MIRA INFORM REPORT

 

 

Report No. :

348995

Report Date :

10.11.2015

 

IDENTIFICATION DETAILS

 

Name :

DHANCOT FIBRES PRIVATE LIMITED (w.e.f. 05.01.2010)

 

 

Formerly Known As :

DHANCOT FIBRES LIMITED

 

 

Registered Office :

P- 36, India Exchange Place, Room No- 45, 2nd Floor, Kolkata-700001, West Bengal

Tel. No.:

91-33-22254573

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

28.09.1992

 

 

Com. Reg. No.:

21-056702

 

 

Capital Investment / Paid-up Capital :

Rs. 59.874 Million

 

 

CIN No.:

[Company Identification No.]

U17118WB1992PTC056702

 

 

IEC No.:

0293010668

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCD1515B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Trader, Exporter and Supplier of Cotton.

 

 

No. of Employees :

15 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 1089500

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject was incorporated in the year 1992 and it is engaged in manufacturing and export of cotton. It offers raw cotton, short staple cotton, medium staple cotton, fine cotton, long staple cotton, cotton yarn, polyester yarn, cotton blend yarn and acrylic yarn.

 

For the financial year ended 2014, company has reported 26.47% sales turnover growth as compared to previous sales turnover and it has maintained above average profitability margins at 1.58% during the year under a review.

 

Rating takes into account of company satisfactory financial profile marked by its adequate net worth base along with zero debt balance sheet and sound debt coverage indicators.

 

Rating strength is partially offset fragmented and highly competitive nature of industry along with working capital nature of business operations and inherent to the seasonal nature of the cotton industry.

 

Trade relations are reported as fair. Payment terms are reported to be usually correct.

 

The company can be considered for business dealings at usual trade terms and condition.

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

NOT AVAILABLE

 

 

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 31-03-2015.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Pravesh Dhandhania

Designation :

Director

Contact No.:

91-9831144683

Date :

10.11.2015

 

 

LOCATIONS

 

Registered Office/ Warehouse :

P- 36, India Exchange Place, Room No- 45, 2nd Floor, Kolkata-700001, West Bengal, India

Tel. No.:

91-33-22254573/ 4573/ 717

Mobile No.:

91-9831144683 (Mr. Pravesh Dhandhania)

Fax No.:

91-33-22254850

E-Mail :

excellency84@gfmail.com

Location :

Rented

Locality :

Commercial

 

 

DIRECTORS

 

AS ON 29.09.2014

 

Name :

Mr. Premchand Dhandhania

Designation :

Director

Address :

2, Ahiripukur Road, Kolkata-700019, West Bengal, India

Date of Birth/Age :

04.04.1949

Date of Appointment :

28.09.1992

PAN No.:

ADLPD9814D

DIN No.:

00154050

 

 

Name :

Mr. Pravesh Dhandhania

Designation :

Director

Address :

2/1 S N Banerjee Lane, Salkia, Howrah-711106, West Bengal, India

Date of Appointment :

06.11.2014

DIN No.:

00154064

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 29.09.2014

 

Names of Shareholders

 

No. of Shares

 

Balkrishna Jhunjhunwala

 

13

Vikas Bajoria

 

13

Praveen Chand Dhandhania

 

806300

Pravesh Dhandhania

 

1300683

Prateet Dhandhania

 

425310

Rinku Dhandhania

 

927667

Seema Dhandhania

 

1212467

Prem Chand Dhandhania (HUF)

 

592500

Sushil Kumar Sureka

 

222

Manish Dhandhania

 

106

Rinku Kumari Bathwal

 

10040

Sandeep Dhandhania

 

116

Prem Lata Dhandhania

 

371800

Vikash Kumar Baithwal

 

15060

Jyoti Kumar Bathwal

 

13500

Mohan Lal Dhandhania

 

5010

Mukul Dhandhania

 

7000

Mukul Dhandhania

 

6000

Prem Chand Dhandhania

 

5010

Sitaram Dhandhania

 

10

Sudha Devi Bathwal

 

10040

Prasidh Dhandhania

 

82540

Lincoln Industries Limited

 

196000

Total

 

5987407

 

 

AS ON 29.09.2014

 

Equity Share Breakup

Percentage of Holding

Category

 

Bodies corporate

3.27

Directors or relatives of directors

96.73

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Exporter and Supplier of Cotton.

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

 

Products :

Cotton

Countries :

·         Pakistan

·         Bangladesh

·         China

·         Vietnam

·         Indonesia

 

 

Imports :

 

Products :

--

Countries :

--

 

 

Terms :

 

Selling :

Cash and Credit

 

 

Purchasing :

Cash and Credit

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Company Name:

Alishan Ginning Mills Private Limited

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

End Users

 

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

15 (Approximately)

 

 

Bankers :

Bank Name:

Tamilnadu Mercantile Bank Limited

Branch:

M. S. Road, Ganesh Market, Kolkata-700001, West Bengal, India

Person Name (with Designation):

Not Divulged

Contact Number:

91-33-22428044 (Continuously Ringing)

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

 

Facilities :

--

 

Banking Relations :

--

 

 

Auditors :

 

Name :

BKS and Company

Chartered Accountants

Address :

6A, Raja Subodh Mullick Square, (2ND Floor), Suite #N-207, Kolkata, West Bengal, India

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

AAGFB1648D

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates :

·         Lincoln Industries Limited

·         Calvin Barter Private Limited

 

 

Enterprises in which KMP can exercise significant influence:

·         Ridhi Sidhi Apparel Sales Private Limited

·         Sri Annapurna Cotton Mills and Ind Limited

·         P and P Highrise Private Limited

 

 

Associated Concern :

·         Cotton Emporium

·         Vinayak Intercot

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

19,110,000

Equity Shares

Rs. 10/- each

Rs. 191.100 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5,987,407

Equity Shares

Rs. 10/- each

Rs. 59.874 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

59.874

59.874

59.874

(b) Reserves & Surplus

321.472

308.029

298.315

(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)

381.346

367.903

358.189

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(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)

0.000

0.000

0.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

0.000

(b) Trade payables

28.332

21.158

2.050

(c) Other current liabilities

0.277

1.844

1.679

(d) Short-term provisions

6.225

4.412

2.413

Total Current Liabilities (4)

34.834

27.414

6.142

 

 

 

 

TOTAL

416.180

395.317

364.331

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

1.225

1.020

1.161

(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

140.356

61.654

205.080

(c) Deferred tax assets (net)

0.226

0.242

0.249

(d)  Long-term Loan and Advances

0.370

0.370

0.170

(e) Other Non-current assets

0.000

0.016

0.067

Total Non-Current Assets

142.177

63.302

206.727

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

61.569

9.121

3.558

(c) Trade receivables

63.548

48.718

62.065

(d) Cash and cash equivalents

2.954

5.271

14.020

(e) Short-term loans and advances

145.239

268.905

77.961

(f) Other current assets

0.693

0.000

0.000

Total Current Assets

274.003

332.015

157.604

 

 

 

 

TOTAL

416.180

395.317

364.331

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2014

31.03.2013

31.03.2012

 

TOTAL REVENUE

863.345

689.579

1080.792

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

TOTAL                                    

NA

NA

NA

 

 

 

 

 

 

PROFIT BEFORE TAX

19.832

14.186

7.883

 

 

 

 

 

Less

TAX                                                                 

6.150

4.390

2.346

 

 

 

 

 

 

PROFIT AFTER TAX

13.682

9.796

5.537

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

763.691

611.084

705.549

 

TOTAL EARNINGS

763.691

611.084

705.549

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.29

1.64

0.92

 

 

PARTICULARS

 

 

 

31.03.2015

Sales Turnover (Approximately)

 

 

1000.000

 

 

 

 

 

Expected Sales (2015-2016): Rs. 1400.000 Million

 

The above information has been parted by Mr. Pravesh Dhandhania (Director)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash Generated from Operations

NA

NA

NA

 

 

 

 

Net Cash Flow from (used in) Operations

82.386

(148.190)

5.120

 

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

7.20

4.25

4.96

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.05

0.04

0.02

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

0.00

0.00

0.00

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

7.87

12.11

25.66

 

 

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

59.874

59.874

59.874

Reserves & Surplus

298.315

308.029

321.472

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

358.189

367.903

381.346

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

0.000

0.000

0.000

Total borrowings

0.000

0.000

0.000

Debt/Equity ratio

0.000

0.000

0.000

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Revenue

1080.792

689.579

863.345

 

 

(36.197)

25.199

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Revenue

1080.792

689.579

863.345

Profit

5.537

9.796

13.682

 

0.51%

1.42%

1.58%

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

Yes

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

Yes

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

Yes

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

No

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

Yes

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10284501

20/09/2013 *

80,000,000.00

TAMILNAD MERCANTILE BANK LIMITED

KOLKATA BRANCH, KOLKATA- 700001, WEST BENGAL, INDIA

B85853653

2

10144019

03/07/2014 *

605,000,000.00

TAMILNAD MERCANTILE BANK LIMITED

58/D, N.S. ROAD, 2ND FLOOR,, GANESH MARKET, KOLKATA- 700001, WEST BENGAL, INDIA

C11600194

3

10111672

22/05/2008

105,000,000.00

TAMILNAD MERCANTILE BANK LTD.

KOLKATA BRANCH, 58/D N.S. ROAD (2ND FLOOR), KOLKATA- 700001, WEST BENGAL, INDIA

A39754122

4

10107798

06/02/2007

85,000,000.00

TAMILNAD MERCANTILE BANK LIMITED

58-D , N. S ROAD , 2ND FLOOR, GANESH MARKET, KOLKATA- 700001, WEST BENGAL, INDIA

A12910659

 

* Date of charge modification

 

CORPORATE INFORMATION

 

The Company is presently engaged in export and trading in Cotton and cotton yarn. The principal place of business as well as registered office of the Company is situated at P-36, 2nd Floor, Room # 45, India Exchange Place Extn, Kolkata – 700001, West Bengal, India.

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipments

 

 

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 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. 66.34

UK Pound

1

 Rs. 100.03

Euro

1

Rs.  71.45

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--CREDIT LINES

1~10

6

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

50

 

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.