MIRA
INFORM REPORT
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Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CEDAR DÉCOR PRIVATE LIMITED |
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Registered Office : |
401, The Chambers, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.12.2004 |
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Com. Reg. No.: |
11-149787 |
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Capital
Investment / Paid-up Capital : |
Rs.37.500 Millions |
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CIN No.: [Company
Identification No.] |
u20200mh2004ptc149787 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
Mumc12905E |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of Plywood and Laminates. |
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No. of Employees
: |
300 (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 512000 |
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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. Sushil |
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Designation : |
Accounts Manger |
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Contact No.: |
91–22–26269000 |
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Date : |
03.09.2011 |
LOCATIONS
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Registered / Administrative Office : |
401, The Chambers, |
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Tel. No.: |
91–22–26269000 / 26871295 / 98 / 1758 / 26122754/ 22069701/ 26117801 |
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Fax No.: |
91–22–26112261 / 26269000 / 26871761 |
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E-Mail : |
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Websites : |
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Location : |
Owned |
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Branch Office : |
F-2, Sapath – I, Near Cargo Motors, |
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Tel. No.: |
91-79-26871298 / 1295 / 1758 |
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Fax No.: |
91-79-26871761 |
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Area : |
2500 sq ft |
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Location : |
Rented |
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Factory : |
65 / P, Ankhol Patia, Behind Asian Tubes, Kadi Road, Taluka Kadi,
District Mehsana – 380 015, Gujarat, India
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Tel. No.: |
91-2764-233151 |
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Fax No.: |
91-2764-232151 |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Pawan Kumar Dokania |
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Designation : |
Director |
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Address : |
92A, Varsova Layout, 7th Cross, Kagadaspura Main Road, C.V.
Roman Nagar, Bangalore – 560 092, Karnataka, India |
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Date of Appointment : |
30.03.2005 |
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DIN : |
00027195 |
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Name : |
Mr. Ashok Kumar Dokania |
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Designation : |
Director |
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Address : |
A / 29, Laxman Apartment, |
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Date of Appointment : |
02.12.2004 |
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DIN : |
00027283 |
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Name : |
Mr. Prem Kumar Dokania |
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Designation : |
Director |
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Address : |
10/ 1, |
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Date of Appointment : |
30.03.2005 |
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DIN : |
00061474 |
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Name : |
Mr. Bijay Kumar Laxminarayan Dokania |
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Designation : |
Director |
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Address : |
21, Basant Bahar, Opposite Sterling Club, Bopal, Ahmedabad, |
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Date of Appointment : |
31.01.2005 |
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DIN : |
00028331 |
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Name : |
Mr. Vishal Dokania |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sushil |
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Designation : |
Accounts Manger |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sajjan Kumar dokania |
|
349500 |
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Ashok Kumar Dokania |
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500 |
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Bijay Kumar Dokania |
|
672000 |
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Suman Dokania |
|
330000 |
|
Saurav Suman Finvest Private
Limited, |
|
400000 |
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Kusum Dokania |
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187500 |
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Pankaj Dokania |
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170000 |
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Pawankumar Dokania |
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180000 |
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Durian Industries Limited, Mumbai |
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257500 |
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Amita Dokania |
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235000 |
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Priyanka Dokania |
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30000 |
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Vishal Kumar Dokania |
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500 |
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Swati Agarwal (NRI) |
|
187500 |
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Asha Devi (NRI) |
|
750000 |
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Total |
|
3750000 |
AS ON 30.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
25.00 |
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Bodies
corporate |
|
17.53 |
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Directors
or relatives of directors |
|
57.47 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plywood and Laminates. |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
L/C, Credit |
PRODUCTION STATUS As on 31.03.2010
|
Decorative
Laminates |
Unit |
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Licensed Capacity |
Psc. |
1920000 |
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Installed
Capacity |
Psc. |
1920000 |
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Actual
Production |
Psc. |
1625011 |
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GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
Ř
State
Bank of India, SME Backbay Reclamation Branch, Raheja Chambers, Nariman point, Mumbai – 400 021, Maharashtra,
India Ř
ICICI
Bank limited |
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Facilities : |
Notes: 1. Term Loan is secured by Mortgage of Factory Building, plant and Machineries and personally guaranteed by all the Director of the company. 2. Cash Credit is secured by hypothecation of raw materials, work in process, finished goods book debts and personally guaranteed by the Director and second charge on all the assets of the company.
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
P. Bajaj and Company Chartered Accountants |
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Address : |
286, |
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Tel. No.: |
91-22-22069701 |
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Tele Fax No.: |
91-22-22007781 |
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E-Mail : |
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Associates/Subsidiaries : |
Durian
Industries Limited Address: 22, Abhishek, Activity: Manufacturer
and Exporter of Plywood and Laminates. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
4,000,000 |
Equity Shares |
Rs.10/- each |
Rs.40.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
3,750,000 |
Equity Shares |
Rs.10/- each |
Rs.37.500 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 |
37.500 |
37.500 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
90.748 |
62.085 |
30.717 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
128.248 |
99.585 |
60.717 |
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LOAN FUNDS |
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1] Secured Loans |
199.757 |
153.130 |
105.863 |
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2] Unsecured Loans |
23.306 |
18.405 |
32.725 |
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TOTAL BORROWING |
223.063 |
171.535 |
138.588 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
351.311 |
271.120 |
199.305 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
144.875 |
128.864 |
86.550 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
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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Inventories |
114.365 |
67.906 |
55.985 |
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Sundry Debtors |
93.472 |
93.082 |
79.207 |
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Cash & Bank Balances |
15.365 |
10.330 |
4.094 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
28.645 |
22.698 |
18.596 |
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Total
Current Assets |
251.847 |
194.016 |
157.882 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
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Sundry Creditors |
43.254 |
49.828 |
42.046 |
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Other Current Liabilities |
2.359 |
1.772 |
3.625 |
|
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Provisions |
0.000 |
0.533 |
0.000 |
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Total
Current Liabilities |
45.613 |
52.133 |
45.671 |
|
|
Net Current Assets |
206.234 |
141.883 |
112.211 |
|
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MISCELLANEOUS EXPENSES |
0.202 |
0.373 |
0.544 |
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|
|
|
|
|
|
|
TOTAL |
351.311 |
271.120 |
199.305 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
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Sales |
472.419 |
327.434 |
396.137 |
|
|
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Other Income |
2.718 |
2.064 |
2.495 |
|
|
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TOTAL (A) |
475.137 |
329.498 |
398.632 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
336.543 |
230.623 |
331.782 |
|
|
|
Manufacturing Expenses |
51.094 |
24.685 |
15.198 |
|
|
|
Increase/(Decrease) in Finished Goods |
(12.758) |
(3.719) |
3.332 |
|
|
|
Selling and Distribution Expenses |
20.001 |
15.816 |
12.117 |
|
|
|
Payment to Employees |
11.956 |
8.153 |
6.016 |
|
|
|
TOTAL (B) |
406.836 |
275.558 |
368.445 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
68.301 |
53.940 |
30.187 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
26.033 |
18.942 |
16.050 |
|
|
|
|
|
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.268 |
34.998 |
14.137 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7.314 |
4.305 |
4.076 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
34.954 |
30.693 |
10.061 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
6.291 |
3.825 |
1.116 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
28.663 |
26.868 |
8.945 |
|
|
|
|
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|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.085 |
23.217 |
14.271 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
78.748 |
50.085 |
23.216 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
8.546 |
5.637 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.64 |
7.16 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.03 |
8.15 |
2.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.40 |
9.37 |
2.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.81 |
9.51 |
4.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.31 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.09 |
2.25 |
3.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.52 |
3.72 |
3.46 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors: - For Capital
Goods |
0.445 |
2.038 |
0.264 |
|
- For Goods |
39.530 |
42.191 |
34.085 |
|
- For Expenses |
3.279 |
5.599 |
7.697 |
|
Total |
43.254 |
49.828 |
42.046 |
Contingent Liabilities :
Contingent
Liabilities not provided for the in the account in respect of
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
|
Letters of credit |
33.005 |
26.853 |
|
Outstanding Bank
Guarantee |
0.970 |
0.970 |
FORM 8
|
Corporate
identity number of the company |
u20200mh2004ptc149787 |
|
Name of the
company |
CEDAR DECOR
PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
22, Abhishek, |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
Property |
|
Particular of
charge holder |
State Bank of
India, State Bank of India, SME Backbay Reclamation Branch, Raheja Chambers,
Nariman point, Mumbai – 400 021, Maharashtra, India E-mail: sbi.01593@sbi.co.in |
|
Nature of
instrument creating charge |
Memorandum of
deposit for creation of further charge |
|
Date of
instrument Creating the charge |
15.05.2009 |
|
Amount secured by
the charge |
Rs.255.600
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
Operation of the charge First charge |
|
Short particulars
of the property charged (Including location of the property) |
NA Land bearing
Survey No. 65 (Part), admeasuring 12542 Sq.Mtrs in Village Abkhol, Taluka
Kadi, district Mahesana, |
|
Particulars of
the present modification |
Equitable
mortgage created on 26.09.2005 on immovable properties of the company and
guarantors as described in above to further secure the credit facilities of
Rs.110.000 millions and extended on 17.07.2006 and 16.05.2008 to further
secure the enhanced credit limits of Rs.237.800 millions, again extended to
secure the additional credit limits of Rs.17.800 millions. Hence, the total
amount of charge secured by these immovable properties stands enhanced from
Rs.237.800 millions to Rs.255.600 millions |
FORM – 8
|
Corporate
identity number of the company |
u20200mh2004ptc149787 |
|
Name of the
company |
CEDAR DECOR
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
22, Abhishek, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
property |
|
Particular of
charge holder |
State Bank of |
|
Nature of
instrument creating charge |
Memorandum of
Deposit for Creation of Further Charges (Form C-10) |
|
Date of
instrument Creating the charge |
17.08.2010 |
|
Amount secured by
the charge |
Rs.371.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and operation of the charge First Charge |
|
Short particulars
of the property charged (Including location of the property) |
Land bearing
Survey No.65(part), admeasuring 12, 542, sq. meters, situated in Village
Ankhol, Taluka Kadi, Dist. Mehsana, Shop No. 23,
admn. 29.45 sq. meters (carpet) in Abhishek (Extn) at Junction of Vallabhbhai
Road and |
|
Date of
instrument modifying the charge |
29/04/2010 |
|
Particulars of the
present modification |
Equitable
mortgage created on 26/09/2005 on immovable properties of the Company and
guarantors as described in Column 15 above to further secure the credit
facilities of Rs.110.000 Millions and extended on 17/07/2006, 16/05/2008 &
15/05/2009 to further secure the enhanced credit limits of Rs.255.600
Millions, again extended to secure the additional credit limits of Rs.115.400
Millions. Hence, total amount of charge secured by these immovable properties
stands enhanced from Rs.255.600 Millions to Rs.371.000 Millions |
Fixed assets:
· Land
·
·
·
Electrical
Installation
·
Computer
·
Vehicles
(four wheeler)
·
Office
Equipment
·
Furniture
and Fixtures
·
Plant
and Machineries
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.46.12 |
|
|
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.87 |
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 |
YES |
|
--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.