|
Report Date : |
23.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
DHANYA
AGROINDUSTRIAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.489/11,
ECOM House, Borewell Road Whitefield, Bangalore – 560 066, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
03.12.2007 |
|
|
|
|
Com. Reg. No.: |
08-058668 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.242.608
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51101KA2007FTC058668 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD8919J |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged primarily in the business of procurement, processing and sale (export
as well as domestic) of Cotton. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 465000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a moderate track record. It has incurred loss from its operation during 2012. There appears huge
external borrowing recorded by the company which acts as a threat to the
company’s liquidity. However, trade relations are reported as fair. Business is active.
Payment terms are 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
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.
LOCATIONS
|
Registered Office : |
No.489/11,
ECOM House, Borewell Road Whitefield, Bangalore – 560 066, Karnataka, India |
|
Tel. No.: |
91-80-28453376/ 28454377/ 28450110 |
|
Fax No.: |
91-80-28453378 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Site No.120, DBS House, Prescott Street. Opposite Cathedral Senior
School, Fort, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-40779100 |
DIRECTORS
As on 11.09.2012
|
Name : |
Ms. Sonia Gertrude Berberat |
|
Designation : |
Director |
|
Address : |
Chemin De Pre-Marin 33 Lemont Surlausanne, Switzerland |
|
Date of Birth/Age : |
23.07.1957 |
|
Date of Appointment : |
03.12.2007 |
|
DIN No.: |
01594988 |
|
|
|
|
Name : |
Ramon Maria Creixell Esteve |
|
Designation : |
Director |
|
Address : |
Ch De Bochat 9, 1094, Paudex, Switzerland |
|
Date of Birth/Age : |
27.12.1954 |
|
Date of Appointment : |
03.12.2007 |
|
DIN No.: |
01598899 |
|
|
|
|
Name : |
Pestell John Ross |
|
Designation : |
Managing Director |
|
Address : |
82-B, Mehar Apartments, 8th Floor Anestoy Road, Off.
Altamount Road, Mumbai – 400 026, Maharashtra, India |
|
Date of Birth/Age : |
15.01.1968 |
|
Date of Appointment : |
27.12.2007 |
|
DIN No.: |
02846464 |
|
|
|
|
Name : |
Mr. Deepesh Premchand Govil |
|
Designation : |
Managing Director |
|
Address : |
B-1003, Purva Fountain Square, Marathall, Bangalore – 560 037,
Karnataka, India |
|
Date of Birth/Age : |
15.10.1968 |
|
Date of Appointment : |
29.09.2009 |
|
DIN No.: |
02720049 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 11.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Mulcord Trading LLC, USA |
|
24260650 |
|
ECOM Agroindustrial Corporation Limited, Switzerland |
|
100 |
|
Total |
|
24260750 |
As on 11.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged primarily in the business of procurement, processing and sale (export
as well as domestic) of Cotton. |
||||
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|
||||
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
|
|
Bankers : |
Not Available |
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|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. Krishna and Company Chartered Accountants |
|
Address : |
No.10-1 (Old
No.210/1), Vanaraveera Sankirna, 2nd Floor, 5th Cross,
9th A Main, Jayanagar, 2nd Block, Bangalore – 560 011, Karnataka,
India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAPPM1231L |
|
|
|
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Holding Company : |
Mulcord Trading LLC,USA |
|
|
|
|
Ultimate Holding Company : |
ECOM Agroindustrial Corporation Limited, Switzerland |
CAPITAL STRUCTURE
As on 11.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24260750 |
Equity Shares |
Rs.10/- each |
Rs.242.608
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
242.608 |
242.608 |
242.608 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.241 |
|
|
4] (Accumulated Losses) |
(126.331) |
(2.031) |
0.000 |
|
|
NETWORTH |
116.277 |
240.577 |
242.849 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
556.359 |
370.792 |
188.807 |
|
|
TOTAL BORROWING |
556.359 |
370.792 |
188.807 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
672.636 |
611.369 |
431.656 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.052 |
2.294 |
2.721 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
59.860 |
0.163 |
0.033 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
985.782
|
798.659 |
882.733 |
|
|
Sundry Debtors |
45.191
|
52.857 |
0.000 |
|
|
Cash & Bank Balances |
30.928
|
20.330 |
0.014 |
|
|
Other Current Assets |
5.574
|
5.304 |
0.000 |
|
|
Loans & Advances |
5.796
|
0.868 |
64.251 |
|
Total
Current Assets |
1073.271
|
878.018 |
946.998 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
457.117
|
265.613 |
496.580 |
|
|
Other Current Liabilities |
1.524
|
1.089 |
12.388 |
|
|
Provisions |
3.906
|
2.404 |
9.128 |
|
Total
Current Liabilities |
462.547
|
269.106 |
518.096 |
|
|
Net Current Assets |
610.724
|
608.912 |
428.902 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
672.636 |
611.369 |
431.656 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
INCOME FROM
OPERATIONS |
1428.294 |
1894.571 |
951.951 |
|
|
|
|
|
|
|
|
|
Less |
TOTAL EXPENSES |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(183.355) |
(1.460) |
25.646 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.643 |
0.941 |
0.786 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(183.998) |
(2.401) |
24.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(59.698) |
(0.129) |
1.205 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(124.300) |
(2.272) |
23.655 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(2.031) |
0.241 |
(23.414) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(126.331) |
(2.031) |
0.241 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Exports |
998.510 |
556.532 |
446.812 |
|
|
|
Towards Share Capital |
0.000 |
0.000 |
23.260 |
|
|
TOTAL EARNINGS |
998.510 |
556.532 |
470.072 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(5.12) |
(0.09) |
0.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(17.11)
|
(0.27) |
2.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.58)
|
(0.01) |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.78
|
1.54 |
0.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.32
|
3.26 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
No |
|
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 |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
No |
Note:
The registered office of the company has been shifted from Vakils House, 18, Sprott Road, Ballard Estate, Mumbai – 400 001,
Maharashtra to the present address w.e.f. 09.02.2011.
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
SHORT-TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
556.359 |
370.792 |
|
Total
|
556.359 |
370.792 |
BACKGROUND
The Company was incorporated
on 03 December 2007 as a private limited company under the Companies Act, 1956.
The registered office of the Company is at Bangalore. The Company is a
subsidiary of Mulcord Trading LLC., USA. The Company is engaged primarily in
the business of procurement, processing and sale (export as well as domestic)
of cotton.
REVIEW OF
OPERATIONS:
During the year,
the Company has recorded a turnover of Rs.1428.294 millions as compared to
Rs.1894.571 millions during the previous year. The Company has incurred a loss
of Rs.124.299 millions as compared to the loss of Rs.2.272 millions during the
previous year.
The Directors are
confident of reporting better and improved performance during the current
financial year riding on the favorable market scenario.
FIXED ASSETS:
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer Equipments
·
Other Equipments
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 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 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.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.