MIRA
INFORM REPORT
|
Report Date : |
19.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DICITEX FURNISHINGS LIMITED |
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Registered
Office : |
301-B, Palm Court Complex, M Building, B wing, 3rd Floor,
Above Dmart, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation / Year of Establishment
: |
03.05.1999 |
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Com. Reg. No.: |
11-119692 |
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Capital
Investment / Paid-up Capital : |
Rs.50.960 Millions |
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CIN No.: [Company Identification
No.] |
U17120MH1999PTC119692 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD06425G |
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PAN No.: [Permanent Account No.] |
AAACD7780R |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Suppliers of Upholstery Fabrics, Embroidery Fabrics, Curtain Fabrics, Beddings, Cushions, Curtains etc. |
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No. of Employees
: |
39 [In Office] Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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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 1060000 |
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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 good for normal business dealings at
usual trade terms and condition. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Anil |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-22-40812222 |
|
Date : |
15.07.2011 |
LOCATIONS
|
Registered Office : |
301-B, Palm Court Complex, M Building, B wing, 3rd Floor,
Above Dmart, |
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Tel. No.: |
91-22-40812222 |
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Fax No.: |
91-22-28442644 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. G/58, MIDC, Tarapur, Thane – 401506, |
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Tel. No.: |
91-252-275101 / 276701 |
DIRECTORS
As on 06.08.2010
|
Name : |
Mr. Manoharlal Dharamchand Arora |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.07.1942 |
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Date of Appointment : |
03.05.1999 |
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DIN : |
00163773 |
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Name : |
Mr. Rajnish M. Arora |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.09.1968 |
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Date of Appointment : |
03.05.1999 |
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DIN : |
00201764 |
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Name : |
Mr. Nimish Manoharlal Arora |
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Designation : |
Managing Director |
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Address : |
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Date of Birth/Age : |
17.12.1972 |
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Date of Appointment : |
03.05.1999 |
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DIN : |
00054001 |
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Name : |
Mrs. Veena Manoharlal Arora |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
15.12.1943 |
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Date of Appointment : |
03.05.1999 |
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DIN : |
00163737 |
KEY EXECUTIVES
|
Name : |
Mr. Anil |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 06.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
Manoharlal D. Arora |
|
127200 |
|
Veena Manoharlal Arora |
|
127200 |
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Rajnish M. Arora |
|
127200 |
|
Nimish M. Arora |
|
127200 |
|
Manohar Processors Private Limited, |
|
500 |
|
Manoharlal D. Arora (HUF) |
|
100 |
|
Nimish Arora (HUF) |
|
100 |
|
Rajnish Arora (HUF) |
|
100 |
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Total |
|
509600 |
As on 06.08.2010
|
Category |
Percentage |
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|
Bodies corporate |
0.10 |
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Directors or relatives of directors |
99.90 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Suppliers of Upholstery Fabrics, Embroidery Fabrics, Curtain Fabrics, Beddings, Cushions, Curtains etc. |
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Products : |
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Terms : |
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Selling : |
L/C / Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
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No. of Employees : |
39 [in office] Approximately |
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Bankers : |
Union Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bagaria and Company Chartered Accountant |
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Address : |
101, Tripta Sadan Shantawadi, |
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Tel. No.: |
91-22-26209952 / 26289266 |
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E-Mail : |
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Related Parties : |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510,000 |
Equity Shares |
Rs.100/- each |
Rs.51.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
509,600 |
Equity Shares |
Rs.100/- each |
Rs.50.960 Millions |
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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 |
50.960 |
50.960 |
50.960 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
216.030 |
213.939 |
204.699 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
266.990 |
264.899 |
255.659 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
374.052 |
277.205 |
231.721 |
|
|
2] Unsecured Loans |
59.695 |
79.045 |
44.768 |
|
|
TOTAL BORROWING |
433.747 |
356.250 |
276.489 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
|
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|
|
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TOTAL |
700.737 |
621.149 |
532.148 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
438.793 |
287.266 |
320.045 |
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Capital work-in-progress |
4.308 |
76.811 |
7.849 |
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|
|
|
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INVESTMENT |
23.650 |
0.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
98.027
|
87.201
|
114.467
|
|
|
Sundry Debtors |
124.687
|
207.491
|
132.384
|
|
|
Cash & Bank Balances |
1.817
|
1.148
|
0.000
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
143.133
|
76.908
|
73.587
|
|
Total
Current Assets |
367.664
|
372.748
|
320.438
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
70.702 |
82.466 |
56.434 |
|
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Current Liabilities |
58.027
|
20.853
|
14.380
|
|
|
Provisions |
4.949
|
12.357
|
45.370
|
|
Total
Current Liabilities |
133.678
|
115.676
|
116.184
|
|
|
Net Current Assets |
233.986
|
257.072
|
204.254
|
|
|
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
700.737 |
621.149 |
532.148 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
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Income |
993.178 |
1056.700 |
971.685 |
|
|
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Other Income |
140.752 |
122.223 |
131.894 |
|
|
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TOTAL (A) |
1133.930 |
1178.923 |
1103.579 |
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|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
295.338 |
258.972 |
267.648 |
|
|
|
Administrative Expenses |
72.906 |
79.633 |
54.680 |
|
|
|
Selling and Distributors Expenses |
75.632 |
82.173 |
75.548 |
|
|
|
Raw Material Consumed |
635.748 |
648.005 |
611.018 |
|
|
|
Increase/(Decrease) in Finished Goods |
[1.799] |
40.041 |
(49.270) |
|
|
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TOTAL (B) |
1077.825 |
1108.824 |
959.624 |
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|
|
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|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
56.105 |
70.099 |
143.955 |
|
|
|
|
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|
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Less |
FINANCIAL
EXPENSES (D) |
6.302 |
5.814 |
31.284 |
|
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
49.803 |
64.285 |
112.671 |
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|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.378 |
39.179 |
45.608 |
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|
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|
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|
PROFIT BEFORE
TAX (E-F) (G) |
3.425 |
25.106 |
67.063 |
|
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|
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Less |
TAX (I) |
1.334 |
8.755 |
27.366 |
|
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|
PROFIT AFTER TAX
(G-I) (J) |
2.091 |
16.351 |
39.697 |
|
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Excess / (Short) Provision of Previous Year |
0.000 |
(7.111) |
(5.992) |
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
213.939 |
204.699 |
170.994 |
|
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|
BALANCE CARRIED
TO THE B/S |
216.030 |
213.939 |
204.699 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
Export Sales |
771.217 |
924.700 |
- |
|
|
|
Others |
0.036 |
0.052 |
- |
|
|
|
TOTAL EARNINGS |
771.253 |
924.752 |
NA |
|
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IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
41.500 |
28.400 |
50.400 |
|
|
|
Stores & Spares |
8.300 |
11.900 |
8.200 |
|
|
|
Capital Goods |
85.000 |
3.400 |
9.900 |
|
|
TOTAL IMPORTS |
134.800 |
43.700 |
68.500 |
|
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|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.10 |
18.13 |
66.14 |
|
|
Particulars |
|
|
31.03.2011 |
|
|
|
|
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|
Sales Turnover [Approximately] |
|
|
1320.000 |
|
|
|
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|
Expected Sales ( 2011-2012 ) : Rs.1500.000 millions
-
The above information has been parted by Mr. Anil [Accounts Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.18 |
1.39 |
3.60
|
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
0.34 |
2.38 |
6.90
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.42 |
3.80 |
10.47
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.09 |
0.26
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
2.13 |
1.78 |
1.54
|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.75 |
3.22 |
2.76
|
LOCAL AGENCY FURTHER INFORMATION
RESULTS OF
OPERATION
During the year, the
Turnover of the Company was Rs. 1022.600 millions against Rs. 1085.900 millions
in the previous year. The reason for decrease in sales was due to export sales
going down by 17%. Taking the effect, the Profit after tax for the year was Rs.
2.092 millions as against Rs. 16.351 millions.
Sundry Creditors
Rs
in Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
For Goods |
37.173 |
43.488 |
23.705 |
|
For Expenses |
31.418 |
27.857 |
28.087 |
|
For Others |
2.062 |
2.913 |
2.911 |
|
For Capital Goods |
0.049 |
8.208 |
1.731 |
|
Total |
70.702 |
82.466 |
56.434 |
Contingent
Liabilities
Rs
in Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
|
Export obligation on a/c of import of capital goods under EPCG scheme. |
26.700 |
6.400 |
|
Guarantees to Banks and Financial Institution against credit facilities extended to third parties |
807.000 |
907.800 |
|
Perfomance Guarantees |
3.300 |
0.000 |
|
Un- expired letters of Credit |
130.700 |
2.800 |
|
Disputed Income-tax Demand # |
8.200 |
8.100 |
|
Disputed Excise/Service Tax @ |
1.700 |
1.900 |
|
# The Income-Tax
assessments of the Company have been completed up to the Assessment Year
2007-08. The disputed demand
outstanding up to the said Assessment Year is Rs. 12.086 millions. Based on
the decisions of the Appellate authorities and the interpretations of other
provisions, the Company has been legally advised that the demand is likely to
be either deleted or substantially reduced and accordingly no provision has
been made. @ The disputed Excise duty and service tax payable is shown under
contingent liabilities because base on the decisions of the Appellate
authorities and the interpretations of other relevant provisions, the Company
has been legally advised that the demand is likely to be either deleted or
substantially reduced and accordingly no provision has been made. |
||
FORM 8:
|
Corporate
identity number of the company |
U17120MH1999PTC119692 |
|
Name of the
company |
DICITEX FURNISHINGS LIMITED |
|
Address of the
registered office or of the principal place of business in |
301-B, Palm Court Complex, M Building, B wing, 3rd Floor,
Above Dmart, |
|
This form is for |
Modification of Charge |
|
Type of charge |
Movable Property |
|
Particular of
charge holder |
Union Bank of Goregaon (East) Branch, 172/73, Shri Sadan, Shantaben Estate, Goregaon
(East), Mumbai – 400063, |
|
Nature of
instrument creating charge |
Packing Credit
Agreement |
|
Date of
instrument Creating the charge |
21.08.2008 |
|
Amount secured by
the charge |
Rs.165.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of
Interests: 10.25% per annum
with monthly rests Terms of
repayment: On Demand Margin: 25% Extent and
Operation of the charge: To secured credit
facility to the extent of Rs.165.000 Millions granted by the Bank of the
company. |
FIXED ASSETS:
- Plant and Machinery
- Electrical Installation
- Computers
- Vehicles
- Furniture and
Fixtures
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.44.57 |
|
|
1 |
Rs.71.75 |
|
Euro |
1 |
Rs.62.59 |
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 |
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 |
YES |
|
--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 |
|
48 |
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.