MIRA INFORM REPORT
|
Report Date : |
24.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
DANASHMAND ORGANIC PRIVATE LIMITED |
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Registered
Office : |
1/292, Manhas Mansion, Vidhyanagar, Kalina, Santacruz (East),
Mumbai-400004, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.03.1999 |
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Com. Reg. No.: |
11-118647 |
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Capital
Investment / Paid-up Capital : |
Rs. 8.920 Millions |
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CIN No.: [Company Identification
No.] |
U24100MH1999PTC118647 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM24955A |
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PAN No.: [Permanent Account No.] |
AAACD8602J |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Seller of Bulk Pharmaceuticals |
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No. of Employees
: |
52 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 57000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow But Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records.
Profitability of the company appears to be low. However, trade relations are reported
to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Jamnaprasad |
|
Designation : |
Account Executive |
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Contact No.: |
91-22-26656829 |
|
Date : |
23.08.2012 |
LOCATIONS
|
Registered Office : |
1/292, Manhas Mansion, Vidhyanagar, Kalina, Santacruz (East),
Mumbai-400004, Maharashtra, India |
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Tel. No.: |
91-22-26656821 / 29 |
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Fax No.: |
Not Available |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Raigad, India |
DIRECTORS
AS ON 10.09.2011
|
Name : |
Mr. Davinder Singh Minhas |
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Designation : |
Managing Director |
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Address : |
5/292, Manhas Mansion, Vidya Nagari Marg, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra, India |
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Date of Birth/Age : |
05.03.1955 |
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Date of Appointment : |
04.03.1999 |
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PAN No.: |
AADPM8409J |
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DIN No.: |
01866601 |
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Name : |
Mr. Gurvinder Kaur Davinder Singh Minhas |
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Designation : |
Director |
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Address : |
5/292, Manhas Mansion, Vidya Nagari Marg, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra, India |
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Date of Birth/Age : |
11.07.1963 |
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Date of Appointment : |
04.03.1999 |
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PAN No.: |
AADPM8410J |
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DIN No.: |
00607735 |
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Name : |
Nagnath Govind Rao Jadhav |
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Designation : |
Director |
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Address : |
A-302, Neelkanth Park, Plot No.18, Sector-6, New Panvel (West), Navi
Mumbai-410206, Maharashtra, India |
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Date of Birth/Age : |
20.07.1962 |
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Date of Appointment : |
01.08.1999 |
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PAN No.: |
ACYPJ6259N |
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DIN No.: |
00607745 |
KEY EXECUTIVES
|
Name : |
Mr. Jamnaprasad |
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Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 10.09.2011
|
Names of Shareholders |
No. of Shares |
|
Davinder Singh Minhas |
100 |
|
Gurwinder Kaur Minhas |
100 |
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Davinder Singh Minhas |
100 |
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Davinder singh Minhas |
215925 |
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Gurwinder Kaur Minhas |
175325 |
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Neha Davinder Singh |
32350 |
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Taranjeet Singh Minhas |
48100 |
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Davinder S Minhas |
28000 |
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Davinder Singh Minhas |
210620 |
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Gurwinder Kaur Minhas |
158160 |
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Neha Davinder Singh |
8600 |
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Taranjeet Singh Minhas |
4300 |
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Davinder S Minhas |
5160 |
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Nagnath Govindrao Jadhav |
5160 |
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TOTAL
|
892000 |
AS ON 10.09.2011
|
Equity Shares
Break Up |
Percentage of
Holding |
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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 : |
Manufacturer and Seller of Bulk Pharmaceuticals |
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Exports : |
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Countries : |
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GENERAL INFORMATION
|
Suppliers : |
·
ACE Chemicals ·
Anish Tradin Corporation ·
Akshaya Enterprises ·
D. M. Bhagat ·
Galaxy Printers ·
Gati Limited ·
J.V. Chem India ·
Medi Pharma Drug House ·
Mohit Chemical and Pharmaceuticals ·
Pulse Pharma |
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Customers : |
·
Bharat Parenterals Limited ·
Cradel Pharmaceuticals Private Limited ·
Zim Laboratories Limited ·
Vidhi Dyestuff Manufacturing Limited ·
Kalgov Labs Limited ·
Greenwood Product ·
Cosme Pharma ·
Tablets India limited ·
HELLM ·
Helthcraft Pharma (India) Private limited |
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No. of Employees : |
52 (Approximately) |
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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 : |
Vijay S Jain Chartered Accountant |
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Address : |
402, 4th Floor, Aniket Tower Co-operative Housing Society, Uthalsar
Naka, Thane (West), Thane-400601, Maharashtra, India |
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Tel. No.: |
91-22-25478825 / 25473698 |
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PAN No.: |
ABVPJ6733B |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs.10/- each |
Rs. 10.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
892000 |
Equity Shares |
Rs.10/- each |
Rs. 8.920
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
8.920 |
5.000 |
5.000 |
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2] Share Application Money (After Amalgamation- Goodwill) |
0.000 |
2.200 |
0.000 |
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3] Reserves & Surplus |
5.417 |
6.262 |
6.621 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.337 |
13.462 |
11.621 |
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LOAN FUNDS |
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1] Secured Loans |
15.349 |
13.526 |
14.244 |
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2] Unsecured Loans |
0.902 |
1.958 |
2.574 |
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TOTAL BORROWING |
16.251 |
15.484 |
16.818 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.588 |
28.946 |
28.439 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.520 |
11.495 |
10.251 |
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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 |
7.388
|
9.863 |
6.078 |
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Sundry Debtors |
7.925
|
3.833 |
12.521 |
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Cash & Bank Balances |
0.675
|
0.985 |
0.728 |
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Other Current Assets |
1.248
|
7.235 |
2.467 |
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Loans & Advances |
10.016
|
7.258 |
6.507 |
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Total
Current Assets |
27.252
|
29.174 |
28.301 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
4.647
|
9.770 |
8.719 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
2.537
|
1.953 |
1.394 |
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Total
Current Liabilities |
7.184
|
11.723 |
10.113 |
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Net Current Assets |
20.068
|
17.451 |
18.188 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
30.588 |
28.946 |
28.439 |
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PROFIT & LOSS
ACCOUNT
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|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
70.577 |
71.936 |
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Other Income |
3.249 |
1.671 |
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TOTAL (A) |
73.826 |
73.607 |
85.879 |
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Less |
EXPENSES |
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Cost of Materials |
48.902 |
52.076 |
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Other Expenses |
20.794 |
17.731 |
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TOTAL (B) |
69.696 |
69.807 |
83.221 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4.130 |
3.800 |
[Including Financial |
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Expenses] |
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Less |
FINANCIAL
EXPENSES (D) |
1.067 |
0.814 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.063 |
2.986 |
2.658 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.616 |
1.696 |
1.737 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.447 |
1.290 |
0.921 |
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Less |
TAX (H) |
0.572 |
0.545 |
0.499 |
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PROFIT AFTER TAX
(G-H) (I) |
0.875 |
0.745 |
0.422 |
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Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
6.263 |
6.621 |
NA |
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Add |
DINAVANTI
MORARJI CHEMICALS AMALGAMATED |
0.000 |
0.015 |
NA |
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Add |
AVANTIKA MORARJI
CHEMICALS AMALGAMATED |
0.000 |
(1.118) |
NA |
|
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Less |
AS PER COURT
ORDER SHARES ALLOTMENT AMALGAMATION |
(1.720) |
0.000 |
NA |
|
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BALANCE CARRIED
TO THE B/S |
5.418 |
6.263 |
NA |
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EXPORT VALUE |
19.859 |
14.125 |
18.548 |
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IMPORTS VALUE |
7.132 |
1.568 |
5.373 |
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Earnings Per
Share (Rs.) |
0.98 |
-- |
-- |
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Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
120.000 |
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|
[Due to more
demand] |
Expected Sales (2012-2013) : Rs. 150.000 Millions
The above information has been parted by Mr. Jamnaprasad.
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.19
|
1.01 |
0.49 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
2.05
|
1.79 |
NA |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.83
|
3.17 |
2.39 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.10 |
0.08 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.63
|
2.02 |
2.32 |
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|
Current Ratio (Current Asset/Current Liability) |
|
3.79
|
2.49 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
4.647
|
9.770 |
8.719 |
|
|
|
|
|
|
TOTAL |
4.647
|
9.770 |
8.719 |
SUNDRY CREDITORS
PARTIAL DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
ACE Chemicals |
0.727 |
0.337 |
0.575 |
|
Anish Tradin Corporation |
0.000 |
0.109 |
0.004 |
|
Akshaya Enterprises |
0.005 |
0.000 |
0.000 |
|
D. M. Bhagat |
0.000 |
0.034 |
0.000 |
|
Galaxy Printers |
0.002 |
0.000 |
0.000 |
|
Gati Limited |
0.004 |
0.000 |
0.000 |
|
J.V. Chem India |
0.233 |
0.000 |
0.117 |
|
Medi Pharma Drug House |
0.000 |
0.933 |
0.994 |
|
Mohit Chemical and Pharmaceuticals |
0.000 |
0.032 |
0.064 |
|
Pulse Pharma |
1.721 |
1.850 |
0.000 |
|
Manav Bio Chem Impex Private Limited |
0.000 |
1.491 |
0.000 |
|
Sheetal Pharma |
0.000 |
0.410 |
0.000 |
|
Shree Ambica Industries |
0.000 |
0.086 |
0.000 |
ISSUE OF SHARES ON
AMALGAMATION
In terms of the scheme of amalgamation approved in the High Court of Judicature
of Bombay on 11.06.2010 the Company has issued 2,20,000 Equity Shares to the
Equity Shareholders of Avantika Morarji Chemicals Private limited and 1,72,000
Equity Shares to the Equity Shareholders of Dinvanti Morarji Chemicals Private
Limited in their respective share
exchange ratio as per the Scheme. Total Number of shares allotted 3,92,000
Equity Shares allotted on 27.07.2010 for which Foam No.2 has been field with
registrar of Companies.
OPERATIONS
Sales for the financial year ended on 31st March 2011
amounted to Rs. 73.826 Millions (exclusive of Excise Duty) as compared to Rs.
73.607 Millions for the year ended 31.03.2010. Companies products has been well
received in the domestic as well as export market. The company expects
substantial growth in domestic and export turnover in the current year as two
new molecules have been developed in house.
FIXED ASSETS
·
Air Conditioner
·
Plant and Machinery
·
Santro Motor car
·
Tata Indica
·
Tata Indico CS
·
Motor Cycle
·
Computer
·
Electrical Installation
·
Fax Machine
·
Furniture and Fixtures
·
Television and Refrigerator
·
Factory Building and Godown
·
Staff Quarters
·
Lease Hold Land
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. 55.18 |
|
|
1 |
Rs. 87.65 |
|
Euro |
1 |
Rs. 69.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.