MIRA INFORM REPORT
|
Report Date : |
2ND May, 2006 |
IDENTIFICATION DETAILS
|
Name : |
DEV
RAJ HI-TECH MACHINES LIMITED |
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Registered Office : |
Industrial Development
Colony Area, Firozpur City, Firozpur – 152 002, Punjab, INDIA |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
13th
July, 1995 |
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CIN No.: |
L17219PB1995PLC016774 |
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Com. Reg. No.: |
16-16774 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
PTLD10528A/AMRD11078E |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturers
of Drilling, Shappar, Boring Machines, Power Machinery Equipments and
Appliances |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 45000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well –
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually correct and
as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Industrial Development
Colony Area, Firozpur City, Firozpur – 152 002, Punjab, INDIA |
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Tel. No.: |
91-1632-220467/
221467 |
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Fax No.: |
91-1632-222667/
220567 |
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E-Mail : |
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Website: |
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Area : |
3.5
acres |
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Location : |
Owned
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Factory : |
Industrial
Development Colony Area, Firozpur City, Firozpur – 152 002, Punjab, India |
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Tel. No.: |
91-1632-220467/
221467 |
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Fax No.: |
91-1632-222667/
220567 |
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E-Mail : |
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Area : |
3.5
acres |
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Location : |
Owned
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DIRECTORS
|
Name : |
Mr.
Ravi Kant Gupta |
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Designation : |
Director
|
|
Address : |
Housing
Board Colony, Ferozpur City, Punjab- 152 001, India |
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Date of Appointment : |
13th
July, 1995 |
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Name : |
Mr.
Ram Kumar Gupta |
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Designation : |
Chairman
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Address : |
Housing
Board Colony, Ferozpur City, Punjab- 152 001, India |
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Date of Appointment : |
13th
July, 1995 |
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Name : |
Mr.
Rohit Gupta |
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Designation : |
Director
|
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Address : |
Housing
Board Colony, Ferozpur City, Punjab- 152 001, India |
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Date of Appointment : |
1st
June, 1997 |
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|
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Name : |
Ms.
Asha Rani |
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Designation : |
Director
|
|
Address : |
Housing
Board Colony, Ferozpur City, Punjab- 152 001, India |
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Date of Appointment : |
13th
July, 1995 |
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|
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Name : |
Mr.
Balwant Rai Honda |
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Designation : |
Director
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Address : |
Bagichi
Golchiaa, Turi Bazar, Ferozpur City, Punjab- 152 001, India |
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Date of Appointment : |
13th
July, 1995 |
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Name : |
Ms.
Kaushalya Devi |
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Designation : |
Director
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Address : |
Housing
Board Colony, Ferozpur City, Punjab- 152 001, India |
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Name : |
Ms.
Anuradha Gupta |
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Designation : |
Director
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Address : |
Housing
Board Colony, Ferozpur City, Punjab- 152 001, India |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
Mr. Ravi Kant Gupta |
251 |
|
Mr. Ram Kumar Gupta |
151 |
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Ms. Asha Rani |
104 |
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Mr. Rohit Gupta |
201 |
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Ms. Kaushalya Devi |
151 |
|
Ms. Anuradha Gupta |
61 |
|
Mr.
Balwant Rai Honda |
81 |
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Total |
1000 |
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|
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|
Non
Cumulative Preference Shares Holders |
|
|
|
|
|
Mr. Ram Kumar Gupta |
227500 |
|
Mr. Rohit Gupta |
250000 |
|
Ms. Kaushalya Devi |
40000 |
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Ms. Anuradha Gupta |
90000 |
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Ms. Asha Rani |
80000 |
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Mr. Ravi Kant Gupta |
170000 |
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Total |
857500 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Drilling, Shappar, Boring Machines, Power Machinery Equipments and
Appliances |
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|
|
|
Products : |
>
Drilling >
Shappar >
Boring Machines >
Power Machinery
Equipments >
Appliances |
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Exports to : |
Bangladesh,
Thailand, Sri Lanka |
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Imports from : |
Germany,
UK |
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Terms : |
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Selling : |
L/C,
Cash and Credit upto 45 days |
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Purchasing : |
Cash
and Credit upto 60 days |
GENERAL INFORMATION
|
Suppliers: |
v
A B Industries,
Sabalpur v
Agra Works, Zira v
Alstom Limited,
Chandigath v
Bhushan Export, Batata v
Cuttack Machineries,
Cuttack v
Garg & Company,
Ludhiana v
JaGJWAN Lal, Moga v
Maa Sanothshi Rica Mill
v
Kissan Sales
Corporation |
|
|
|
|
Customers : |
v
Wholesalers v
End Users v
Aggarwal Rice Mills,
Baghapurana v
Amar Parborling
Industry, Raipur v
Baba Ganga Ram Food
Product, Orissa v
Chandikhole Rice
Mills, Orissa v
Everest Electrical,
Mumbai v
Gajanan Rice Mill,
Durga v
Ganesh Industries,
Nagaon v
IP Foneline Limited,
Mumbai v
Kissan Rice Mills,
Maharganj v
Laddu Gopal Rice
Mills, Raipur v
Luxmi Food Product,
Ahmedabad v
Maa Durga Rice
processing, Orissa v
R K Engineering
Company, Mumbai v
T C Rice & General
Mill, Zira v
Vidya Industries |
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No. of Employees : |
100 |
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Bankers : |
C
State Bank of Patiala Ferozepur City, Punjab, India C
Punjab National Bank Jalandhar, India |
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Facilities : |
The
company enjoys Loan facilities Rs. 1.000 million |
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Auditors : |
L
G & Associates Chartered
Accountants |
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Address : |
1st
Floor, Bank of Baroda Building, Railway Road, Moga – 142001 |
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Tel. No.: |
91-222788 |
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Fax. No.: |
91-232688 |
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Sister Concerns : |
C
Dev Raj and Sons Ferozepur, Punjab, India Line of Business: traders of machines |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000 |
Equity
Shares |
Rs. 1000/- |
Rs. 1.000 million |
|
900000 |
7%
Cumulative Preference Shares |
Rs. 10/- |
Rs. 9.000 million |
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Total
|
|
Rs. 10.000 million |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
|
1000 |
Equity
Shares |
Rs. 1000/- |
Rs. 1.000 million |
|
857500 |
7%
Cumulative Preference Shares |
Rs. 10/- |
Rs. 8.575 million |
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Total
|
|
Rs. 9.575 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
9.575 |
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2] Share Application Money |
8.575 |
8.575 |
0.000 |
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3] Reserves & Surplus |
1.141 |
0.713 |
0.280 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
10.716 |
10.288 |
9.855 |
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LOAN FUNDS |
0.000 |
0.000 |
0.000 |
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TOTAL
BORROWING
|
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
|
10.716 |
10.288 |
9.855 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
8.463 |
7.211 |
3.966 |
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Capital work-in-progress
|
|
-- |
-- |
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INVESTMENT
|
0.839 |
0.138 |
0.068 |
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DEFERREX TAX ASSETS
|
|
-- |
-- |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
|
2.146
|
2.685
|
2.719 |
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Sundry Debtors
|
6.108
|
6.905
|
6.210 |
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Cash & Bank Balances
|
0.989
|
1.945
|
0.642 |
Total Current Assets
|
9.243
|
11.535
|
9.571 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
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Current Liabilities & Provisions
|
7.881
|
8.659
|
3.824 |
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Total Current Liabilities
|
7.881
|
8.659
|
3.824 |
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Net Current
Assets
|
1.362
|
2.876
|
5.747 |
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MISCELLANEOUS EXPENSES
|
0.052 |
0.063 |
0.074 |
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TOTAL
|
10.716 |
10.288 |
9.855 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
60.172 |
50.128 |
29.662 |
|
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|
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Profit/(Loss) Before Tax
|
0.429 |
0.432 |
(0.035) |
Provision for Taxation
|
0.000 |
0.000 |
0.106 |
Profit/(Loss) After Tax
|
0.429 |
0.432 |
(0.071) |
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Total Expenditure
|
57.158 |
49.696 |
29.697 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.71 |
0.86
|
(0.24) |
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|
Net Profit Margin
(PBT/Sales) |
(%) |
0.71 |
0.86
|
(0.12) |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
2.42 |
2.28
|
(0.25) |
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|
Return on Investment (ROI)
(PBT/Networth) |
|
0.04 |
0.04
|
(0.00) |
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|
Debt Equity Ratio
(Total Liability/Networth) |
|
0.73 |
1.84
|
1.39 |
|
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|
Current Ratio
(Current Asset/Current
Liability) |
|
1.17 |
1.33
|
2.50 |
LOCAL AGENCY FURTHER INFORMATION
Trade References :
v
Hero Cycle Limited,
Ludhiana
v
Avon Cycle Limited,
Ludhiana
Operations:
The company have done a business of Rs. 58.273 Millions as compare to Rs. 48.389 Millions in the previous year.
Business
The company have earned net
profit Rs. 0.429 Millions as compare to loss of Rs. 0.432 Millions in previous
year.
Fixed Assets:
v
Land
v
Building
v
Esteem Car
v
Ford Car
v
Honda Car
v
Kinetic Scooter
v
Furniture & Fixture
v
Fork Lifter
v
Plant & Machinery
|
Name
of the Company |
DEV RAJ HI-TECH MACHINES
LIMITED |
|
Presented
By |
Mr.
Ravi kant |
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|
1)
Date and description of instrument creating the change |
Agreement
dated 5.03.2004 |
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2)
Amount secured by the charge/amount owing on the securities of charge |
Rs.
1.000 Millions |
|
3)
Short particular of the property charged. If the property acquired is subject
to charge, date of the acquired of the property should be given |
Hypothecation
of stock of Sheller and Raw Materials of the property standing name of the
company |
|
4)
Gist of the terms and conditions and extent and operation of the charge. |
Repayable
on Demand Interest – 11.85% |
|
5)
Name and Address and description of the person entitled to the charge. |
State
Bank of Patiala, Ferozepur City |
|
6)
Date and brief description of
instrument modifying the charge |
5.05.2004 |
|
7)
Particulars of modifications specifying the terms and conditions or the
extent of operations of the charge in which modification is made and the
details of the modification. |
Enhancement
of C C Limit to Rs. 2.000 Millions |
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 records 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.44.88 |
|
UK
Pound |
1 |
Rs.83.07 |
|
Euro |
1 |
Rs.56.94 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
46 |
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
|
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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |