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of ·
HDFC Bank Limited ·
ICICI Bank Limited |
|||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N Chandrasekharan Pillai Chartered Accountant N.C. Pillai and Company Chartered Accountant |
|
Address : |
Lakshmi, Pazhaveedu P.O.l, Alappuzha-688009, |
|
Tel. No.: |
91-477-2262526 |
|
|
|
|
Group Concern: |
·
D.C Mills ·
Detilish Rugs ·
Dennis Steel (Private) Limited |
|
|
|
|
Subsidiaries : |
·
Euro Home Interiors FZE, Sharjah ·
D.C Mills ·
American Mats |
CAPITAL STRUCTURE
As on
31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
2500000 |
Equity Shares |
Rs. 10/- each |
Rs. 25.000 Millions |
||
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 |
25.000 |
25.000 |
25.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
733.177 |
731.753 |
780.243 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
758.177 |
756.753 |
805.243 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
867.853 |
847.430 |
961.381 |
|
|
2] Unsecured Loans |
3.029 |
0.230 |
0.318 |
|
|
TOTAL BORROWING |
870.882 |
847.660 |
961.699 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.921 |
0.921 |
|
|
|
|
|
|
|
|
TOTAL |
1629.059 |
1605.334 |
1767.863 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
473.284 |
454.241 |
412.283 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
301.288 |
320.457 |
320.233 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
574.750
|
526.194 |
525.508 |
|
|
Sundry Debtors |
266.347
|
229.978 |
251.041 |
|
|
Cash & Bank Balances |
36.668
|
0.000 |
258.755 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
106.593
|
191.704 |
64.923 |
|
Total
Current Assets |
984.358
|
947.876 |
1100.227 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
116.840
|
111.897 |
57.409 |
|
|
Provisions |
13.031
|
5.343 |
7.471 |
|
Total
Current Liabilities |
129.871
|
117.240 |
64.880 |
|
|
Net Current Assets |
854.487
|
830.636 |
1035.347 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1629.059 |
1605.334 |
1767.863 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Turnover |
938.800 |
1037.500 |
1062.700 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
2.600 |
(46.100) |
24.300 |
|
Provision for Taxation |
-- |
-- |
2.400 |
|
Profit/(Loss) After Tax |
-- |
-- |
21.900 |
|
|
|
|
|
|
Earnings Per Share (Rs.) |
1.05 |
-- |
8.76 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
0.27
|
(4.44) |
2.29
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.17
|
(3.28) |
1.61
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
(0.06) |
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.31
|
1.27 |
1.27
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.57
|
8.08 |
16.96
|
LOCAL AGENCY FURTHER INFORMATION
Form 8
|
Corporate
identity number of the company |
U25199KL1996PTC009988 |
||||||
|
Name of the
company |
D C MILLS PRIVATE LIMITED |
||||||
|
Address of the registered
office or of the principal place of
business in |
No. 134/Mannanchery Panchayath, Valavanadu Kalavoor P.O.
Alpauzha-688522, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Immovable
property Book debts Movable property |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
1. Letter
regarding the grant of individual limit within the overall limit 2. Supplemental
agreement of loan for increase in the overall limit 3. Supplemental
agreement of hypothecation of goods and assets 4. Mortgage
letter |
||||||
|
Date of instrument
Creating the charge |
20.09.2010 |
||||||
|
Amount secured by
the charge |
Rs. 1396.500
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest 0.50% below Base
Rate (7.50%) ie.7.00% (inclusive of Interest Subvention) Terms of
Repayment As per repayment
schedule attached separately in the earlier instruments. Margin RM Domestic &
Imported : 25% SIP : 25% FG : 25% Receivables
(Cover 365 days) : 25% Letter of Credit
: 20% BG : 20% Extent and Operation
of the charge Continuing Charge
till the full repayment of amount secured by the charge. Others Nil |
||||||
|
Particulars of
the property charged |
Goods and assets
and book debts of the Company. Property of the extent
3 Acres 96.364 cents situated at |
||||||
|
Date of
instrument modifying the charge |
30.06.2009 |
||||||
|
Particulars of
the present modification |
The existing
charge on the described properties has been extended to the enhanced amount
of Rs.1396.500 millions w.e.f 20.09.2010. |
Bankers Charges
Report as per Registry
|
Name of the company |
D C MILLS PRIVATE LIMITED |
||||||||||||||||||||||||||||||
|
Presented By |
Byju K, Company Secretary |
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|
1) Date and description of instrument creating the change |
Agreement of Hypothecation of Goods and Assets in Form C.2 dated 11.04.1996 |
||||||||||||||||||||||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 58.900 Millions (Letter of Credit Rs. 29.400 Millions, Term Loan Rs. 29.500 Millions) |
||||||||||||||||||||||||||||||
|
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 |
All present and future goods, book-debts and all other movable assets of the borrower including documents of title to goods, outstanding monies, receivables including receivables by way of cash assistance and / or cash incentive under the Cash Incentives Scheme or any other Scheme claims including claims by way of refund of customs/ excise duties under the Duty Drawback Credit Scheme or any other scheme , bills, invoices, documents, contracts, insurances policies, guarantees, engagements, securities, investment and rights and the present machinery PVC tuffed coir products manufacturing line and all future machinery belonging to the borrower wherever or of the Bank or any third party whether in possession of the borrower or of the Bank or of any third party whether in India or elsewhere throughout the world (including all such goods, other moveable assets as may be in course of shipment, transit or delivery). |
||||||||||||||||||||||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Interest 2.5% above State Bank Advance rate with a minimum of 19.75% p.a inclusive of interest tax. Loan repayable in 45 monthly installments or Rs. 0.640 Million and last monthly installment or Rs. 0.700 Million |
||||||||||||||||||||||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
State Bank of |
||||||||||||||||||||||||||||||
|
6) Date and brief description of instrument modifying the charge |
1. Supplemental Agreement hypothecation of Goods and Assets for increase in credit limit in Form C.2-A dated 0303.2005. 2. Letters regarding the grant of Individual Limits with in the overall limit in Form C.5 dated 03003.2005 |
||||||||||||||||||||||||||||||
|
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. |
On 03.03.2005, the existing loan limit of Rs. 509.600 Millions has been enhanced to Rs. 620.000 Millions as follows.:
The existing charge on all presents and future goods, book-debts and other movable assets were extended to the enhanced loan limits of Rs. 620.000 Millions |
|
Corporate
identity number of the company |
U25199KL1996PTC009988 |
|
Name of the
company |
D C MILLS PRIVATE
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
No. 134/Mannanchery Panchayath, Valavanadu Kalavoor P.O.
Alpauzha-688522, |
|
This form is for |
Modification of
Charge |
|
Charge identification
number of the modified |
90023882 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
1. Letter
regarding overall limit dated 30.06.2009 2. Supplemental
agreement of hypothecation dated 30.06.2009 3. Supplemental
agreement of loan dated 30.06.2009 |
|
Date of
instrument Creating the charge |
30.06.2009 |
|
Amount secured by
the charge |
Rs. 1226.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest WC (EPC/FBD) :
4.75% below SBAR (Min. 7.50%) inclusive of interest subvention. WCTL : 1.50%
below SBAR (Min. 10.75%) (upto 31.03.2011). Thereafter at extant card rate. Terms of
Repayment As per repayment
schedule attached separately. Margin RM Domestic and
Imported : 25% SIP : 25% FG : 25% Receivables
(Cover 365 days) : 25% Letter of Credit
: 20% BG : 20% Extent and Operation
of the charge Continuing Charge
till the full repayment of amount secured by the charge. |
|
Short particulars
of the property charged |
Goods and assets
and book debts of the Company. |
|
Description of
the property charged indicating whether it is a charged on |
Immovable
properties |
|
Date of
instrument modifying the charge |
22.09.2007 |
|
Particulars of
the present modification |
The existing
charge on the described properties has been extended to the enhanced amount of
Rs.122,65,00,000/- w.e.f 30.06.2009. |
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.73.07 |
|
Euro |
1 |
Rs.61.41 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
|
|
|
--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 |
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.