MIRA INFORM REPORT
|
Report No. : |
349866 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHANYA AGROINDUSTRIAL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
ECOM House, No.489/11, Borewell Road Whitefield, Bangalore
– 560066, Karnataka |
|
Tel No.: |
91-80-28453376 |
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|
|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.12.2007 |
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Com. Reg. No.: |
08-058668 |
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Capital
Investment / Paid-up Capital : |
Rs. 242.608 Million |
|
|
|
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CIN No.: [Company Identification
No.] |
U51101KA2007FTC058668 |
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IEC No.: |
0308045441 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCD8919J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader of Cotton. |
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No. of Employees
: |
Information decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 11000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 2007 having
moderate track. It is a trader of cotton. The company has incurred huge accumulated losses. Further, the borrowings recorded by the company are also huge
increasing which act as a threat to the liquidity position of the company. The rating is further constrained highly fragmented cotton industry. Their trade relations are reported as fair. Business is active.
Payments terms are reported as slow. The company can be considered for business dealings with some
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE (91-80-28453376)
LOCATIONS
|
Registered Office : |
ECOM House, No.489/11, Borewell Road Whitefield, Bangalore
– 560066, Karnataka, India |
|
Tel. No.: |
91-80-28453376/28454377/28450110 |
|
Fax No.: |
91-80-28453378 |
|
E-Mail : |
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|
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Branch Office : |
Site No.120, DBS House, Prescott Street. Opposite Cathedral Senior
School, Fort, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-40779100 |
DIRECTORS
As on 27.09.2013
|
Name : |
Ms. Sonia Gertrude Berberat |
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|
Designation : |
Director |
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Address : |
Chemin De Pre-Marin 33 Lemont Surlausanne, Switzerland |
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Date of Birth/Age : |
23.07.1957 |
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Date of Appointment : |
03.12.2007 |
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DIN No.: |
01594988 |
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|||||||||||||||||||||||||||
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Name : |
Ramon Maria Creixell Esteve |
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|
Designation : |
Director |
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Address : |
Ch De Bochat 9, 1094, Paudex, Switzerland |
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Date of Birth/Age : |
27.12.1954 |
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Date of Appointment : |
03.12.2007 |
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DIN No.: |
01598899 |
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Other
Directorship:
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Name : |
Pestell John Ross |
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Designation : |
Managing Director |
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|
Address : |
82-B, Mehar Apartments, 8th Floor Anestoy Road, Off.
Altamount Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
15.01.1968 |
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Date of Appointment : |
25.03.2009 |
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DIN No.: |
02846464 |
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|||||||||||||||||||||||||||
|
Name : |
Mr. Deepesh Premchand Govil |
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Designation : |
Managing Director |
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|
Address : |
B-1003, Purva Fountain Square, Marathall, Bangalore – 560 037,
Karnataka, India |
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Date of Birth/Age : |
15.10.1968 |
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Date of Appointment : |
29.09.2009 |
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DIN No.: |
02720049 |
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MAJOR SHAREHOLDERS
As on 27.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Mulcord Trading LLC, USA |
|
24260650 |
|
ECOM Agroindustrial Corporation Limited, Switzerland |
|
100 |
|
Total |
|
24260750 |
As on 27.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Cotton. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information decline by the management |
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Bankers : |
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Auditors : |
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|
Name : |
M. Krishna and Company Chartered Accountants |
|
Address : |
No.10-1 (Old
No.210/1), Vanaraveera Sankirna, 2nd Floor, 5th Cross,
9th A Main, Jayanagar, 2nd Block, Bangalore – 560011,
Karnataka, India |
|
PAN No.: |
AAPPM1231L |
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Memberships : |
-- |
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Collaborators : |
-- |
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Associates/Subsidiaries : |
Not Divulged |
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Holding Company : |
Mulcord Trading LLC,USA |
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Ultimate Holding Company: |
ECOM Agroindustrial Corporation Limited, Switzerland |
CAPITAL STRUCTURE
After 27.09.2013
Authorised Capital : Rs.400.000 Million
Isued, Subscribed & Paid-up Capital : Rs.392.944
Million
As on 27.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Million |
|
|
|
|
|
Isued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24160750 |
Equity Shares |
Rs.10/- each |
Rs. 241.608
Million |
|
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|
|
|
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 |
242.608 |
242.608 |
242.608 |
|
(b) Reserves & Surplus |
(238.751) |
(187.312) |
(126.331) |
|
(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) |
3.857 |
55.296 |
116.277 |
|
|
|
|
|
|
(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 |
1.286 |
1.025 |
0.695 |
|
Total Non-current
Liabilities (3) |
1.286 |
1.025 |
0.695 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
1059.575 |
774.121 |
556.359 |
|
(b) Trade
payables |
769.146 |
1116.434 |
457.117 |
|
(c) Other
current liabilities |
1.896 |
2.062 |
1.524 |
|
(d) Short-term
provisions |
8.854 |
11.101 |
3.211 |
|
Total Current
Liabilities (4) |
1839.471 |
1903.718 |
1018.211 |
|
|
|
|
|
|
TOTAL |
1844.614 |
1960.039 |
1135.183 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1.663 |
1.846 |
2.052 |
|
(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 |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
113.574 |
89.146 |
59.860 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.551 |
1.045 |
|
Total Non-Current
Assets |
115.237 |
91.543 |
62.957 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1356.270 |
1636.867 |
985.782 |
|
(c) Trade
receivables |
170.601 |
54.861 |
45.191 |
|
(d) Cash
and cash equivalents |
33.306 |
28.199 |
30.928 |
|
(e) Short-term
loans and advances |
3.843 |
4.987 |
5.796 |
|
(f) Other
current assets |
165.357 |
143.582 |
4.529 |
|
Total
Current Assets |
1729.377 |
1868.496 |
1072.226 |
|
|
|
|
|
|
TOTAL |
1844.614 |
1960.039 |
1135.183 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
|
INCOME FROM
OPERATION |
4378.968 |
2059.183 |
1428.294 |
|
|
|
|
|
|
|
Less |
EXPENSES |
4454.265 |
2148.889 |
1611.649 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(75.297) |
(89.706) |
(183.355) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
0.570 |
0.560 |
0.642 |
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
(75.867) |
(90.266) |
(183.997) |
|
|
|
|
|
|
|
Less |
TAX |
(24.428) |
(29.285) |
(59.698) |
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX |
(51.439) |
(60.981) |
(124.299) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(187.311) |
(126.330) |
(2.031) |
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(238.750) |
(187.311) |
(126.330) |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1111.042 |
631.673 |
998.510 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(2.13) |
(2.52) |
(5.15) |
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 flows from (used in) operations |
(312.087) |
(206.308) |
(142.544) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.38) |
(4.82) |
(17.11) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(19.67) |
(1.63) |
(1.58) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
274.71 |
14.00 |
4.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.98 |
1.05 |
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 |
242.608 |
242.608 |
242.608 |
|
Reserves & Surplus |
(126.331) |
(187.312) |
(238.751) |
|
Net worth |
116.277 |
55.296 |
3.857 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
556.359 |
774.121 |
1059.575 |
|
Total borrowings |
556.359 |
774.121 |
1059.575 |
|
Debt/Equity ratio |
4.785 |
14.000 |
274.715 |
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) |
|
Sales |
1428.294 |
2059.183 |
4378.968 |
|
|
|
44.171 |
112.656 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
1428.294 |
2059.183 |
4378.968 |
|
Profit |
(124.299) |
(60.981) |
(51.439) |
|
|
(8.70)% |
(2.96)% |
(1.17)% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE:
The registered office of the company has been shifted from Vakils House, 18, Sprott Road, Ballard Estate, Mumbai – 400 001,
Maharashtra to the present address w.e.f. 09.02.2011.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short Term
Borrowing |
|
|
|
Loans repayable on demand from Bank |
1059.575 |
774.121 |
|
Total |
1059.575 |
774.121 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
REVIEW OF OPERATIONS:
During the year, the Company has recorded a turnover of Rs. 4378.968
Million as compared to Rs. 2059.183 Million during the previous year. The
Company has incurred a loss of Rs. 51.439 Million as compared to the loss of
Rs. 60.981 Million during the previous year.
The Directors are confident of reporting better and improved performance
during the current financial year riding on the favorable market scenario.
FIXED ASSETS
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Computer Equipments
- Other Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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. 61.17 |
|
|
1 |
Rs. 100.65 |
|
Euro |
1 |
Rs. 70.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
26 |
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.