MIRA
INFORM REPORT
|
Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
DHAVAL COLOUR CHEM PRIVATE LIMITED |
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Registered
Office : |
802, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.10.1993 |
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Com. Reg. No.: |
11-74606 |
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CIN No.: [Company Identification
No.] |
U24114MH1993PTC074606 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD09944E |
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PAN No.: [Permanent Account No.] |
AAACD3417F |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Trader and Importer of Machinery, Printing Ink, Transfer Paper
Florocent Pigment and Textiles Dyes related to Garment Printing |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba( 49) |
|
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 210000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well 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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Himanshu |
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Designation : |
Accounts Department |
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Date : |
22.02.2011 |
LOCATIONS
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Registered Office : |
802, |
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Tel. No.: |
91-22-40855000 |
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Fax No.: |
91-22-40855000 |
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E-Mail : |
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Website : |
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Area : |
4150 sq. ft. |
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Location : |
Owned |
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Head Office : |
4/29, S. F. No.577/2, |
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Area : |
10000 sq. ft. |
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Location : |
Rented |
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Showroom 1 : |
13, |
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Tel. No.: |
91-22-26859400 |
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Fax No.: |
91-22-26859300 |
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E-Mail : |
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Branch Office Showroom 2: |
1A, Kumar Nagar (East), III rd Street, |
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Tel. No.: |
91-421-2533265 |
DIRECTORS
|
Name : |
Mr. Dhawal Narendra Dadia |
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Designation : |
Director |
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Address : |
601, Sanskruti, |
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Date of Appointment : |
01.04.2001 |
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Name : |
Mr. Narendra Harilala Dadia |
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Designation : |
Director |
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Address : |
601, Sanskruti, |
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Qualification : |
Graduate |
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Date of Appointment : |
30.03.1994 |
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Name : |
Mrs. Kashmira Narendra Dadia |
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Designation : |
Director |
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Address : |
601, Sanskruti, |
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Qualification : |
Graduate |
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Date of Appointment : |
20.10.1993 |
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Name : |
Mr. Kishor Harilal Dadia |
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Designation : |
Director |
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Address : |
A-31, Shantivan devidas Lane, Boriwali (West), Mumbai-400 103, |
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Qualification : |
Graduate |
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Date of Appointment : |
20.10.1993 |
KEY EXECUTIVES
|
Name : |
Mr. Himanshu |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dhawal Narendra Dadia |
|
2135 |
|
Narendra Harilala Dadia |
|
3661 |
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Kashmira Narendra Dadia |
|
951 |
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Kishor Harilal Dadia |
|
1 |
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Neha Narendras Dadia |
|
1250 |
|
Manjula Kishor Dadia |
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2 |
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Total |
|
8000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of Machinery, Printing Ink, Transfer Paper Florocent
Pigment and Textiles Dyes related to Garment Printing |
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Exports : |
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Products : |
Ink and Allied Products |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash and Credit |
GENERAL INFORMATION
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Customers : |
Garments Printing |
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No. of Employees : |
100 (Office-80, Branches-20) Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Amit P. Doshi Chartered Accountants |
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Address : |
201, Bhaveshwar Complex, Vidya Vihar West, Mumbai-400 086, |
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Tel. No.: |
91-22-25146854 |
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E-Mail : |
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Associates/Subsidiaries : |
Innovation Retaile Private Limited Line of Business: Retailer Gifting Products |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000 |
Equity Shares |
Rs.100/- Each |
Rs.1.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8000 |
Equity Shares |
Rs.100/- Each |
Rs.0.800
million |
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 |
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|
|
|
|
1] Share Capital |
0.800 |
0.800 |
0.800 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
50.465 |
36.661 |
26.932 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
51.265 |
37.461 |
27.732 |
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|
LOAN FUNDS |
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1] Secured Loans |
8.954 |
7.231 |
9.098 |
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2] Unsecured Loans |
8.434 |
19.339 |
17.116 |
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TOTAL BORROWING |
17.388 |
26.570 |
26.214 |
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DEFERRED TAX LIABILITIES |
1.434 |
0.000 |
0.000 |
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TOTAL |
70.087 |
64.031 |
53.946 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
21.042 |
12.001 |
12.733 |
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Capital work-in-progress |
4.463 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
1.050 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
28.240
|
25.341 |
22.276 |
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Sundry Debtors |
49.999
|
47.236 |
46.251 |
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|
Cash & Bank Balances |
0.736
|
1.057 |
3.014 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
7.244
|
1.748 |
1.517 |
|
Total
Current Assets |
86.219
|
75.382 |
73.058 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
36.744
|
18.240 |
30.212 |
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Other Current Liabilities |
4.893
|
6.162 |
1.633 |
|
|
Provisions |
0.000 |
0.000 |
0.000 |
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Total
Current Liabilities |
41.637
|
24.402 |
31.845 |
|
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Net Current Assets |
44.582
|
50.980 |
41.213 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
70.087 |
64.031 |
53.946 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
216.021 |
159.180 |
165.357 |
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Other Income |
0.955 |
0.000 |
0.000 |
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TOTAL (A) |
216.976 |
159.180 |
165.357 |
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Sales |
140.532 |
92.947 |
107.415 |
|
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|
Selling and Administrative Expenses |
53.169 |
45.512 |
39.545 |
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TOTAL (B) |
193.701 |
138.459 |
146.960 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
23.275 |
20.721 |
18.397 |
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Less |
FINANCIAL
EXPENSES (D) |
1.737 |
2.346 |
3.605 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.538 |
18.375 |
14.792 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.389 |
2.501 |
2.435 |
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PROFIT BEFORE
TAX (E-F) (G) |
21.149 |
15.874 |
12.357 |
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Less |
TAX (H) |
7.346 |
6.145 |
4.615 |
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PROFIT AFTER TAX
(G-H) (I) |
13.803 |
9.729 |
7.742 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
36.661 |
26.932 |
19.189 |
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BALANCE CARRIED
TO THE B/S |
50.465 |
36.661 |
26.932 |
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EARNINGS IN
FOREIGN CURRENCY |
|
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|
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|
Export Earnings |
40.092 |
NA |
NA |
|
|
|
Commission Earnings |
25.472 |
NA |
NA |
|
|
TOTAL EARNINGS |
65.564 |
NA |
NA |
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IMPORTS |
40.640 |
NA |
NA |
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|
Earnings Per
Share (Rs.) |
1737 |
1228 |
- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.36
|
6.11 |
4.68 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
9.79
|
6.11 |
7.52 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.72
|
18.17 |
14.40 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.42 |
0.45 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.15
|
1.36 |
2.09 |
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
3.09 |
2.29 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
36.744
|
18.240 |
30.212 |
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U24114MH1993PTC074606 |
|
Name of the
company |
DHAVAL COLOUR
CHEM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
802, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10212617 |
|
Type of charge |
Book Debts Movable Property OTHERS Current Assets
and Moveable Fixed Assets. |
|
Particular of
charge holder |
Kotak Mahindra Bank Limited, 36-38A, Nariman Point, Mumbai-400 021, |
|
Nature of description
of the instrument creating or modifying the charge |
Supplementry Deed
of Hypothecation. |
|
Date of
instrument Creating the charge |
31.12.2010 |
|
Amount secured by
the charge |
Rs.15.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC - Floating
over the tenure of the facility. The Rate of Interest has been arrived at on
the basis of the Bank's Base Rate. Terms of
Repayment Forex Forward -
Tenor of 12 months. Margin Forex Forward -
Cash margin of 10.00% Extent and
Operation of the charge First and
exclusive charge by way of Hypothecation of Current assets and Movable fixed
assets present and future of the Borrower, in favour of Kotak Mahindra bank
as security for repayment of financial facilities granted by the Bank to the Borrower. |
|
Short particulars
of the property charged |
The whole of
Borrower's Current assets and Movable fixed assets both present and future as
described in Schedule to the Supplementry Deed of Hypothecation. |
|
Particulars of
the present modification |
Bank had granted
facilities of Rs.9.000 millions to the Borrower which was secured by way of
Hypothecation on Current assets and Moveable Fixed Assets of the company on
12/03/2010. Now bank has granted additional facility of Rs.6.000 million to
the company and the said charge is modified and extended to the increased
total facilities of Rs.15.000 million. |
Trade Reference:
·
Hindusthan Pencil
·
Camlin
Fixed Assets:
·
Motor Car
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Plant and Machinery
·
Building
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 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
49 |
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.