MIRA INFORM REPORT
|
Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
DARBARI WIRES PRIVATE LIMITED |
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Registered
Office : |
110, Champaklal Udyog Bhavan, Sion Koliwada Road, Sion (East)
Mumbai-400022, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
10.08.1990 |
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Com. Reg. No.: |
11-057676 |
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Capital
Investment / Paid-up Capital : |
Rs. 1.800 millions |
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CIN No.: [Company Identification
No.] |
U31300MH1990PTC057676 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Importer and Exporter of All kind of Industrial Wire. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 27000 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The profit and loss statement of the company is not available. As per available financials, net worth appears normal. However, trade relations are reported as fair. Business is active. Payment
terms are 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.
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 DECLINED BY
|
Name : |
Mr. Nikunj Vinaychandra Shah |
|
Designation : |
Director |
|
Contact No.: |
91-9820427273 |
|
Date : |
29.04.2013 |
LOCATIONS
|
Registered Office : |
110, Champaklal Udyog Bhavan, Sion Koliwada Road, Sion (East)
Mumbai-400022, Maharashtra, India |
|
Tel. No.: |
91-22-24071494 / 24011349 |
|
Mobile No.: |
91-9820427273 (Mr. Nikunj Vinaychandra Shah) |
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Fax No.: |
91-22-24071923 |
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E-Mail : |
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|
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Factory 1: |
Plot No E-109 & E-110, Tarapur Industrial Area, Taluka
Palghar, District-Thane, Boisar (Western Railway), Mumbai-401506,
Maharashtra, India |
|
Tel. No.: |
91-25-25272904 |
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Fax No.: |
91-25-27272904 |
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|
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Factory 2 : |
G 66, MIDC, Tarapur Industrial Area Taluka, Palghar, Boisar,
Mumbai-401506, Maharashtra, India |
DIRECTORS
As on 28.09.2012
|
Name : |
Mr. Nikunj Vinaychandra Shah |
|
Designation : |
Managing director |
|
Address : |
56/16, Indralaya Building, Gujarat Society, Sion (West), Mumbai-400022, Maharashtra, India |
|
Date of Birth/Age : |
12.11.1958 |
|
Date of Appointment : |
18.09.1990 |
|
DIN No.: |
05290183 |
|
|
|
|
Name : |
Mr. Bharat Mangaldas Gosalia |
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Designation : |
Director |
|
Address : |
D-4, Keshavdham, Boisar Palghar Road, Taluka Palghar, District Thane, Boisar-401501, Maharashtra, India |
|
Date of Birth/Age : |
12.05.1952 |
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Date of Appointment : |
18.09.1990 |
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DIN No.: |
00595957 |
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Name : |
Ms. Charulata Bharat Gosalia |
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Designation : |
Director |
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Address : |
D-4, Keshavdham, Boisar Palghar Road, Taluka Palghar, District Thane, Boisar-401501, Maharashtra, India |
|
Date of Birth/Age : |
17.08.1954 |
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Date of Appointment : |
10.08.1990 |
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DIN No.: |
00595979 |
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|
|
|
Name : |
Ms. Namrata Nikunj Shah |
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Designation : |
Director |
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Address : |
56/16, indralaya, gujarat society, sion (west), Mumbai-400022, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1967 |
|
Date of Appointment : |
10.08.1990 |
|
DIN No.: |
00595162 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Namrata N. Shah |
|
6499 |
|
Charulata B. Gosalia |
|
5497 |
|
Vinod M. Gosalia |
|
801 |
|
Hetal V. Gosalia |
|
801 |
|
Vinodini V. Gosalia |
|
801 |
|
Nikunj V. Shah |
|
99500 |
|
Namita V. Mheta |
|
500 |
|
Ashesh V. Gosalia |
|
800 |
|
Bharat M. Gosalia |
|
6300 |
|
Maulik N. Shah |
|
51501 |
|
Trupti V. Shah |
|
7000 |
|
Total |
|
180000 |
As on 28.09.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of All kind of Industrial Wire. |
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Products : |
Mild Steel Wire Electrode Wires Spoke Wire Steel Ball Wire Fasteners Industry Fasteners Industry "Alloy Steel Wire" Carbon Steel |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
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Facilities : |
Note: Union Bank of India – Skoda Car Loan The Loan is secured by hypothecation of Motor Car. The loan repayable
in 36 equated Monthly Installments (EMI) of Rs. 0.043 millions commencing
from April 2010 and ending on February 2013. HDFC Bank – Swift Dzire Car Loan The Loan is secured by hypothecation of Motor Car with one of the
directors being borrower. The Loan is repayable in 36 equated Monthly Installments (EMI) of Rs.
0.018 million each commencing from April 2011 and ending on February 2014.
The rate of interest being 14.77% p.a. The Cash Credit facilities from Union Bank of India are secured by
first charge by way of hypothecation of stocks of raw materials, packaging
materials, consumable stores, finished goods, semi finished goods and book
debts of the company. The Letter of Credit facilities from Union Bank of India are secured
by first charge by way of hypothecation of stocks received under Letter of
Credit and Book Debts created out of the sale thereof. Further, the working capital facilties are further secured by
additional charge on land / building and plant and machinery of the company.
The Working Capital Facilities are further secured by way of personal
guarantee of Nikunj Shah, Jasumati Shah, Namrata Shah, C. B. Gosalia, Maulik
N. Shah and Bharat Gosalia. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.J. Mehta and Associates Chartered Accountants |
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Address : |
2/3, Shahviri, 1st Floor, 37/41, R. S. Sapre Road, (Picket Road),
Kalbadevi, Mumbai- 400002, Maharashtra, India |
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Tel. No.: |
91-22-22017656 / 22019831 |
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Fax No.: |
91-22-22067627 / 22067527 |
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E-Mail : |
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PAN No.: |
AADPM9121B |
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Sisters Concern : |
Darbari Industries |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Equity Shares |
Rs.10/- each |
Rs. 2.000 Millions |
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|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180000 |
Equity Shares |
Rs.10/- each |
Rs. 1.800 Millions |
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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 |
1.800 |
1.800 |
1.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4.974 |
4.575 |
4.052 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6.774 |
6.375 |
5.852 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
12.694 |
14.347 |
16.609 |
|
|
2] Unsecured Loans |
5.305 |
5.403 |
5.402 |
|
|
TOTAL BORROWING |
17.999 |
19.750 |
22.011 |
|
|
DEFERRED TAX LIABILITIES |
0.049 |
0.132 |
0.173 |
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TOTAL |
24.822 |
26.257 |
28.036 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.733 |
5.159 |
3.483 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
8.346
|
16.632 |
6.123 |
|
|
Sundry Debtors |
13.091
|
16.504 |
13.056 |
|
|
Cash & Bank Balances |
3.227
|
2.183 |
7.259 |
|
|
Other Current Assets |
0.214
|
0.020 |
0.000 |
|
|
Loans & Advances |
1.944
|
2.220 |
19.695 |
|
Total
Current Assets |
26.822
|
37.559 |
46.133 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.065
|
|
21.580 |
|
|
Other Current Liabilities |
6.668
|
15.248 |
|
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
6.733
|
16.461 |
21.580 |
|
|
Net Current Assets |
2.089
|
21.098 |
24.553 |
|
|
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
TOTAL |
24.822 |
26.257 |
28.036 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Debt/Networth) |
|
2.66
|
3.10 |
3.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.98
|
2.28 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Trade Payables |
0.065
|
1.213 |
NA |
|
|
|
|
|
|
Total |
0.065
|
1.213 |
NA |
|
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
No |
|
12] |
Profitability for last
three years |
No |
|
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 |
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 |
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 56/16,
Indralya, Gujarat Society, Sion (West), Mumbai-400022, Maharashtra, India to
the present address w.e.f. 02.01.2006
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Interest free sales – tax Loan |
5.284 |
5.382 |
|
From Directors |
0.021 |
0.021 |
|
Total |
5.305 |
5.403 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U31300MH1990PTC057676 |
|
Name of the company |
DARBARI WIRES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
110, Champaklal Udyog Bhavan, Sion Koliwada Road, Sion (East) Mumbai-400022, Maharashtra, India E-mail: darbari1@hotmail.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
90359537 |
|
Type of charge |
Immovable property |
|
Particular of charge holder |
Union Bank of India, Sion Branch, Sunita Apartments, 169/B, Sion (East), Mumbai - 400022, Maharashtra, India E-mail: cbssion@unionbankofindia.com |
|
Nature of instrument creating charge |
Extension of Equitable Mortgage |
|
Date of instrument Creating the charge |
02.05.2012 |
|
Amount secured by the charge |
Rs. 19.200 millions |
|
Brief of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Together with interest compound interest and/or additional interest in case of default exchange fluctuations costs charges expenses etc Terms of Repayment On Demand Margin As per Sanction terms Extent and Operation of the charge To additionally secure various Credit facilities Aggregating to Rs.19.200 millions granted by the Bank to the Company as under: Inland/Import Letter of Credit ( DA 90/150 days) Rs.15.000 millions W/W Buyer Credit/FGLC facility of (Rs.15.000 millions) Cash Credit (Hypothecation) Rs.3.000 millions WAE Rs.1.200 millions Total Aggregating Rs.19.200 millions |
|
Short particulars of the property or asset(s) charged (including complete address and location of the property) |
Extension of Equitable Mortgage by way of Deposit of Title Deeds by Oral Consent in respect of Company's Immovable Property Viz. All that Piece or Parcel of Land hereditaments situated at Plot of Land together with hereditaments and premises building standing thereon and to be hereafter constructed thereon and situated lying and being at land bearing Plot No. G-66 in Tarapur Industrial Area of MIDC within the Village Limits of Sarawali, Taluka and Registration Sub District of Palghar, District- Thane admeasuring 800 square meters or thereabouts which is bounded as follows, that is to say On or towards the North By Plot No.G-67 On or towards the South By Plot No.G-65 On or towards the East: By Plot No. G-48 and G-49 On or towards the West By Road Together with fixed Plant and Machinery erected or to be erected in the said Industrial Gala. |
|
Date of instrument modifying the charge |
04.02.2005 |
|
Particulars of the present modification |
Vide this modification charge amount enhanced from Rs.13.800 millions to Rs.19.200 millions and secured by Extension of EM by way of Deposit of Title Deeds by Oral Consent in respect of Company's Immovable Property Viz. All that Piece or Parcel of Land hereditaments situated at Plot of Land together with hereditaments and premises building standing thereon and to be hereafter constructed thereon and situated lying and being at land bearing Plot No. G-66 in Tarapur Industrial Area |
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Electrical
Installation
- Air
Conditioner
- Telephone
- Water Cooler
- Tools and
Dies
- Furniture and
Fixture
- Computer
- Motor Car
- Tempo
- Scooter
- Cycle
- Bike
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.54.22 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.