MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
D D SHAH FRAGRANCES PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
11.01.1990 |
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Com. Reg. No.: |
054987 |
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CIN No.: [Company Identification
No.] |
U24240MH1990PTC054987 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Natural
Essential Oils, Flavours and
Aroma Chemicals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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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 600000 |
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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 company having satisfactory track.
Financials of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular 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
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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 |
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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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22850577 upto 80 |
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Fax No.: |
91-22-22850581 |
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E-Mail : |
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Website : |
DIRECTORS
(AS ON 30.09.2010)
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Name : |
Mr. Shailesh Dwarkadas Shah |
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Designation : |
Director |
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Address : |
801-802, Sankalp, 18, |
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Date of Birth/Age : |
16.05.1955 |
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Date of Appointment : |
01.05.1996 |
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Name : |
Mr. Sunil Dwarkadas Shah |
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Designation : |
Director |
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Address : |
13 B, Vaibhav, |
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Date of Birth/Age : |
06.07.1965 |
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Date of Appointment : |
11.01.1990 |
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Name : |
Ms. Bina Sunil Shah |
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Designation : |
Director |
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Address : |
13 B, Vaibhav, |
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Date of Birth/Age : |
05.12.1968 |
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Date of Appointment : |
01.05.1996 |
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Name : |
Mrs. Harsha Shailesh Shah |
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Designation : |
Director |
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Address : |
801-802, Sankalp, 18, |
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Date of Birth/Age : |
17.01.1957 |
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Date of Appointment : |
01.05.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Sunil Dwarkadas Shah |
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49828 |
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Harsha Shailesh Shah |
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236 |
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Shailesh Dwarkadas Shah (HUF) |
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49790 |
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Saumil Shailesh Shah |
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65 |
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Pushpa Dwarkadas Shah |
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1 |
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Total |
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99920 |
(AS ON 30.09.2010)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.000 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Natural
Essential Oils, Flavours and
Aroma Chemicals. |
PRODUCTION STATUS (AS ON 31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Perfumery Compounds and Essential Oils, Flavours and Fragrances etc. |
Kgs. |
NA |
165,000 |
287,017 |
GENERAL INFORMATION
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Bankers : |
· Citi Bank NA Trent House, 2nd Floor, G Block, Plot No.c-60, Bandra Kurla
complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A. H. Desai and Associates Chartered Accountant |
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Address : |
Pashwadeep, 2nd Floor, 140/142 Shamaldas Gandhi Marg,
Mumbai – 400002, |
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Tel/ Fax No.: |
91-22-22081484 |
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Mobile No.: |
91-9320422777 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Share |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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99920 |
Equity Share |
Rs.10/- each |
Rs.0.999
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.999 |
0.999 |
0.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
156.676 |
148.463 |
144.750 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
157.675 |
149.462 |
145.749 |
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LOAN FUNDS |
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1] Secured Loans |
8.886 |
0.000 |
0.000 |
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2] Unsecured Loans |
55.525 |
18.407 |
0.000 |
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TOTAL BORROWING |
64.411 |
18.407 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.086 |
167.869 |
145.749 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
92.904 |
38.441 |
35.501 |
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Capital work-in-progress |
0.000 |
46.313 |
0.000 |
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INVESTMENT |
4.596 |
4.596 |
4.612 |
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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 |
106.956
|
62.489 |
51.552 |
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Sundry Debtors |
39.945
|
23.397 |
23.825 |
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Cash & Bank Balances |
8.705
|
4.089 |
6.115 |
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Other Current Assets |
0.000
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0.000 |
3.243 |
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Loans & Advances |
23.377
|
17.281 |
27.067 |
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Total
Current Assets |
178.983
|
107.256 |
111.802 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
19.344
|
0.674 |
0.000 |
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Other Current Liabilities |
32.718
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28.063 |
6.166 |
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Provisions |
2.335
|
0.000 |
0.000 |
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Total
Current Liabilities |
54.397
|
28.737 |
6.166 |
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Net Current Assets |
124.586
|
78.519 |
105.636 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
222.086 |
167.869 |
145.749 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
205.173 |
171.663 |
200.287 |
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Other Income |
NA |
7.567 |
6.787 |
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TOTAL (A) |
NA |
179.230 |
207.074 |
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Less |
EXPENSES |
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Increase/ (decrease) In stock) |
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(3.264) |
(7.763) |
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Materials Cost |
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129.747 |
149.560 |
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Employees Remuneration and Benefit |
|
6.763 |
6.275 |
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Excise duty |
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14.088 |
28.088 |
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Sales Tax |
|
0.037 |
0.019 |
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Other Expenses |
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15.583 |
11.191 |
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TOTAL (B) |
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162.954 |
187.370 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
16.276 |
19.704 |
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Less |
FINANCIAL
EXPENSES (D) |
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0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
16.276 |
19.704 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3.516 |
2.749 |
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PROFIT BEFORE
TAX (E-F) (G) |
22.216 |
12.760 |
16.955 |
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Less |
TAX (H) |
7.000 |
9.047 |
2.330 |
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PROFIT AFTER TAX
(G-H) (I) |
15.216 |
3.713 |
14.625 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.945 |
2.232 |
2.607 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
5.000 |
5.000 |
15.000 |
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Dividend (Including Dividend Tax) |
7.003 |
0.000 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
4.158 |
0.945 |
2.232 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
18.716 |
37.429 |
55.246 |
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TOTAL EARNINGS |
18.716 |
37.429 |
55.246 |
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IMPORTS |
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Raw Materials |
10.936 |
16.446 |
26.989 |
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TOTAL IMPORTS |
10.936 |
16.446 |
26.989 |
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Earnings Per
Share (Rs.) |
152.28 |
108.43 |
146.35 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA
|
2.07 |
7.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
10.83
|
7.43 |
8.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.17
|
8.76 |
11.51 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.09 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.75
|
0.32 |
0.04 |
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Current Ratio (Current Asset/Current Liability) |
|
3.29
|
3.73 |
18.13 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The
Company completed a renovation and extension of the factory building at Navi
Mumbai. The said building is now leased to a Multi National Company.
The
export turnover of the company was satisfactory .and the exported goods having
a total FOB value of Rs.18.716 Millions.
Sales
for the year amounted to Rs.205.173 Millions
Gross
Fixed Assets as on 31-3-2009 were Rs134.524 Millions
FIXED
ASSETS:
·
· Factory
· Plant and Machinery
· Electrical Installations
· Air Conditioners
· Furniture and Fixtures
· Motor Car
· Scooter
· Cycle
· Computers
· Mobile Phone
WEBSITE DETAILS:
PROFILE:
Established in 1955 as a trading venture, D. D. Shah
Essential Oil Company (DDS) today is
DDS pioneered the cultivation of Peppermint and Spearmint
Oils in
DDS has stood for its four principles - Integrity, Purity, Consistency and Customer
Satisfaction. They combine these firm principles with innovation,
creativity and speed to meet with new challenges and opportunities.
In today’s volatile market scenario, one must be assured of
best quality with committed deliveries and a long term relationship. They
ensure just that with a well integrated infrastructure and processes in place
to meet the dynamic needs of the customers. With a strong leadership it’s no
surprise that large multinationals to medium and small businesses have trusted
them for the supply of the products.
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.45.37 |
|
|
1 |
Rs.70.04 |
|
Euro |
1 |
Rs.58.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.