MIRA
INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
DUGAR POLYMERS LIMITED (w.e.f. 03.12.2009) |
|
|
|
|
Formerly Known
As : |
DUGAR POLYMERS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No.26, Icchapore, Bhatpore, G.I.D.C, Hazira, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.02.2003 |
|
|
|
|
Com. Reg. No.: |
04-042041 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 17.207 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U17119GJ2003PLC042041 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTD01893D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCD7959B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Plastic Sheets, Rod and Pipes. |
|
|
|
|
No. of Employees
: |
Information declined by management |
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company possesses a moderate financial profile marked by modest base
and high working capital intensity on account of high inventory, receivables
along with huge gearing resulting into stretched liquidity position. Management has reported a slight dip in its net profitability during
FY 13, However, trade relations seem to be fair. Business is active. Payment
terms are reported as slow. In view of long track record, amid modest scale of operations, the
company can be considered for business dealings with 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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits: “B+” |
|
Rating Explanation |
Risk prone credit quality and high risk of
default. |
|
Date |
February, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits : “A4” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
February, 2013 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
Business Development Manager |
|
Contact No.: |
91-260-2669336 |
|
Date : |
06.08.2014 |
LOCATIONS
|
Registered Office / Factory : |
Plot No.26, Icchapore, Bhatpore, G.I.D.C, Hazira, |
|
Tel. No.: |
91-260-2669336/ 35 |
|
Mobile No.: |
91-9377002043 (Mr. Jignesh) |
|
Fax No.: |
91-260-2669337 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Head Office /
Factory 2: |
Survey No.: 351/1, Dadra Nahiyavancy Road, Behind Dadra Garden
Village, Dadracity, Silvasa - 396230, Gujarat, India |
|
Tel. No.: |
91-260-2669335/ 6540022/ 3296871 |
|
Fax No.: |
91-260-2669337 |
|
Area : |
90000 sq. ft |
|
Location : |
Owned |
|
|
|
|
Factory 3: |
Survey No. 357/1/3, Behind Dadra Garden, Dadra Nagar Haveli, Silvassa
- 396230, Gujarat, India |
|
Area : |
30000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Branch Office 1 : |
1-11-240/5/1, 5th Floor, Shamlal Building, Begampet,
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Branch Office 2 : |
12/260, Shastrinagar, Khatodra, Surat - 395002, Gujarat, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Ms. Renu M Dugar |
|
Designation : |
Director |
|
Address : |
1-8-155/6 and 6A, 301, Mark Residency, Prender Ghast Road,
Secunderabad - 500003, India |
|
Date of Birth/Age : |
08.02.1971 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.02.2007 |
|
DIN No : |
00235675 |
|
|
|
|
Name : |
Mr. Manoj Kumar Dugar |
|
Designation : |
Director |
|
Address : |
1-8-155/6 and 6A, 301, Mark Residency, Prender Ghast Road,
Secunderabad - 500003, India |
|
Date of Birth/Age : |
25.05.1968 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.02.2003 |
|
DIN No : |
00352733 |
|
|
|
|
Name : |
Mr. Rajesh Kumar Dugar |
|
Designation : |
Managing Director |
|
Address : |
1-8-155/6 and 6A, 301, Mark Residency, Prender Ghast Road,
Secunderabad - 500003, India |
|
Date of Birth/Age : |
23.11.1973 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.02.2003 |
|
DIN No : |
00730059 |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh |
|
Designation : |
Business Development Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Manoj Kumar Dugar |
140310 |
|
Rajesh Kumar Dugar |
222500 |
|
Renu M. Dugar |
223000 |
|
Sushil Kumar Surana |
27920 |
|
Pratibha Surana |
11000 |
|
Tara Devi Dugar |
148750 |
|
Renu R. Dugar |
82500 |
|
Amar Chand Bohara |
15000 |
|
Punam Chand Bohara |
10000 |
|
Sushila Devi Bohara |
22500 |
|
Dhanista Patel |
15000 |
|
Pramod Kumar Dugar |
2500 |
|
Dafodil Dealcom Private Limited, India |
439610 |
|
Manoj Kumar Dugar HUF |
1000 |
|
Pavan Goenka |
12500 |
|
Vandana Goenka |
2500 |
|
P K Goenka and Sons HUF |
10000 |
|
Jignesh Dave |
40000 |
|
Shivratan Parekh |
65000 |
|
Dilip Agarwal |
65000 |
|
Vikas Kumar Sharma |
49140 |
|
Dhanraj Mali |
50000 |
|
Lakshya Dugar Beneficiary Trust, India |
65000 |
|
Total |
1720730 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
25.55 |
|
Directors or relatives of Directors |
51.31 |
|
Other top fifty shareholders |
23.14 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Sheets, Rod and Pipes. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Plastic Sheets |
Kgs. |
3307939.000 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
·
Canara Bank, Silvassa Branch, Prathmesh Apartment,
Tokar Khada, Silvassa – 396230, Dadar State Bank of India, Secunderabad Branch, Patny Cetre,
Secunderabad - 500003, Andhra Pradesh, India · Central Bank of India, Bhatar Road Branch, Surat - 395001, Gujarat, India · Bank of Baroda, SSI, Vapi, Gujarat, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
NOTE *Additional
Information:- (A)
Nature of Security (including personal guarantee) Borrowings:- Security
Provided in respect of Loans and Financial Lease:- (i) Term loans from
banks:- Exclusive 1st charge by
way of Hypothecation of entire raw materials, stock-inprocess, stores and
spares, packing materials, finished goods and Book-debts of the Company, both
present and future. (ii) Working Capital
Loan:- Working Capital
facilities from bank are secured by way of 1st charge on hypothecation of
sock of Raw Materials , Stock in Progress, Finished goods, Stores and Spares
and Book debts. (iii) All the
abovementioned funded (T/L, D/L, CC, FBP/BD) and non-funded facilities (L/C
and BG) are to secured by: - I.
Equitable Mortgage of under mentioned properties viz: - 1.Dugar Polymers Limited
Unit-I at S.No: 357/3, Behind Dadra Garden, Village Dadra, D and NH (U.T.),
Silvassa - 396230, admeasuring 1200 Sq. Mtrs. In the name of the Company.
Dugar Polymers Limited Unit-II at S.No: 351/1, Dadra Mahlavancy Road, Behind
Dadra Garden, Village 2. Dadra, D and NH
(U.T.), Silvassa-396230, admeasuring 6600 Sq. Mtrs. In the name of the
Silvertoss Tieup Private Limited). 3.
Dugar Polymers Limited (Unit- III) at Plot No.26, GIDC, Hazira, Icchapore,
Bhatpore, Surat - 394510, admeasuring 705.75 sq.mtrs. in the name of the
Company. 4. Residential Bungalow
situated at 27/28, Haria Park, Vapi, admeasuring 4500sq. Ft. standing in the
name of Mrs. Renu R. Dugar. 5. Agricultural Land adjoining
to the Company M/S Dugar Polymers Limited (unit-II) S.No: 351/1, Dadra
Mahlavancy Road, Behind Dadra Garden, Village Dadra, D and NH (U.T.),
Silvassa - 396230, admeasuring 8500 Sq. Mtrs. in the name of the Silvertoss
Tieup Private Limited). II. Hypothecation of
entire Machineries, Equipments, Electrical Installations, Furniture and
Fixtures, Office Equipments and other Movable Fixed Assets of the company,
situated at the abovementioned factory/office, present and future (except
vehicles financed by NBFCs). III. Hypothecation of
entire Raw materials, stock in process, stores and spares, packing materials,
finished goods and book debts of the company both present and future. IV. General form of
Guarantee signed by all the directors of the company and the following
persons: - (a) Mrs. Renu Rajesh
Dugar, (b) Susheel Surana, (c) Pratibha Susheel Surana, (d) M/S Welset
Polypack Private Limited and (e) Basudeo Enterprises Private Limited (iv)
Channel Finance Facility from State Bank of India (Patny Center,
Secunderabad) is secured by: - (a)
Primary Security: - All the current assets of IOCL's DCA and CS activity. (b) Collateral Security:
- Land and Building on Plot No.414, Bunglow No.3, Maruti Gold, in Sy.No. 547,
548, 549, 552, 571, 572 Situated at Pakalakunta Hamlet, Alwal Village,
Malkajgiri Mandal, R.R.Dist belongs to M/s Ayushman Merchants Private Limited LandB on Plot No.415,
Bunglow No.4, Maruti Gold, in Sy.No. 547, 548, 549, 552, 571, 572 Situated at
Pakalakunta Hamlet, Alwal Village, Malkajgiri Mandal, R.R.Dist belongs to M/s
Meenakshy Finvest Private Limited (c) Personal Guarantee of
(1) Sri Manoj Kumar Dugar, (2) Sri Rajesh Dugar, (3) Smt. Renu Manoj Kumar
Dugar. B)
Terms of Repayment of Term Loan Borrowings:- Term Loan I: 48 equal
monthly installments each of Rs. 0.220 Million and last installment of Rs.
0.160 Million, along with the interest @ 13% p.a. at present monthly rests.
The rate of interest is also subject to change in BR and credit rating of the
account as also change in banks 'internal guidelines'. Term Loan III: 59 equal
monthly installments each of Rs. 0.208 Million and last installment of Rs.
0.210 Million, along with the interest @ 13% p.a. at present monthly rests.
The rate of interest is also subject to change in BR and credit rating of the
account as also change in banks 'internal guidelines'. Term Loan IV: To be
repaid in 60 monthly installments after completion of moratorium period of 3
months from the date of first disbursement. The Term Loan is to be repaid by
60 equal monthly instalments each of Rs. 0.113 Million, along with the
interest @ 13% p.a. at present monthly rests. The rate of interest is also
subject to change in BR and credit rating of the account as also change in
banks 'internal guidelines'. (C)
Terms of Repayment of Working Capital Borrowings:- Working Capital Loan is
repayable on demand, along with the interest (1) @ 13% p.a. and (2) 12.5% for
at present monthly rests for CC loan and Channel Finance respectively. The
rate of interest is also subject to change in BR and credit rating of the
account as also change in banks 'internal guidelines'. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered Accountants |
|
Address : |
20B, |
|
Tel. No.: |
91-33-40047188 / 40070953 |
|
Fax No.: |
91-33-40047014 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABDFS9117L |
|
|
|
|
Related Parties : |
·
Welset Polypack Private Limited Ayushman Merchants Private Limited Defodil Delcom Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1720730 |
Equity Shares |
Rs.10/- each |
Rs.17.207
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
17.207 |
17.207 |
17.567 |
|
(b) Reserves & Surplus |
64.783 |
56.368 |
46.397 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
81.990 |
73.575 |
63.964 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.566 |
10.160 |
15.659 |
|
(b) Deferred tax liabilities (Net) |
1.771 |
1.332 |
0.946 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
8.337 |
11.492 |
16.605 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
272.227 |
267.607 |
283.741 |
|
(b) Trade payables |
56.204 |
31.539 |
22.420 |
|
(c) Other current
liabilities |
7.120 |
11.844 |
21.595 |
|
(d) Short-term provisions |
4.515 |
4.443 |
0.299 |
|
Total Current Liabilities (4) |
340.066 |
315.433 |
328.055 |
|
|
|
|
|
|
TOTAL |
430.393 |
400.500 |
408.624 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
64.314 |
55.269 |
54.720 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.150 |
2.150 |
2.049 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15.072 |
14.710 |
3.471 |
|
(e) Other Non-current assets |
14.298 |
17.546 |
14.285 |
|
Total Non-Current Assets |
95.834 |
89.675 |
74.525 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
87.585 |
91.604 |
43.491 |
|
(c) Trade receivables |
216.638 |
173.743 |
125.500 |
|
(d) Cash and cash
equivalents |
16.736 |
28.456 |
158.132 |
|
(e) Short-term loans and
advances |
12.618 |
15.214 |
5.842 |
|
(f) Other current assets |
0.982 |
1.808 |
1.134 |
|
Total Current Assets |
334.559 |
310.825 |
334.099 |
|
|
|
|
|
|
TOTAL |
430.393 |
400.500 |
408.624 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
402.255 |
370.114 |
307.803 |
|
|
|
Other Operating Revenue |
19.820 |
3.517 |
1.559 |
|
|
|
Other Income |
0.237 |
11.761 |
3.975 |
|
|
|
TOTAL (A) |
422.312 |
385.392 |
313.337 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
319.138 |
311.511 |
249.999 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade |
(5.080) |
(17.510) |
(0.004) |
|
|
|
Employee Benefits Expense |
8.996 |
8.081 |
5.130 |
|
|
|
Other Expenses |
40.620 |
33.151 |
27.555 |
|
|
|
TOTAL (B) |
363.674 |
335.233 |
282.680 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
58.638 |
50.159 |
30.657 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
37.462 |
31.918 |
15.815 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
21.176 |
18.241 |
14.842 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.247 |
8.090 |
5.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
11.929 |
10.151 |
9.699 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.783 |
0.540 |
2.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
9.146 |
9.611 |
7.025 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.032 |
35.421 |
28.396 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
54.178 |
45.032 |
35.421 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
17.215 |
0.731 |
0.000 |
|
|
TOTAL EARNINGS |
17.215 |
0.731 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Import |
71.789 |
39.051 |
8.790 |
|
|
TOTAL IMPORTS |
71.789 |
39.051 |
8.790 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.32 |
5.59 |
6.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.17 |
2.49 |
2.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.97 |
2.74 |
3.15 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.79 |
2.55 |
2.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.40 |
3.78 |
4.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.99 |
1.02 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
17.567 |
17.207 |
17.207 |
|
Reserves & Surplus |
46.397 |
56.368 |
64.783 |
|
Net
worth |
63.964 |
73.575 |
81.990 |
|
|
|
|
|
|
long-term borrowings |
15.659 |
10.160 |
6.566 |
|
Short term borrowings |
283.741 |
267.607 |
272.227 |
|
Total
borrowings |
299.400 |
277.767 |
278.793 |
|
Debt/Equity
ratio |
4.681 |
3.775 |
3.400 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
307.803 |
370.114 |
402.255 |
|
|
|
20.244 |
8.684 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
307.803 |
370.114 |
402.255 |
|
Profit |
7.025 |
9.611 |
9.146 |
|
|
2.28% |
2.60% |
2.27% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current
Maturities of Long Term Debts |
|
|
|
|
- Term Loan - from Banks "INR" |
3.606 |
5.246 |
14.844 |
|
|
|
|
|
|
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 |
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10331479 |
27/12/2011 |
205,908,000.00 |
BANK OF BARODA |
VAPI IND. ESTATE SSI BRANCH, C/M-14, NEAR CHAR RASTA GIDC, VAPI, GUJARAT - 396195, INDIA |
B30459721 |
|
2 |
10280073 |
23/03/2011 |
205,908,000.00 |
BANK OF BARODA |
VAPI IND. ESTATE SSI BRANCH, C/M-14, NEAR CHAR RASTA GIDC, VAPI, GUJARAT - 396195, INDIA |
B10537108 |
|
3 |
10355230 |
28/10/2010 |
120,000,000.00 |
STATE BANK OF INDIA |
SECUNDERABAD BRANCH, PATNY CETRE, SECUNDERABAD, ANDHRA PRADESH - 500003, INDIA |
B09724642 |
CHANGE OF ADDRESS
The register office of the company has been shifted from “12/260, Shastrinagar
Khatodra, Surat – 395002, Gujarat, India” to the present address w.e.f.
07.12.2011
FIXED ASSETS
Tangible Assets
·
Leasehold Land
Freehold
Land
Factory
Building
Guest
houses
Electrical
Installations
Plant and
Machinery
Furniture
and Fixtures
Office
Equipment
Computer,
Software and Accessories
Vehicles
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.61.41 |
|
|
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--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 |
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.