MIRA
INFORM REPORT
|
Report Date : |
27.06.2011 |
IDENTIFICATION DETAILS
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Name : |
DMSON’S METAL PRIVATE LIMITED |
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Registered
Office : |
309, Loha Bhavan, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
18.05.2007 |
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Com. Reg. No.: |
11-170928 |
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Capital Investment
/ Paid-up Capital : |
Rs.48.100
Millions |
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CIN No.: [Company Identification
No.] |
U27109MH2007PTC170928 |
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IEC No.: |
0307028106 |
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PAN No.: [Permanent Account No.] |
AACCD6037D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Importer and Stockiest of Boiler Quality Plates, Special Quality
Plates etc. |
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No. of Employees
: |
10 [Approximately] in Office |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 978000 |
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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.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak Mehta |
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Designation : |
Director |
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Contact No.: |
91-9821012040 |
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Date : |
24.06.2011 |
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Name : |
Mr. Dhrupal Shah |
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Designation : |
Account Manager |
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Contact No.: |
91-9224224218 |
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Date : |
24.06.2011 |
LOCATIONS
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Registered Office : |
309, Loha Bhavan, |
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Tel. No.: |
91-22-23484727 / 66155455 |
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Mobile No. : |
91-9224224218 [Mr. Dhrupal Shah] |
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Fax No.: |
91-22-23484728 / 66100815 |
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E-Mail : |
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Website : |
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Area : |
250 Sq.ft. |
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Location : |
Owned |
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Branch : |
Located at - Chennai |
DIRECTORS
As on : 22.07.2010
|
Name : |
Mr. Kakubhai Purshottamdas Mehta |
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Designation : |
Director |
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Address : |
401, |
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Date of Birth/Age : |
10.04.1935 |
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Date of Appointment : |
18.05.2009 |
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DIN : |
01648156 |
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Name : |
Mr. Deepak Kakubhai Mehta |
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Designation : |
Director |
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Address : |
7/A, |
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Date of Birth/Age : |
15.05.1966 |
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Date of Appointment : |
18.05.2007 |
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DIN : |
00326874 |
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Name : |
Mr. Virendra Kakunbhai Mehta |
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Designation : |
Director |
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Address : |
401, |
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Date of Birth/Age : |
08.03.1968 |
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Date of Appointment : |
06.08.2007 |
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DIN ; |
00326929 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 22.07.2010
|
Names of Shareholders |
|
No. of Shares |
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Kakubhai P Mehta |
|
465000 |
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Deepak K Mehta |
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1005000 |
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Kakubhai P Mehta [HUF] |
|
300000 |
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Deepak Mehta |
|
500000 |
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Virendra K. Mehta |
|
1000000 |
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Virendra K. Mehta |
|
500000 |
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Vasumati K. Mehta [HUF] |
|
40000 |
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Urvi D. Mehta |
|
100000 |
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Darshana V. Mehta |
|
100000 |
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Bianca Treders and Services Private Limited, Mumbai |
|
167550 |
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Kush Hindustan Entertainment Limited, Mumbai |
|
5000 |
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Pet Plastics Limited, Mumbai |
|
295000 |
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TSV Mercantile Private Limited, Mumbai |
|
82000 |
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Vanguard Jewels Limited, Mumbai |
|
30000 |
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Viren Diamonds Exports Limited, Mumbai |
|
15000 |
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Young and Grow Marketing ( |
|
205450 |
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TOTAL |
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4810000 |
As On 22.07.2010
|
Category |
Percentage |
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Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.00 |
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Directors or
relatives of Directors |
56.34 |
|
Bodies corporate |
16.63 |
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Other top fifty shareholders |
27.03 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Stockiest of Boiler Quality Plates, Special Quality
Plates etc. |
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Exports : |
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Products : |
Special Quality Plates |
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Countries : |
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Imports : |
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Products : |
Special Quality Plates, etc. |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
L/C |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
10 [Approximately] in Office |
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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 : |
Nilesh P. Parikh and Company Chartered Accountant |
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Address : |
501, Nain Krupa 118/122, Kazi Sayed Street, Mumbai – 400003, |
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Tel. No. : |
91-22-40236996 / 23420396 |
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Associates/Subsidiaries : |
V K Industrial Company Limited Address : 309, Loha
Bhavan, Activity : Importer and Stockiest
of Boiler Quality Plates, Special Quality Plates etc. |
CAPITAL STRUCTURE
A son 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10,000,000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
4,810,000 |
Equity Shares |
Rs.10/- each |
Rs.48.100
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 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
48.100 |
48.100 |
48.100 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
196.536 |
167.251 |
167.249 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
244.636 |
215.351 |
215.349 |
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LOAN FUNDS |
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1] Secured Loans |
6.155 |
19.382 |
0.000 |
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2] Unsecured Loans |
29.269 |
25.500 |
0.425 |
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TOTAL BORROWING |
35.424 |
44.882 |
0.425 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
280.060 |
260.233 |
215.774 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.293 |
0.041 |
0.026 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.001 |
0.001 |
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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|
|
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Inventories |
98.968
|
172.670 |
104.619 |
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Sundry Debtors |
159.858
|
112.782 |
158.470 |
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Cash & Bank Balances |
57.375
|
0.168 |
1.849 |
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Other Current Assets |
136.649
|
1.325 |
25.095 |
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Loans & Advances |
25.024
|
32.646 |
9.299 |
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Total
Current Assets |
477.874
|
319.591 |
299.332 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
182.581
|
59.124 |
75.612 |
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Other Current Liabilities |
0.477
|
0.000 |
0.624 |
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Provisions |
15.411
|
0.811 |
8.012 |
|
Total
Current Liabilities |
198.469
|
59.935 |
84.248 |
|
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Net Current Assets |
279.405
|
259.656 |
215.084 |
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MISCELLANEOUS EXPENSES |
0.361 |
0.535 |
0.664 |
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TOTAL |
280.060 |
260.233 |
215.774 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
1294.645 |
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Other Income |
10.475 |
-- |
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TOTAL (A) |
1305.120 |
965.434 |
470.402 |
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Office Expenses |
1254.690 |
-- |
483.314 |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
1254.690 |
NA |
483.314 |
|
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
50.430 |
10.702 |
32.088 |
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|
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FINANCIAL
EXPENSES |
6.185 |
8.813 |
8.813 |
|
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|
|
|
|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
44.245 |
NA |
23.275 |
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|
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DEPRECIATION/
AMORTISATION |
0.058 |
0.013 |
0.013 |
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PROFIT BEFORE
TAX |
44.187 |
0.271 |
23.262 |
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|
TAX |
14.902 |
NA |
8.013 |
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PROFIT AFTER TAX |
29.285 |
NA |
15.249 |
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|
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Earnings Per
Share (Rs.) |
6.08 |
-- |
3.17 |
|
|
Particulars |
|
|
31.03.2011 |
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|
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Sales Turnover [Approximately] |
|
|
2090.000 |
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|
The above information has been parted by Mr. Deepak Mehta [Director] and Mr. Dhrupal Shah [Account Manager]
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.24 |
-- |
3.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.41
|
0.03 |
4.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.24
|
0.08 |
7.77 |
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.00 |
0.11 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.95
|
0.49 |
0.39 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.40
|
5.33 |
3.55 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Patel Airtemp India Limited, Gandhi Nagar
- Larsen and Tubro
SUNDRY
CREDITORS DETAILS (Rs. in millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
1. Trade
Creditors |
|
|
|
|
A] Import
Creditors |
117.144 |
|
|
|
B] Local
Creditors |
62.701 |
|
75.504 |
|
|
|
|
|
|
2. Creditors for
Expenses |
|
|
|
|
A] Brokers |
0.473 |
59.124 |
|
|
B] Legal and
Professional |
0.094 |
|
|
|
C] Transporters
and Work Contractors |
1.801 |
|
0.108 |
|
D] Creditors
[Clearing and Forwarding] |
0.344 |
|
|
|
E] Creditors for
Expenses [others] |
0.024 |
|
|
|
Total |
182.581
|
59.124 |
75.612 |
Form : 8
|
Corporate
identity number of the company |
U27109MH2007PTC170928 |
|
Name of the
company |
DMSON’S METAL
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
309/ Loha Bhavan,
|
|
This form is for |
Modification of
Charge |
|
Charge identification (ID) number of the charge to be modified |
10107918 |
|
Type of charge |
|
|
Particular of
charge holder |
The Hongkong and Shanghai Benking Corporation Limited, 52/60, |
|
Nature of
instrument creating charge |
First
Suppliemental Hypothecation Agreement DTD. 16th July 2010 |
|
Date of
instrument Creating the charge |
16.07.2010 |
|
Amount secured by
the charge |
Rs. 260.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest : Interest shall be
payable by the company on the banking facilities as per banks tariff subject
however that the bank shall have the right to change the rate of interest
after giving notice to the company. Term of repayment : In consideration
of Banking facilities sanctioned to be sanctioned by the bank to the company,
the company has hypothecated and charged to the bank by way of first pari
passu charge on stocks, book debts both present and future as a continuing
security, as mentioned in deed of hypothecation to secure the repayments of
the advances together with interest cost and all other charges. Margin : The company shall
maintain such margin as may be specified by the bank from time to time. Extent and operation of the charge : In case company
fails to fulfill its obligations under the agreement, the bank shall be
entitled to take possession of the hypothecation properties and sell them by
public action or private contract and utilize the proceeds in full or part
settlement of its claims. Others : NIL |
|
Short Particulars
of the property charged |
(i)
first
pari passu charge on stocks, both present and future located at various
warehouse locations as per Annexure attached with Supplemental Deed of
Hypothecation (ii)
first
pari passu charge on book debts both present and future as per principal deed
of Hypothecation and Attached Supplimental Deed of Hypothecation |
|
Particulars of
the present modification |
At the request of
the company, the Hongkong and Shanghai Banking Corporation Limited has agreed
to increase the maximum limit of the said facilities from Rs. 200.000
millions to Rs. 260.000 millions in the manner and on the terms and
conditions hereinafter contained in principal deed of hypothecation and
supplemental deed of hypothecation and the same is filed under charge ID
10107918. |
FIXED ASSETS :
- Computer
- Mobile Phone
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.44.94 |
|
|
1 |
Rs.71.89 |
|
Euro |
1 |
Rs.64.09 |
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 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
45 |
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.