MIRA INFORM REPORT
|
Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
D.R.B. COMMODITIES (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
903-904, Embassy
Towers, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360 001, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
16.09.2005 |
|
|
|
|
Com. Reg. No.: |
04-046782 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.12.009
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51100GJ2005PTC046782 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCD2313G |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of trading of agricultural products
and wind power generation and its selling and distribution. |
|
|
|
|
No. of Employees
: |
Not Available |
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
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
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that accounts
for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is
the main reason for this overall IT cut. A Reserve Bank of India committee has
recommended setting up a special category of lenders who would cater to small
businesses and households, to expand the number of customers with access to
banking services. These banks would focus onproviding payment services and
deposit products. Indian banks want the free use of automated teller
machines to be capped at five transactions in a month including that of the
bank in which the account is active. This follows state government order to
banks to install security guards at ATM booths after a woman banker was
assaulted in Bangalore. The government is likely to present a vote on Account
in mid-February. The annual Economic Survey will be tabled later in Parliament
along with the full Budget. A full Budget for 2014/15 is likely to be present
in July by the new government formed after the General Election. The government
will soon launch an internet spy system, called Netra, to detect malafide
messages. Security agency will deploy the system to capture dubious voice
traffic on applications such as Skype and Google Talk, as well as tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating: A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
August, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating: BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
August, 2012 |
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 : |
903-904, Embassy
Towers, Opposite Jubilee Garden, Jawahar Road, Rajkot – 360 001, Gujarat,
India |
|
Tel. No.: |
91-281-2223731 (Direct) 91-281-2222991/ 992/ 993/ 2229183 |
|
Fax No.: |
91-281-2220409/ 2230505 |
|
E-Mail : |
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|
Website : |
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|
|
Branch Office : |
B-604, Sagar Tech Plaza, Sakinaka Junction, Andheri
(East), Mumbai – 400 075, Maharashtra, India |
DIRECTORS
As on 29.09.2012
|
Name : |
Mr. Harishkumar Jayantilal Lakhani |
|
Designation : |
Director |
|
Address : |
“Vrundavan”,
Tapovan Society, Near Amin Marg, Rajkot – 360
002, Gujarat, India |
|
Date of Birth/Age : |
13.05.1959 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
16.09.2005 |
|
DIN No.: |
01658810 |
|
PAN No.: |
AAQPL3256P |
|
|
|
|
Name : |
Mrs. Sejal Darshanbhai Lakhani |
|
Designation : |
Director |
|
Address : |
“Vrundavan”, Tapovan
Society, Near Amin Marg, Rajkot – 360
002, Gujarat, India |
|
Date of Birth/Age : |
25.09.1979 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
22.02.2011 |
|
DIN No.: |
03437694 |
|
PAN No.: |
AAQPL3197B |
|
|
|
|
Name : |
Ms. Dolly Harishkumar Lakhani |
|
Designation : |
Director |
|
Address : |
“Vrundavan”,
Tapovan Society, Near Amin Marg, Rajkot – 360
002, Gujarat, India |
|
Date of Birth/Age : |
14.03.1984 |
|
Qualification : |
MBA |
|
Date of Appointment : |
22.11.2006 |
|
DIN No.: |
00719329 |
|
PAN No.: |
ABFPL9905M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Harishkumar Jayantilal Lakhani |
|
108100 |
|
Meenaben Harishkumar Lakhani |
|
101300 |
|
Darshan Harishkumar Lakhani |
|
95000 |
|
Chirag Harishkumar Lakhani |
|
88000 |
|
Dolly Harishkumar Lakhani |
|
88000 |
|
Pravinaben Narendra Davda |
|
10000 |
|
Narendra Nanjibhai Davda |
|
8000 |
|
Sejal Darshan Lakhani |
|
70000 |
|
DML Exim Private Limited, India |
|
632500 |
|
Total |
|
1200900 |
As on 29.09.2012
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Bodies corporate |
|
52.669 |
|
Directors or relatives of directors |
|
45.832 |
|
Other top fifty shareholders |
|
1.499 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of trading of agricultural products
and wind power generation and its selling and distribution. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Oriental Bank of Commerce, Aum Planet, Ground Floor, |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
N.M. Unadkat and Company Chartered Accountants |
|
Address : |
306-307, Everest
Complex, Opposite Shastri Maidan, Subhash Road, Rajkot – 360 001, Gujarat, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAFPU7460F |
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|
|
|
Holding Company
: |
DML Exim Private
Limited, India (CIN No.: U55100GJ1988PTC011223) |
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|
|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives : |
|
CAPITAL STRUCTURE
As on 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200900 |
Equity Shares |
Rs.10/- each |
Rs.12.009
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 |
12.009 |
12.009 |
12.009 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
109.352 |
81.049 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(4.501) |
|
|
NETWORTH |
121.361 |
93.058 |
7.508 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
369.622 |
2.183 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
369.622 |
2.183 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
12.025 |
6.890 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
503.008 |
102.131 |
7.508 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
47.319 |
56.011 |
0.950 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.010 |
0.010 |
0.010 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
341.079
|
0.000 |
0.000 |
|
|
Sundry Debtors |
284.497
|
0.008 |
1.050 |
|
|
Cash & Bank Balances |
58.238
|
216.117 |
2.940 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
43.661
|
13.151 |
4.941 |
|
Total
Current Assets |
727.475
|
229.276 |
8.931 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
259.570
|
56.534 |
1.595 |
|
|
Other Current Liabilities |
11.810
|
119.404 |
0.635 |
|
|
Provisions |
0.416
|
7.228 |
0.153 |
|
Total
Current Liabilities |
271.796
|
183.166 |
2.383 |
|
|
Net Current Assets |
455.679
|
46.110 |
6.548 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
503.008 |
102.131 |
7.508 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
829.882 |
3235.770 |
24.643 |
|
|
|
Other Income |
78.141 |
30.783 |
0.113 |
|
|
|
TOTAL (A) |
908.023 |
3266.553 |
24.756 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
856.817 |
|
22.645 |
|
|
|
Operative and Administrative Expenses |
|
|
0.539 |
|
|
|
TOTAL (B) |
856.817 (including
financial expenses) |
3136.606 (including
financial expenses) |
23.184 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1.572 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
0.098 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
51.206 |
129.947 |
1.474 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.128 |
0.224 |
0.572 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
42.078 |
129.723 |
0.902 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13.775 |
44.173 |
0.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
28.303 |
85.550 |
0.748 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
81.049 |
(4.501) |
(5.249) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
109.352 |
81.049 |
(4.501) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
766.885 |
3041.400 |
Nil
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.57 |
71.24 |
0.62 |
|
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%20PRIVATE%20LIMITED%20-%20257226%20(PRELIMINARY%20REPORT)%2004-Mar-2014_files/image002.gif){kind=small}
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.12
|
2.62 |
3.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.07
|
4.01 |
3.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
|
45.47 |
9.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
1.39 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
3.05
|
0.02 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.68
|
1.25 |
3.75 |
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 |
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 |
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 |
Yes |
NATURE OF OPERATIONS:
Subject Rajkot, is
engaged in Trading activities of Agricultural Products, Wind Power Generation
and Brokerage activities in Commodities Exchange Market.
OPERATION:
Due to unstable
conditions in the commodities market for selling of agricultural products,
revenue from operations of the Company have decreased to Rs.829.882 millions as
compared to Rs.3235.770 millions of previous year 2010-11. However, the Company
has generated considerable revenue from the business of wind power generation
and its selling and distribution amounting to Rs.4.991 millions as compared to
Rs.0.008 million of the previous year 2010-11. Furthermore, other income of the
Company increased to Rs.78.141 millions from Rs.30.783 millions of previous
year. Substantial part of other income amounting to Rs.11.820 millions is
earned from Export Benefits. Moreover, the Company reported the Net Profit
(After Tax) of Rs.28.303 millions as compared to Net Profit (After Tax) of
Rs.85.550 millions of the previous year 2010-11.
FIXED ASSETS:
·
Furniture and Fixtures
·
Vehicles
·
Motor Vehicles
·
Office Equipment
·
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.61.86 |
|
|
1 |
Rs.103.52 |
|
Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.