MIRA
INFORM REPORT
|
Report Date : |
21.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
DEVI FOAM PRIVATE LIMITED ( w.e.f 03.05.2000) |
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Formerly Known As : |
DEVI POLYURETHANE PRIVATE LIMITED |
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Registered
Office : |
Gate No.391A, Village Gonde Dumala, Taluka Igatpuri, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
12.12.1991 |
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Com. Reg. No.: |
11-64432 |
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CIN No.: [Company Identification
No.] |
U36101MH1991PTC064432 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing of Polyurethane Foam Sheets, Scrap,
etc. |
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 |
|
Maximum Credit Limit : |
USD 320000 |
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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 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) |
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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 |
INFORMATION DECLINED BY
Management non corporative
LOCATIONS
|
Registered
Office/Factory/ Showroom : |
Showroom - Sharada Agencies Gate No.391A, Village Gonde Dumala, Taluka Igatpuri, Nashik – 422401, |
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Tel. No.: |
91-2553-225030 – 32 / 91-253-2500607 |
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Fax No.: |
91-2553-225033 |
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E-Mail : |
devifoam_nsk@sancharnet.in
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Website : |
www.devifoam.com |
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Area : |
4000 Sq. ft. |
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Location : |
Owned |
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Nashik Office : |
12, Ambalika, Geetanjali Colony, Indira Nagar, Nashi-422 009, |
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Tel. No.: |
91-253-2322407/ 2323273 |
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Fax No.: |
91-253-2500608 |
DIRECTORS
As on 30.09.2010
|
Name : |
Mrs. Surekha Ramesh Mohole |
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Designation : |
Director |
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Address : |
Ram Siddhivinayak Cooperative Housing Society, Near Ganpati Mandir,
Indira Nagar, Nashik – 422009, |
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Date of
Birth/Age : |
17.10.1955 |
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Date of
Appointment : |
12.12.1991 |
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Name : |
Mr. Ratnakar Ramesh Mohole |
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Designation : |
Director |
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Address : |
Ram Siddhivinayak Cooperative Housing Society, Near Ganpati Mandir,
Indira Nagar, Nashik – 422009, |
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Date of
Birth/Age : |
09.02.1979 |
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Qualification : |
B. Com |
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Date of
Appointment : |
25.02.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Surekha Ramesh Mohole |
|
28125 |
|
Shankar Anant Mohale |
|
2250 |
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Ajay Kulkarni |
|
2850 |
|
Anil Mohale |
|
5 |
|
Vishweshwar Kulkarni |
|
5 |
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Gangadhar Mohale |
|
5 |
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Deelip Mohale |
|
5 |
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Dhananjay Mohale |
|
5 |
|
Ratnakar Ramesh Mohole |
|
11750 |
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Total |
|
45000 |
As on 30.09.2010
Equity share
breakup (percentage of total equity)
|
Category |
Percentage |
|
Directors or relatives of directors
|
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Polyurethane Foam Sheets, Scrap,
etc. |
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Terms : |
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Selling : |
Credit (30 days / 60 days / 90 days) - Depends |
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Purchasing : |
L/C and Credit (60 days) |
GENERAL INFORMATION
|
Suppliers : |
·
20 Microns Limited ·
Associate Allied Chemical India
Private Limited ·
Central Investigation and Sec. Se ·
Crescent Transport Chemical ·
D. T. Engineering ·
Durga International ·
ESIPRO Services ·
Fine Minerals and Chemicals ·
Pooja Carrying Corporation Chennai ·
Rahul E. Wavikar ·
Saico Engineering and Fab. ·
Samrat Foam Pune ·
Prashant Patil and Associates ·
Liladhar Pasoo Forwarders Limited ·
Manali Petro Chemicals Limited ·
Overseas Polymers Private Limited ·
Sreenath Roadways Private Limited ·
Auto Craft ·
Suraj Enterprises ·
Ramlax Roadlines ·
Shamco Plastics Private Limited ·
Trimurti Engineers ·
SMK Plastics Private Limited ·
M. J. Corporation ·
Narendra Impex |
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Customers : |
·
Dealers ·
Traders
·
Calcuttawala Corporation ·
Coir Sons ·
Hindustan Foam Agency, ·
Mahalaxmi Enterprises ·
Rich Foam Agency ·
·
·
Mamaji Enterprises ·
Fibre Foam ( ·
Furnace Fabrica ( ·
Grupo Antolin Pune Private Limited ·
Kontak Comforts Private Limited,
Ahmednagar ·
Metro Polymers Private Limited ·
Perfect Coir Private Limited ·
Sharda Agencies ·
Mastan Furnishing ·
Metro Polymers Private Limited ·
Mit Foam House Mumbai ·
Rama Coir and Felts Limited Yash Enterprises Chinchwad |
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No. of Employees : |
78 ( Office-3, Factoruy-75)
Approximately |
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Bankers : |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
Ashok S. Zawar and Company Chartered Accountants |
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Address : |
F-54, Sarda Sankul, Vakil Wadi, M |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs.100/- each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45000 |
Equity Shares |
Rs.100/- each |
Rs.4.500 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 |
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|
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1] Share Capital |
4.500 |
4.500 |
4.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
75.174 |
60.226 |
53.617 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
79.674 |
64.726 |
58.117 |
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LOAN FUNDS |
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|
1] Secured Loans |
0.000 |
0.000 |
8.182 |
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2] Unsecured Loans |
16.396 |
16.580 |
16.580 |
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TOTAL BORROWING |
16.396 |
16.580 |
24.762 |
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DEFERRED TAX LIABILITIES |
0.418 |
0.610 |
0.553 |
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TOTAL |
96.488 |
81.916 |
83.432 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
24.996 |
27.576 |
30.940 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.201 |
0.201 |
0.201 |
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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 |
25.516
|
24.153
|
24.658
|
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Sundry Debtors |
51.534
|
43.953
|
54.258
|
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Cash & Bank Balances |
18.605
|
4.976
|
1.516
|
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Other Current Assets |
0.000
|
0.000
|
0.000
|
|
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Loans & Advances |
1.190
|
1.420
|
1.262
|
|
Total
Current Assets |
96.845
|
74.502
|
81.694
|
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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|
Sundry Creditors |
21.175
|
17.684
|
23.018
|
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Other Current Liabilities |
0.000 |
0.000 |
0.000 |
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Provisions |
4.379
|
2.679
|
6.385
|
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Total
Current Liabilities |
25.554
|
20.363
|
29.403
|
|
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Net Current Assets |
71.291
|
54.139
|
52.291
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
96.488 |
81.916 |
83.432 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
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SALES |
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TOTAL (A) |
|
244.193 |
279.993 |
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Less |
EXPENSES |
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|
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|
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TOTAL (B) |
|
217.877 |
266.901 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
26.316 |
13.092 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
2.942 |
3.342 |
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PROFIT BEFORE
TAX (E-F) (G) |
|
23.374 |
9.750 |
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Less |
TAX (H) |
|
8.427 |
3.141 |
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PROFIT AFTER TAX
(G-H) (I) |
|
14.947 |
6.609 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.12
|
2.36 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
24.14
|
9.55 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.05 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.53
|
0.57
|
0.93
|
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Current Ratio (Current Asset/Current Liability) |
|
3.79
|
3.65
|
2.78
|
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 |
21.175
|
17.684
|
23.018
|
Form 8
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Name of the company |
DEVI
FOAM PRIVATE LIMITED |
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Presented By |
HDFC Bank
Limited |
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1) Date and description of instrument creating the change |
Letter of hypothecation. Dated memorandum recording past transaction
of creation of mortgage by deposit of Hypothecation deeds dated 22.08.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
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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 the stock in trade both present and future consisting of raw
material, finished goods in process of manufacturing and other merchandise
current assets fixed assets plant and machinery all the bock debts,
outstanding money receivables claims and bills which are now due or owing or
which may at any time hereafter becomes due shall continue to subject till
such times all the borrowers dues have been pair in full mortgage of the property
situated at Nasik |
||||||||||
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4) Gist of the terms and conditions and extent and operation of the
charge. |
The facility provided to the borrower is in the nature of cash credit
term loan, Inland import letter of credit
|
||||||||||
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5) Name and Address and description of the person entitled to the
charge. |
HDFC Bank Limited HDFC Bank House, Senapati Bapat Marg, Lower Parel [West], Mumbai –
400013, |
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Corporate
identity number of the company |
U36101MH1991PTC064432 |
|
Name of the
company |
DEVI FOAM PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gate No.391A, Village Gonde Dumala, Taluka Igatpuri, |
|
This form is for |
Modification of charge
|
|
Charge
identification number of the modified |
80049363 |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
|
Particular of
charge holder |
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
[West], Mumbai – 400 013, Maharashtra, India |
|
Nature of
description of the instrument creating or modifying the charge |
a) Supplementary
Letter of Hypothecation, and b) Memorandum recording
past transactions of creation of Mortgage by Delivery of Title Deeds. (Collectively constitute a single charge for
Rs.56.200 millions) |
|
Date of
instrument Creating the charge |
09.09.2010 |
|
Amount secured by
the charge |
Rs.56.200
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest at the
rate as may be communicated by the Bank from time to time. Terms of
Repayment Working Capital
facility shall be payable on demand and Term Loan facility shall repayable in
suitable installments. Margin As may be
stipulated by the Bank from time to time. Extent and
Operation of the charge (a)Hypothecation
by way of First Charge on Company's Stock in trade, Book Debts, Plant &
Machinery, Vehicles, etc., as state in item no.15 below, (b) The Company
accorded & gave oral consent to Bank to continue to hold & retain the
title deeds (by way of Constructive delivery) in respect of its immovable
properties as stated in Item No.15 below, as security for repayment of
Rs.56.200 millions by the company, together with principal, interest,
liquidated damages, costs, charges & expenses. |
|
Short particulars
of the property charged |
Stock in Trade,
consisting of raw materials, goods in process of manufacturing finished
goods, and other merchandise All the debts,
that is, all the book debts, outstanding, monies receivables, claims, bills, invoice documents, contracts,
guarantees- The movable plant
and machinery and vehicles, which may now or at any time hereafter belong to
the Borrower or come to the Borrower's disposal Gat No. 173A,
173C, 389, 390, 391 (A+D+C) 392 & 381, Village Gonde Dumala, |
|
Date of latest
modification prior to the present modification |
30.09.2008 |
|
Particulars of
the present modification |
The Charge shall
now stand increased from Rs.39.700 millions to Rs.56.200 millions
(Comprising: Cash Credit of Rs.21.000 millions, Term Loan of Rs.6.200 millions,
Letter of Credit of Rs.29.000 millions)
in favour of the Bank. |
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.45.58 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.61.45 |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
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 |
|
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.