MIRA INFORM REPORT

 

 

Report Date :

02.03.2011

 

IDENTIFICATION DETAILS

 

Name :

D H EXPORTS PRIVATE LIMITED

 

 

Formerly Known As :

PARMESHWAR GARMENT PRIVATE LIMITED

 

 

Registered Office :

621, Arun Chambers, Tardeo Road, Mumbai, 400034, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date Of Incorporation:

30.09.2004

 

 

Com. Reg. No.:

0-89360

 

 

CIN No.:

[Company Identification No.]

U18101MH2004PTC089360

 

 

PAN No.:

[Permanent Account No.]

MUMD09116C

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer Of Stainless Steel Round Bars, Centreless Ground Bright Bars, Stainless Steel Square Bars, Stainless Steel Flats.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

   Ba (44)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 269984

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Management Non Co-operative (Name not disclosed)

 

 

LOCATIONS

 

Registered Office/ Factory :

621, Arun Chambers, Tardeo Road, Mumbai, 400034, Maharashtra, India.

Tel. No.:

91-22-66661750

Mobile No.:

91-9820127705 (Mr.Vikram Kanugo)

Fax No.:

91-22-66661753

E-Mail :

sales@dhexports.com

Website :

http://www.dhexports.com

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Bazzerdev Permeshwar Sadh

Designation :

Director

Address :

101, Satyam Apartments, Rungta Lane AD, Neapensea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

01.07.1947

Date of Appointment :

09.06.1995

Date of Ceasing :

02.04.1999

 

 

Name :

Mr. Gyandev Permeshwar Sadh

Designation :

Director

Address :

55, Guide Apartments, LD Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

12.07.1953

Date of Appointment :

09.06.1995

Date of Ceasing :

02.04.1999

 

 

Name :

Mrs. Neelamdevi Bazzerdev Sadh

Designation :

Director

Address :

101, Satyam Apartments, Rungta Lane AD, Neapensea Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

01.01.1954

Date of Appointment :

02.04.1999

Date of Ceasing :

02.12.2002

 

 

Name :

Ms. Nirulata Gyandev Sadh

Designation :

Director

Address :

55, Guide Apartments, LD Ruparel Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

30.04.1954

Date of Appointment :

02.04.1999

Date of Ceasing :

02.12.2002

 

 

Name :

Mr. Dhruv K. Jangla

Designation :

Director

Address :

Sita Kunj Building, 164, Maharshi Karve Road, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

19.05.1984

Date of Appointment :

02.12.2002

Date of Ceasing :

07.02.2003

 

 

Name :

Ms. Ridhi K. Jangla

Designation :

Director

Address :

Sita Kunj Building, 164, Maharshi Karve Road, Mumbai – 400 020, Maharashtra, India

Date of Birth/Age :

19.10.1982

Date of Appointment :

02.12.2002

Date of Ceasing :

07.02.2003

 

 

Name :

Mr. Vikram Dhawalchand Kanugo

Designation :

Director

Address :

8B, Navjivan Society, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

06.03.1979

Date of Appointment :

01.02.2003

 

 

Name :

Mr. Pradeep Dhawalchand Kanugo

Designation :

Director

Address :

8B, Navjivan Society, Lamington Road, Mumbai – 400 008, Maharashtra, India

Date of Birth/Age :

29.12.1980

Date of Appointment :

05.02.2003

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

Vikram D. Kanugo

 

300

Pradeep D. Kanugo

 

300

Dhruv K. Jangla

 

4000

 

AS ON 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer Of Stainless Steel Round Bars, Centreless Ground Bright Bars, Stainless Steel Square Bars, Stainless Steel Flats.

 

 

Product :
  • Stainless Steel Round Bars
  • Centreless Ground Bright Bars
  • Stainless Steel Square Bars
  • Stainless Steel Flats.
  • Stainless Steel Hexagonal Bars

 

 

Exports :

 

Products :

 Above Products

Countries :

Middle East, Europian

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

L/C cash and Credit

 

 

GENERAL INFORMATION

 

No. of Employees :

100 (In Office + In Factory)

 

 

Bankers :
  • ABN Amro Bank, N.V., 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India
  • State Bank of Indore, Fort Branch, Mumbai – 400001, Maharashtra, India

 

 

Facilities :

Credit Limit Rs.90.000 Millions

 

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Bank overdraft (Secured against stock and debtors.)

25.184

7.284

Total

25.184

7.284

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Macro Bars and Wires Private Limited

42.869

0.000

Grand Securities and Financial Services Limited

3.800

3.800

21st Century Securities Limited

0.000

3.368

J Mart

0.675

1.675

Total

47.344

8.843

 

 

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Thacker Butala Desai

Chartered Accountants

Address :

381, 2nd Floor, Ismail Building, D.N. Road, Fort, Mumbai – 400 001, Maharashtra, India

 

 

Associates/Subsidiaries :

Macro Bars and Wires (India) Private Limited, Mumbai

Line of business: Manufacturer and Exporter of stainless steel wires.

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2010

 

Authorised Capital

No. of Shares

Type

Value

Amount

35000

Equity shares

Rs.100/-each

Rs.3.500 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

35000

Equity Shares

Rs.100/-each

Rs.3.500 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

 

 

 

1] Share Capital

3.500

3.500

3.500

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

63.996

56.370

46.071

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

67.496

59.870

49.571

LOAN FUNDS

 

 

 

1] Secured Loans

25.184

7.284

26.693

2] Unsecured Loans

47.344

8.843

63.776

TOTAL BORROWING

72.528

16.126

90.469

DEFERRED TAX LIABILITIES

0.000

0.000

0.018

 

 

 

 

TOTAL

140.024

75.994

140.058

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

50.966

52.280

24.091

Capital work-in-progress

0.000

0.000

0.000

 
 
 
 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
148.043
62.930
129.951

 

Sundry Debtors
107.474
95.010
206.537

 

Cash & Bank Balances
4.228
1.274
1.499

 

Other Current Assets
0.000
0.000
0.000

 

Loans & Advances
34.638
26.338
75.176

Total Current Assets
294.383
185.552
185.552

Less : CURRENT LIABILITIES & PROVISIONS
 
 

 

 

Sundry Creditors

185.910
148.303
213.660

 

Other Current Liabilities
15.189
13.259
83.313

 

Provisions
1.229
0.279
0.228

Total Current Liabilities
202.328
161.841
297.201

Net Current Assets
92.055
23.712
115.962

 

 

 

 

MISCELLANEOUS EXPENSES

0.003

0.003

0.005

 

 

 

 

TOTAL

140.024

75.994

140.058

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

TOTAL                                    

650.928

925.025

1070.405

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX              

17.285

21.941

13.448

 

 

 

 

 

Less

TAX                                                                 

9.959

11.642

4.494

 

 

 

 

 

 

PROFIT AFTER TAX                            

7.326

10.299

8.953

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.12
1.11
0.84

 

 
 
 
 

Return on Total Assets

(PBT/Total Assets}

(%)
5.01
9.22
3.08

 

 
 
 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.26
       0.36
0.27

 

 
 
 
 

Debt Equity Ratio

(Total Liability/Networth)

 
4.07
2.97
7.82

 

 
 
 
 

Current Ratio

(Current Asset/Current Liability)

 
1.45
1.14
1.39

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note:

 

The registered office address of the company has been shifted from 901, Bombay Market Buldgnear Tardeo Aircondition, market Tardeo, Mumbai, Maharashtra, India to present w.e.f. 18.06.2009

 

FORM 8

 

This form is for

Modification of charge

Charge identification number of the modified 

10006276

Corporate identity number of the company

U18101MH2004PTC089360

Name of the company

D H EXPORTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

901, Bombay Market Building, Tardeo Road, Mumbai – 400 034, Maharashtra, India

Type of charge

Immovable Property

Book Debts

Movable Property

Floating Charge

Particular of charge holder

ABN Amro Bank N.V., 7th Floor, Sakhar Bhavan, Nariman Point, Mumbai – 400 021, Maharashtra, India

E-Mail: reenabang@rediffmail.com

Nature of description of the instrument creating or modifying the charge

a)       Supplemental Facility cum hypothecation agreement

b)       The company created equitable mortgage by deposit of title on its immovable properties.

(Both constitute a single charge)

Date of instrument Creating the charge

28.03.2007

Amount secured by the charge

Rs.90.000 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest: Post shipment credit (PSC)/ Pre-shipment Credit (PC) – Interest/ Commission – As per RBI Guidelines.

Inland Bill Discounting (IBD) – Interest / Commission - At negotiated rate.

Overdraft (OD)/ Cash credit (CC) - Interest / Commission - At negotiated rate.

Letter of credit (LC) – Interest/ Commission – standard tariff. .  

Short particulars of the property charged (including location of the property)

A) Hypothecation on:

a) Fixed assets including movable plant and machinery etc.

b) All the stocks in trade both present and future

c) All present and future book debts, outstanding receivables, claims and bills.

B) Equitable mortgage on Plot No. C – 41 area admeasuring 8021 sq mtrs. In the TTC Industrial .Area of MIDC within the village limit of Pawne, Tal. Registration District Thane, together with Building/ structures thereon and all plant and machinery which are firmly fastened to earth/ anything attach.     

Date of latest modification prior to the present modification

21.09.2006

 

 

 

 

 

Name of the company

D H EXPORTS PRIVATE LIMITED

Presented By

Jointly by the Company and State Bank of Indore

1) Date and description of instrument creating the change

i) Form K – Hypothecation Agreement

ii) Form L – Agreement for cash credit, hypothecation of debts and assets.

iii) Form K SPL. – Letter of credit/ guarantee/ bills purchase/ hypothecation agreement. All agreements dated 31st August, 2004.

(collectively constitute single charge)

2) Amount secured by the charge/amount owing on the securities of charge

Rs.90.000 millions

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

Hypothecation of:

1) Stock of raw materials, stock in process, finished goods of stainless steel wires/ Bars at premises C – 41, TTC, Industrial Area, Thane Belapur Road, Navi Mumbai/ in transit or elsewhere with prior permission of Bank.

2) All present and future book debts, outstandings, monies, receivables, claims and demands and bills which are now due and during the continuance of this security become due and owing to the Borrower in the course if his/ their/ its business by any State Government of India or any State Government or any Municipal or local or public or semi-Government body or project whatsoever in the public sector or any other sector. (all of which are hereafter collectively referred as “The said debts”)

4) Gist of the terms and conditions and extent and operation of the charge.

i) Details of credit facilities as under: -

 

Nature of facilities 

Amount

Cash Credit

Rs.5.000 millions

EPC/ PSC

Rs.15.000 millions

Letter of Credit

Rs.20.000 millions

Total

Rs.40.000 millions

 

ii) Interest @ 1.50% above PLR.

iii) Security to cover principal amount together with interest, costs, charges, expenses etc.

5) Name and Address and description of the person entitled to the charge.

State Bank of Indore, Fort Branch, Mumbai – 400 001, Maharashtra, India

6) Date  and brief description of instrument modifying the charge

Mortgage Deed

Dated 31st August, 2004.

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

By present modification – Aggregate limit of Rs.40.000 millions further secured by way of Equitable Mortgage of immovable property being, all that piece or parcel of land known as Plot No. C – 41 in the Trans Thane Creek Industrial Area, within the village limits of Pawane and now within the limits of Navi Mumbai Municipal Corporation Tal. and Sub. Registration District Thane containing by adm. 8021.00 sq mtrs. Or thereabouts.

 

 

FIXED ASSETS:

  • Plant and Machinery
  • Electric Installation
  • Computer
  • Air Conditioner
  • Land
  • Factory Building
  • Office Equipment
  • Vehicle
  • Weighbridge and Weigh scale
  • Furniture and Fixtures

 

 

WEBSITE DETAILS:

 

PROFILE

 

Modern facilities, advanced technology, innovative thinking and timely deliveries have always been the basis for D.H. Exports' success in producing and selling Stainless Steel and Alloy Steel Bright Bars.

 

The company manufacturers and supplies finished Stainless Steel in the domestic as well as international market, reaching clientele across the globe, through experienced hands of its management, spanning over 25 years in this industry.

 

The company is one of the India’s premier bright steel processing house with a capacity of about 12,000 MT per annum having modern and efficient plant and equipments, having appropriate technology to position itself in the international arena.

 

In order to serve its customers more efficiently, the marketing department continuously liases with production and administrative department, allowing timely deliveries with right quality. The company is associated with M/s. Macro Bars and Wires (India) Private Limited manufacturer and exporter of stainless steel wires.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.12

UK Pound

1

Rs.73.43

Euro

1

Rs.62.32

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

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

NO

--LITIGATION

YES/NO

YES

--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

 

44

 

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

-

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.