MIRA
INFORM REPORT
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Report Date : |
30.05.2011 |
IDENTIFICATION DETAILS
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Name : |
DHOOT TRANSMISSION PRIVATE LIMITED |
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Registered Office : |
Gut No.312, Nanekarwadi, Chakan, Tq. Khed, District Pune, Chakan – 410
501, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.04.1998 |
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Com. Reg. No.: |
11 - 131629 (New) 11 - 114660 (Old) |
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Capital Investment / Paid-up Capital : |
Rs. 82.260 Millions |
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CIN No.: [Company
Identification No.] |
U31300PN1998PTC131629 U31300MH1998PTC114660 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NSKD00994A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Insulated Wire and Cable. |
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No. of Employees : |
650 (Approximately) |
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 860000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Marketing Office & Plant : |
Gut No.312, Nanekarwadi, Chakan, Tq. Khed, District Pune, Chakan – 410
501, |
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Tel. No.: |
91-2135-329246 |
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Fax No.: |
91-2135-286499 |
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E-Mail : |
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Website : |
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Corporate Office,
Marketing Office & Plant : |
15, Km. Stone, Gut
No. 100, Farola, Paithan Road, Aurangabad – 431137, Maharashtra, India. |
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Tel. No.: |
91-2431-251446,
251776 |
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Fax No.: |
91-2431-251574 |
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E-Mail : |
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Plant & Marketing Office : |
M- 169, MIDC,
Industrial Area, Waluj, |
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E-Mail : |
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Branch Office : |
Plot No.7B,Sector 9
,IIE, Pantnagar, Rudrapur (Udhamsingh Nagar), Uttaranchal – 263153, |
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Overseas Office : |
Marketing Office Streets Northen LLP, Email:- dhootuk@dhoottransmission.com |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Rahul Radhavallabh Dhoot |
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Designation : |
Director |
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Address : |
Mangalam, Vishrambaug Colony, |
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Date of Birth/Age : |
05.03.1973 |
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Date of Appointment : |
28.04.1998 |
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DIN No.: |
00273337 |
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Name : |
Mrs. Kiranbai Radhavallabh Dhoot |
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Designation : |
Director |
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Address : |
Mangalam, Vishrambaug Colony, |
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Date of Birth/Age : |
02.12.1946 |
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Date of Appointment : |
25.03.2003 |
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DIN No.: |
01200758 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
No. of Shares |
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Radhavallabh R Dhoot |
46080 |
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Rahul Radhavallabh Dhoot |
315005 |
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Kiranbai Radhavallabh Dhoot |
23400 |
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Anupama Rahul Dhoot |
6700 |
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Radhavallabh R Dhoot (HUF) |
8800 |
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Mangalam Coils Private Limited |
5 |
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Dhoot Motors Finance and Leasing Private Limited, |
5 |
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Rahul Dhoot (On behalf of Dhoot Motors) |
5 |
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Total |
400000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Insulated Wire and Cable. |
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Products : |
v
Automotive Wire Harness v
Cables v
Enameled Copper Wire v
Power Cords |
GENERAL INFORMATION
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No. of Employees : |
650 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Financial
Institutions : |
SICOM Limited, |
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Bankers: |
Corporation Bank, 14, Pune – |
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Auditors : |
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Name : |
M R Hundiwala & Company Chartered Accountants |
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Address : |
7/8, |
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PAN.: |
AAGPH4071G |
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Associates : |
v
Dhoot Motors Limited v
Mangalam Coils Private Limited v
Dhoot Motors Finance and Leasing Private Limited v
Dhoot Electromechnical Private Limited v
Dhoot Distributors Private Limited v
Dhoot Motors (Jalgaon) Private Limited v
Dhoot Motors v
Radhavallabh Dhoot and Company |
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Subsidiaries : |
v
Dhoot Transmission ( |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs.100/- each |
Rs.60.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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400000 |
Equity Shares |
Rs.100/-
each |
Rs.40.000
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
40.000 |
40.000 |
40.000 |
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2] Share Application Money |
8.100 |
0.000 |
0.000 |
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3] Reserves & Surplus |
166.919 |
115.926 |
87.442 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
215.019 |
155.926 |
127.442 |
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LOAN FUNDS |
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1] Secured Loans |
235.061 |
204.739 |
209.782 |
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2] Unsecured Loans |
0.268 |
0.268 |
0.420 |
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TOTAL BORROWING |
235.329 |
205.007 |
210.202 |
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DEFERRED TAX LIABILITIES |
35.258 |
28.319 |
22.209 |
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DEFERRAL OF SALES TAX |
35.361 |
35.361 |
35.361 |
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TOTAL |
520.967 |
424.613 |
395.214 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
327.201 |
317.161 |
260.907 |
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Capital work-in-progress |
0.000 |
1.820 |
6.793 |
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INVESTMENT |
0.491 |
0.257 |
0.231 |
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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 |
140.468
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119.472 |
128.300 |
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Sundry Debtors |
362.642
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129.815 |
148.317 |
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Cash & Bank Balances |
3.260
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2.158 |
16.122 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
61.594
|
33.196 |
64.662 |
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Total
Current Assets |
567.964
|
284.641 |
357.401 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
327.675
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154.367 |
200.353 |
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Other Current Liabilities |
17.698
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11.850 |
10.210 |
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Provisions |
29.316
|
13.049 |
19.559 |
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Total
Current Liabilities |
374.689
|
179.266 |
230.122 |
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Net Current Assets |
193.275
|
105.375 |
127.279 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.004 |
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TOTAL |
520.967 |
424.613 |
395.214 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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GROSS TURNOVER |
1793.318 |
1297.493 |
1464.713 |
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Less |
EXPENSES |
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TOTAL |
NA |
NA |
NA |
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PROFIT BEFORE
TAX |
85.657 |
45.421 |
54.748 |
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Less |
TAX |
29.985 |
17.001 |
19.665 |
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PROFIT AFTER TAX |
55.672 |
28.420 |
35.083 |
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Less |
APPROPRIATIONS |
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Dividend |
4.680 |
0.936 |
3.679 |
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BALANCE CARRIED
TO THE B/S |
50.992 |
27.484 |
31.403 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
91.734 |
44.247 |
54.300 |
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TOTAL EARNINGS |
91.734 |
135.981 |
54.300 |
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IMPORTS |
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Raw Materials |
103.193 |
55.570 |
76.943 |
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Capital Goods and Spare Parts and Components |
27.777 |
42.265 |
14.642 |
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TOTAL IMPORTS |
130.970 |
97.835 |
91.585 |
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Earnings Per
Share (Rs.) |
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-- |
-- |
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KEY RATIOS
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PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.57
|
4.72 |
5.67 |
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Return on Investment (ROI) (PBT/Networth) |
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0.26
|
0.18 |
0.27 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.84
|
2.46 |
3.45 |
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Current Ratio (Current Asset/Current Liability) |
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1.51
|
1.59 |
1.55 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company changed its registered office from Dhoot Motors,
OPERATIONS:
The Company has
achieved remarkable financial results during the year. With very dedicated and
sincere efforts on the part of both of the directors, the Company has been able
to earn 38% greater turnover as compared to the last year. Further, the
profitability has also been increased by 89%. The directors have specifically
emphasized on the sales promotion. The results for the year clearly show that
the impact of the recession has been totally evaporated from our industry.
The directors are
happy to recommend 10% dividend this year. The directors look forward for the
shareowners satisfaction for the same.
During the year the
Company has started trading and warehousing activities at Kashipur, Udhamsing
nagar, Uttarakhand. Further, the Company has started manufacturing of wiring
harness at the industrial shed taken on rent at Pune.
The Company has been
able to accumulate good amount of reserves and surpluses over a period of time
resulting into availability of ample funds. Looking in to this, the Company has
augmented its investment in its subsidiary company, Dhoot Transmission U.K.
Limited by way of acquisition of 3000 equity shares of GBP 1 per share.
Contingent
Liabilities:
- In respect of
Guarantee issued by bank Rs. 0.055 Millions in favour of Sales tax
authorities (Previous Year Rs. 0.055 Millions)
- The Details
of the dispute is as under:
|
Name of the
Statute |
Nature of Dues |
Amount |
Period to which
the amount relates |
Forum where the
dispute is pending |
Particulars of
the Dispute (as represented by the management) |
|
Sales Tax Act |
Interest (u/s 36 (3) (b)) |
1.352 Millions |
April -04 to March - 05 |
Jt. Commissioner Sales Tax (Appeals) |
Wrong Interest charged |
·
EPCG export obligation under EPCG licence scheme of
Rs. 33.261 Millions (Previous Year Rs. 42.430 Millions)
·
Corporate Guarantee issued in favour of Mangalam
Coils Private Limited for Rs. 30.000 Millions Only.
·
Additional Tax or Duty, Interest or Penalty as may
be levied by any revenue authority during the course of assessments under
respective law.
Form 8
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Corporation identity number or foreign company registrations number of the company |
U31300PN1998PTC131629 |
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Name of the company |
DHOOT TRANSMISSION PRIVATE LIMITED |
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Address |
Gut No.312, Nanekarwadi, Chakan, Tq. Khed, District Pune, Chakan – 410
501, |
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This Form is for |
Creation of charge |
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Type of Charges |
Movable Property |
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Particular of the charge holder |
SICOM Limited, |
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Nature or description of the instrument creating charge |
Corporation Bank, 14, Pune – |
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Date of the instrument creating charge |
16.09.2010 |
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Amount Secure by the charge |
Rs.5.544 Millions |
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Brief of the principal terms and conditions and extent and operation of the charge |
Rate of interest .8.25% p.a. (Floating) being 0.50% over and above base rate which is
7.75% p.a. at present Terms of repayment Repayment shall be made in 60 monthly installment of Rs. 0.113
Millions on or before 16th of each month. First of such
Installment to be paid on 16.10.2010 Margin 15 % (Rs. 0.979 Millions) Extent and operation of the charge Hypothecation of Four Brand New TATA LP 1512 TC/52 BS –II transport
buses costing Rs. 6.523 Millions |
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Short particulars of the property or asset(s) charged (including complete address and location of the property) |
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FIXED ASSETS:
- Lands
- Guest House
- Plant and
Machinery
- Vehicles
- Furniture and
Fixtures
- Other Assets
Website Details:
History
Subject
was established in year 1999 by Mr. Rahul Dhoot . Today subject is
manufacturers of automotive, appliance wiring harness and power cords with
turnover of Rs.1650 Millions. The company employees about 650 People. The
company has recently started manufacturing of copper wires The company supplies
to
The
organisation strives to produce excellent and cost effective products.
Professional management, a stern eye for quality and result oriented innovation
has enabled subject to amass enviable clientele all over the globe within a
short span of time.
Profile:
For over eight years, subject has its presence in Indian automotive and
appliance market. Subject has established its identity as a potential quality
supplier for its range of products and has become the preferred choice of OEMs.
Subject
has the best manufacturing technology and strong Research &
Development Team to provide end-to-end cost effective and reliable solutions to
its customers. DTPL has acquired and preserved knowledge, created world-class
design, prototyping, process validation and manufacturing infrastructure to
meet the customers’ expectations.
The
company is accredited with TS 16949. The company’s work culture is in line with
TPM and Lean Manufacturing concepts and leading towards business excellence.
Subject
is a major supplier to Bajaj Auto, Piaggio, Royal Enfield, AEPL, John Deere,
Videocon, Electrolux, Haier, Whirlpool, Force Motors, Varroc, Ideal Boilers
etc.
The
company manufactures following products
v
Automotive Wire Harness
v
Enamelled Copper Wire
v
Power Cords
Organization & Management
Subject
was established in year 1999 by Mr. Rahul Dhoot. Today subject is one of the leading
manufacturers of automotive, appliance wiring harness and power cords with
turnover of Rs. 1650 Millions with a work force of 650 People.
Subject’s
products are widely accepted by Indian and overseas OEM and has resulted in an
exponential growth.
The
company has recently started manufacturing of enamelled copper wire for the
domestic market.
Products
Wiring Harness
Manufactures
wiring harness for automotive and home appliance applications
Automotive: Motorcycle, Scooter, Three
Wheelers, Four Wheelers, CV, Farming Equipments etc.
Overview
Subject has strategically focused on export market. Seeing
an overwhelming response from European customers, the company is expanding its
operations in
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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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 |
4 |
|
--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 |
YES |
|
--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.