MIRA
INFORM REPORT
|
Report Date : |
08.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DHARMESH TEXTILES LIMITED (w.e.f. 05.01.2010) |
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|
|
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Formerly Known
As : |
DHARMESH TEXTILES PRIVATE LIMITED |
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|
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Registered
Office : |
Plot No. 22, Sector 26, Industrial Area, Rohtak Gate, Bhiwani – 127
021, Haryana |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
09.07.1998 |
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Com. Reg. No.: |
05-33980 |
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Capital
Investment / Paid-up Capital : |
Rs.22.727 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17297HR1998PLC033980 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKD01326D |
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PAN No.: [Permanent Account No.] |
AABCD8025E |
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Legal Form : |
A closely held public limited liability company |
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Line of Business
: |
Manufacturer of Non Woven Coated Fabric, Felts, Jute Yarn and Jute
Mattings. |
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|
|
No. of Employees
: |
40 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Maximum Credit Limit : |
USD 370000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Dharmesh Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9812040031 |
|
Date : |
30.06.2011 |
LOCATIONS
|
Registered Office/Factory : |
Plot No. 22, Sector 26, Industrial Area, Rohtak Gate, Bhiwani – 127
021, |
|
Tel. No.: |
91-1664-242222 / 251266 |
|
Mobile No.: |
91-9812040031 (Mr. Dharmesh Shah) |
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Fax No.: |
91-1664-244358 |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Naresh M Shah |
|
Designation : |
Director |
|
Address : |
1750, Sector 13, Huda, Bhiwani – 127 021, |
|
Date of Birth/Age : |
26.12.1940 |
|
Date of Appointment : |
09.07.1998 |
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|
|
|
Name : |
Mr. Dharmesh N Shah |
|
Designation : |
Director |
|
Address : |
1750, Sector 13, Huda, Bhiwani – 127 021, |
|
Date of Birth/Age : |
30.07.1966 |
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Date of Appointment : |
09.07.1998 |
|
DIN No. : |
00103227 |
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|
|
|
Name : |
Mr. Nikesh N Shah |
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Designation : |
Director |
|
Address : |
1733, Sector 13, Huda, Bhiwani – 127 021, |
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Date of Birth/Age : |
21.08.1969 |
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Date of Appointment : |
09.07.1998 |
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DIN No. : |
00103267 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Dharmesh N Shah |
|
635200 |
|
Nikesh N Shah |
|
629700 |
|
Naresh M Shah |
|
111400 |
|
S K Aggarwal |
|
17500 |
|
Superior Techno Services Private Limited, |
|
13000 |
|
Skyline Metal and Alloys Private Limited, |
|
13000 |
|
Base Media Projects Private Limited, |
|
13000 |
|
Babita Data Processing Private Limited, |
|
8000 |
|
Carewell Interiors and Decorators Private Limited, |
|
8000 |
|
Deepak Aggarwal |
|
8300 |
|
Dreamland Solutions Private Limited, |
|
8000 |
|
Jumbo Marketing Private Limited, |
|
8000 |
|
Lancer Construction Private Limited, |
|
8000 |
|
N and N Financial Consultants Private Limited, |
|
8000 |
|
Bhawani Engineering Private Limited, |
|
8000 |
|
B R Gupta and Company Private Limited, |
|
8000 |
|
Delite Buildtech Private Limited, |
|
8000 |
|
Everest Deal Com Private Limited, |
|
8000 |
|
Fortune Forgings Private Limited, |
|
8000 |
|
Glacier Tradex Private Limited, |
|
8000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
34.80 |
|
Directors
or relatives of directors |
|
60.56 |
|
Other
top fifty shareholders |
|
4.64 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Non Woven Coated Fabric, Felts, Jute Yarn and Jute
Mattings. |
|
|
|
|
Products : |
·
Needle Punch Plain
Coated Fabric ·
Jute Backing Coated
Fabric ·
Felts ·
Designed Coated Fabric ·
Ribbed Coated Fabric ·
Designed Vallour Coated
Fabric ·
Automotive Fabrics o
Coated Nonwoven Fabrics o
Laminated Nonwoven
Fabrics ·
Geotextiles ·
Jute Mattings o
Designed o
Plain |
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Exports : |
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Products : |
Fabric |
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Countries : |
·
·
European Countries ·
·
Gulf Countries |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
·
·
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
L/C, Cash and Credit (30 days) |
GENERAL INFORMATION
|
Customers : |
·
Wholesalers ·
Retailers ·
End Users ·
OEM’s |
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No. of Employees : |
40 Approximately |
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Bankers : |
·
State Bank of ·
Axis Bank Limited Khasra No. 723/2, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Mahesh Prem Goyal and Company Chartered Accountant |
|
Address : |
Parbhat Theatre Market, Opposite Jogi Wala Mandir, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2272700 |
Equity Shares |
Rs.10/- each |
Rs.22.727
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 |
22.727 |
16.448 |
13.698 |
|
|
2] Share Application Money |
0.000 |
0.000 |
4.796 |
|
|
3] Reserves & Surplus |
69.094 |
34.190 |
17.430 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
91.821 |
50.638 |
35.924 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
56.376 |
29.461 |
33.167 |
|
|
2] Unsecured Loans |
5.352 |
3.840 |
3.804 |
|
|
TOTAL BORROWING |
61.728 |
33.301 |
36.971 |
|
|
DEFERRED TAX LIABILITIES |
4.270 |
3.637 |
2.733 |
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|
|
|
|
|
|
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TOTAL |
157.819 |
87.576 |
75.628 |
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
51.437 |
50.532 |
53.736 |
|
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Capital work-in-progress |
53.763 |
0.240 |
0.267 |
|
|
|
|
|
|
|
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
18.002
|
24.145 |
12.453 |
|
|
Sundry Debtors |
39.070
|
27.326 |
14.900 |
|
|
Cash & Bank Balances |
2.089
|
1.842 |
1.125 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
12.600
|
2.719 |
1.830 |
|
Total
Current Assets |
71.761
|
56.032 |
30.308 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
17.169
|
17.641 |
7.662 |
|
|
Other Current Liabilities |
1.088
|
1.125 |
0.723 |
|
|
Provisions |
0.930
|
0.472 |
0.313 |
|
Total
Current Liabilities |
19.187
|
19.238 |
8.698 |
|
|
Net Current Assets |
52.574
|
36.794 |
21.610 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.045 |
0.010 |
0.015 |
|
|
|
|
|
|
|
|
TOTAL |
157.819 |
87.576 |
75.628 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
163.668 |
110.422 |
76.549 |
|
|
|
Other Income |
1.143 |
1.035 |
|
|
|
|
TOTAL (A) |
164.811 |
111.457 |
76.549 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed and Manufacturing Expenses |
135.592 |
89.874 |
|
|
|
|
Personnel Expenses |
7.713 |
7.464 |
|
|
|
|
Administrative, Selling and Distribution Expenses |
5.781 |
1.987 |
|
|
|
|
Misc. Expenditure Written Off |
0.015 |
0.005 |
|
|
|
|
TOTAL (B) |
149.101 |
99.330 |
68.395 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
15.710 |
12.127 |
8.154 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.642 |
2.157 |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
11.068 |
9.970 |
8.154 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.997 |
5.584 |
5.238 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
5.071 |
4.386 |
2.916 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.563 |
1.376 |
0.913 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3.508 |
3.010 |
2.003 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10.815 |
7.805 |
5.802 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
14.323 |
10.815 |
7.805 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
250.000 |
200.000 |
The above information has been parted by Mr. Dharmesh Shah
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.13
|
2.70 |
2.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
3.97 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.12
|
4.12 |
3.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.09 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
1.04 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.74
|
2.91 |
3.48 |
LOCAL AGENCY FURTHER INFORMATION
OPERATION
During the year
the company has achieved Gross Turnover and other receipts of Rs.164.811
millions in comparison to the previous year of Rs.111.457 millions and profit
after tax of Rs.3.508 millions in comparison to the previous year of Rs.3.010
millions registering a growth of 16.53%.
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U17297HR1998PLC033980 |
|
Name of the company |
DHARMESH TEXTILES LIMITED |
|
Address of the registered office or of the principal place of business in |
Plot No. 22, Sector 26, Industrial Area, Rohtak Gate, Bhiwani – 127
021, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Axis Bank Limited Khasra No. 723/2, |
|
Nature of instrument creating charge |
Term Loan Agreement |
|
Date of instrument Creating the charge |
29.03.2011 |
|
Amount secured by the charge |
Rs.3.587 millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest Base rate plus 2.5% p.a. Terms of Repayment In 13 equal monthly installments of Rs.0.265 millions each and 14th
installment of Rs.0.142 millions Margin As per term loan agreement Extent and Operation of the charge As per term loan agreement |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
EM of land and building situated at Plot No. 8, 21 and 22, Sector-26,
Industrial Area, Bhiwani. |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Vehicle
·
Computers
·
Office Equipment
·
Furniture and Fixture
·
Invertor
·
Mobile Phones
·
Punching Machine
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.44.42 |
|
|
1 |
Rs.70.95 |
|
Euro |
1 |
Rs.63.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
28 |
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.