MIRA INFORM REPORT

 

 

Report Date :

16.02.2013

 

IDENTIFICATION DETAILS

 

Name :

DOLPHIN PUBLICATIONS PRIVATE LIMITED

 

 

Registered Office :

1st Sai Baba CHS Limited, Yoga Institute Road, Prashant Colony, Santacruz (East), Mumbai – 400 055, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

07.01.2003

 

 

Com. Reg. No.:

11-138564

 

 

Capital Investment / Paid-up Capital :

Rs.13.791 millions

 

 

CIN No.:

[Company Identification No.]

U22110MH2003PTC138564

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMD09594E

 

 

PAN No.:

[Permanent Account No.]

AABCD7584J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Distributor and Importer of Books.

 

 

No. of Employees :

45 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (27)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 109000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record. The latest financials are not made available with the Government Department.

 

As per previous year’s, there appears some dip in the profitability of the company during 2011. It is progressing slowly.

 

However, trade relations are reported as fair. Business is active. Payments are reported to be unknown.

 

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.

 

INDIAN ECONOMIC OVERVIEW

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

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 (GENERAL DETAILS)

 

Name :

Ms. Neena

Designation :

Company Secretary

Contact No.:

91-9870002130

Date :

14.02.2013

 

 

LOCATIONS

 

Registered Office :

1st Sai Baba CHS Limited, Yoga Institute Road, Prashant Colony, Santacruz (East), Mumbai – 400 055, Maharashtra, India

Tel. No.:

91-22-26182596/ 26191754

Mobile No.:

91-9870002130 (Ms. Neena)

Fax No.:

91-22-26134773/ 26160795

E-Mail :

dolphin3@mtnl.net.in

javahar.g@dolphinltd.com

Location :

Owned

 

 

Head Office/ Corporate Office :

1st Floor, Western India Art Litho Building, Plot No.107, Marol Co-operative Industrial Estate, Marol, Andheri (East), Mumbai – 400 059, Maharashtra, India

Tel. No.:

91-22-40763000

Fax No.:

91-22-40763040

 

 

Showroom :

Located at:

 

v      ITC Grand Maratha Sheraton

v      Hyatt Hotel, Mumbai

 

 

Branch Office :

Located at:

 

v      Delhi

v      Kolkata

v      Nashik

 

 

DIRECTORS

 

As on 30.09.2011

 

Name :

Mr. Javahar Gangadharan

Designation :

Director

Address :

1 Sai Baba Co-Operative Housing Society Limited, 4th Road, TPS – V, Prabhat Colony, Santacruz (East), Mumbai – 400 055, Maharashtra, India

Date of Birth/Age :

31.05.1961

Qualification:

Graduate

Date of Appointment :

07.01.2003

DIN No.:

01636168

 

 

Name :

Mrs. Jotsna Javahar Gangadharan

Designation :

Director

Address :

Sai Baba Co-Operative Housing Society Limited, 4th Road, TPS – V, Prabhat Colony, Santacruz (East), Mumbai – 400 055, Maharashtra, India

Date of Birth/Age :

21.06.1967

Qualification:

Graduate

Date of Appointment :

07.01.2003

DIN No.:

01651110

 

 

KEY EXECUTIVES

 

Name :

Ms. Neena

Designation :

Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2011

 

Names of Shareholders

 

No. of Shares

 

Javahar Gangadharan

 

859934

Jotsna Javahar Gangadharan

 

519221

Total

 

1379155

 

As on 30.09.2011

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Distributor and Importer of Books.

 

 

Imports :

 

Products :

v      Books

Countries :

v      USA

v      UK

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit 

 

 

GENERAL INFORMATION

 

Customers :

End Users

 

 

No. of Employees :

45 (Approximately)

 

 

Bankers :

v      Bank of India, Worli Naka Branch, Pankaj Mansion, Opposite Podar Hospital, Dr. A.B. Road , Worli Naka, Mumbai – 400 018, Maharashtra, India (Contact No.: 91-22-24931296)

v      ICICI Bank Limited

 

 

Facilities :

Secured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

From Bank of India (Cash Credit accounts )

27.961

0.000

From ICICI Bank Limited (Overdraft account)

(Secured against hypothecation of Stocks, book debts and personal guarantee of Two directors of the company)

0.000

24.338

Total

27.961

24.338

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Chirag Shah

Chartered Accountant

Address :

A/16, Madhav Baug, Jambli Gully, S.V. Road, Borivali (West), Mumbai – 400 092, Maharashtra, India

Tel. No.:

91-22-28988872

Income-tax PAN of auditor or auditor's firm :

AUPPS3592J

 

 

CAPITAL STRUCTURE

 

As on 30.09.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

2000000

Equity Shares

Rs.10/- each

Rs.20.000 millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

1379155

Equity Shares

Rs.10/- each

Rs.13.791 millions

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2011

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

13.791

13.791

5.068

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

13.569

11.376

7.713

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

27.360

25.167

12.781

LOAN FUNDS

 

 

 

1] Secured Loans

27.961

24.338

16.132

2] Unsecured Loans

12.035

11.797

0.009

TOTAL BORROWING

39.996

36.135

16.141

DEFERRED TAX LIABILITIES

0.083

0.100

0.163

 

 

 

 

TOTAL

67.439

61.402

29.085

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

3.420

3.420

2.634

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERRED TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
56.435

45.297
53.437

 

Sundry Debtors
31.703

44.920
42.516

 

Cash & Bank Balances
6.768

1.725
0.466

 

Other Current Assets
0.000

0.000
0.000

 

Loans & Advances
5.678

6.114
4.140

Total Current Assets
100.584

98.056

100.559

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

31.897

35.964
70.313

 

Other Current Liabilities
0.307

0.075
0.064

 

Provisions
4.361

4.035
3.731

Total Current Liabilities
36.565

40.074

74.108

Net Current Assets
64.019

57.982
26.451

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

67.439

61.402

29.085

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

141.062

140.836

128.504

 

 

Other Income

0.000

0.000

0.000

 

 

TOTAL                                     (A)

141.062

140.836

128.504

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Purchase and Other Direct Expenses

106.814

106.729

105.830

 

 

Payments to and Provision for Employees

9.139

6.799

6.122

 

 

Operating and Administration Expenses

14.110

15.980

10.693

 

 

TOTAL                                     (B)

130.063

129.508

122.645

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

10.999

11.328

5.859

 

 

 

 

 

Less

INTEREST & FINANCIAL EXPENSES                 (D)

6.268

5.244

1.191

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

4.731

6.084

4.668

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.991

0.695

0.557

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

3.740

5.389

4.111

 

 

 

 

 

Less

TAX                                                                  (H)

1.547

1.727

1.528

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

2.193

3.662

2.583

 

 

 

 

 

 

Earnings Per Share (Rs.)

13.71

7.23

5.10

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
1.55

2.60
2.01

 

 
 

 
 

Net Profit Margin

(PBT/Sales)

(%)
2.65

3.83
3.20

 

 
 

 
 

Return on Total Assets

(PBT/Total Assets}

(%)
3.60

5.31
3.98

 

 
 

 
 

Return on Investment (ROI)

(PBT/Networth)

 
0.14

0.21
0.32

 

 
 

 
 

Debt Equity Ratio

(Total Debt/Networth)

 
1.46

1.44
1.26

 

 
 

 
 

Current Ratio

(Current Asset/Current Liability)

 
2.75

2.45
1.36

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Details of Sundry Creditors:

 

Particulars

 

31.03.2011

(Rs. in millions)

31.03.2010

(Rs. in millions)

31.03.2009

(Rs. in millions)

Sundry Creditors for

 

 

 

- Purchases

30.721

34.232

68.046

- Expenses

1.176

1.732

2.267

Total

31.897

35.964

70.313

 

 

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

No

15) Capital in the business

Yes

16) Details of sister concerns

No

17) Major suppliers

No

18) Major customers

No

19) Payments terms

Yes

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

No

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

No

33) Voter ID No of Proprietor/Partner/Director, if available

No

34) External Agency Rating, if available

No

 

 


Unsecured Loans

31.03.2011

Rs. In Millions

31.03.2010

Rs. In Millions

Mr. Javahar Gangadharan (Director)

11.864

11.711

Mrs. Jotsna Javahar (Director)

0.171

0.086

Total

12.035

11.797

 

BACKGROUND:

 

Subject is one of Mumbai's Book distributing companies and enjoys excellent goodwill with the leading Publishers of USA and UK.      

 

PERFORMANCE

 

During the year, the Company operated under stringent competitive environment, however the Net sales has been maintained as of the previous year. However, the margins have been declined due to severe economical factors with in the Country at retail segment and global scenario. However, the Management is confident of improving performance in the coming years.

 

NETWORTH AND BORROWINGS

 

Networth of the company is Rs.25.167 millions. The Company utilises the credit facilities to finance its Working Capital requirements.

 

FIXED ASSETS:

 

v      Air Conditioner

v      Computer

v      Furniture

v      Office Equipment

v      Vehicles


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 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.53.99

UK Pound

1

Rs.83.72

Euro

1

Rs.72.09  

 

 

INFORMATION DETAILS

 

Information Gathered by :

PLK

 

 

Report Prepared by :

SMN

 

 

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

NO

--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

-

 

 

 

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.