MIRA
INFORM REPORT
|
Report Date : |
23rd
may, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
DEEPS
TOOLS PRIVATE LIMITED |
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Registered Office : |
320
–321, Industrial Area – A, Ludhiana – 141 003, 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 : |
21.08.1987 |
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Com. Reg. No.: |
16-07619 |
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CIN No.: [Company
Identification No.] |
U28939PB1987PTC007619 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JLDD00652B |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
Manufacturer,
Importer, Trader and Exporter of Hand Tools. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
150000 |
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Status : |
Good |
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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. Financial
position is good. Payments are correct and as per commitments. The
company can be considered good for normal dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Factory : |
320
–321, Industrial Area – A, Ludhiana – 141 003, Punjab, India |
|
Tel. No.: |
91-161-2222523/
2221624 |
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Fax No.: |
91-161-2600584 |
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E-Mail : |
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Website : |
http://
www.deepstools.com |
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Area : |
6000
sq. mtrs. |
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Location : |
Owned |
DIRECTORS
|
Name : |
Mr.
Raj Deep Jain |
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Designation : |
Director |
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Date of Birth/Age : |
40
Years |
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Qualification : |
Graduate
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Name : |
Mr. S.
K. Garg |
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Designation : |
Director |
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Date of Birth/Age : |
42
Years |
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Qualification : |
Graduate
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MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
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Held
by Directors and Family Members |
12,50,000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Importer, Trader and Exporter of Hand Tools. |
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Exports to : |
Europe,
USA, Poland, Mexico South Africa, Dubai |
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Imports from : |
Germany
and Korea |
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Terms : |
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Selling : |
L/C
and Credit (60 Days) |
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Purchasing : |
L/C
and Credit (60 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and End Users |
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No. of Employees : |
700 |
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Bankers : |
Punjab
National Bank , Industrial Area – A, Ludhiana |
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Facilities : |
Credit
Limit: 10.000 Millions |
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Banking Relations : |
Satisfactory |
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Sister Concern: |
Oswal
Woollen Mills Limited |
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Address: |
Ludhiana
141 010 |
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Line of Business: |
Hosiery
Goods & Knitwears |
Mr. Raj
Deep Jain is Grand Son of Mr. Vidya Sagar Oswal of Oswal Woollen Mills Limited,
Ludhiana.
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 12.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
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|
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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10.300 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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28.500 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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38.800 |
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LOAN FUNDS |
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1] Secured Loans |
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20.000 |
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2] Unsecured Loans |
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9.000 |
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TOTAL BORROWING |
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29.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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67.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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32.500 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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|
4.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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19.600 |
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Sundry Debtors |
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21.100 |
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Cash & Bank Balances |
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11.500 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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|
7.800 |
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Total Current Assets |
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60.000 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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|
31.100 |
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Provisions |
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|
0.000 |
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Total Current Liabilities |
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31.100 |
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Net Current Assets |
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28.900 |
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MISCELLANEOUS EXPENSES |
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|
2.400 |
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TOTAL |
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67.800 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
|
6.280 |
4.680 |
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Profit/(Loss)
Before Tax |
|
1.120 |
0.800 |
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Provision
for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss)
After Tax |
|
1.120 |
0.800 |
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Import
Value |
|
1.950 |
1.300 |
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Total
Expenditure |
|
5.160 |
3.880 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
|
PAT / Total Income |
(%) |
|
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17.83 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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|
17.83 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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1.16 |
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Return
on Investment (ROI) (PBT/Networth) |
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0.11 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.55 |
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Current
Ratio (Current
Asset/Current Liability) |
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1.93 |
LOCAL AGENCY
FURTHER INFORMATION
AS
PER WEBSITE:
WHAT
THEY DO:
Their manufacturing unit of seven drop forged hammers is backed up by
on ultra modern machinery/QC systems with the assistance of their
professional sales and marketing team. DEEPS does it all
Research, Design, Engineering, Packaging and Merchandising. DEEP's
range of products has been designed to satisfy every need of clients. They have
pleasure to introduce their selves as an ISO - 14001 certified company. The
quality manufacturers of Drop Forged hand tools viz wrenches and spanners of
varied Type / Designs made according to IS, DIN and ANSI standards.
THEIR
STUFF:
Their qualified
staff, their long experience and the capabilities of their management,
designers and technical engineers are fully involved at each and every step of
production to meet the increasingly demanding needs of their market.
This Web site gives detailed information to their valued clients about
the products manufactured by us. They are constantly developing new products
which are designed with the most advanced technology to keep up pace with the
latest market requirements.
COMPANY
NEWS:
They have pleasure to introduce their selves as an ISO -
14001 certified company. The quality manufacturers of Drop Forged hand tools
viz wrenches and spanners of varied Type / Designs made according to IS, DIN
and ANSI standards.
Their manufacturing unit of seven drop forged hammers is backed up by on
ultra modern machinery/QC systems with the assistance of their professional
sales and marketing team. DEEPS does it all Research, Design,
Engineering, Packaging and Merchandising. DEEPS range of
products has been designed to satisfy every need of clients. A strict control
through every stage of their manufacturing process, such as selection of raw
material , design, forging, machining and finishing ensures the highest quality
standards of their tools.
They are thankful to their prestigious friends and customers for their valuable
support and cooperation through out all these years. And they promise to
maintain the highest standards of their needs in the future too...
New Finishes ::
Profile :
They have electrolytic nickel plating, the back - bone of plating for
decorative and corrosion resistance applications.
They have a contemporary top of the line high performance process for semi -
automatic plating.
Finishes :
a) Bright Nickle - Chrome Finish
b) Dull - Nickel Chrome/ without Chrome finish
c) Satin - Gold Finish
d) Pearl Sheen Finish (SATIN CHROME)
e) Black - Chrome Finish
f) Duplex Plating
a)
Bright Nickel Chrome
They have brilliant deposits highly levelled and ductile suitable for wide
range with Mirror finish.
b )Dull
- Nickel Finish
They have dull Nickel finish deposits are highly ductile and levelled suitable
for wide range of applications.
c)
Satin - Gold Finish
They have Satin finish with Gold appearance duly lacquered for wide
applications.
d) Pearl
Sheen Finish
They have pearl sheen finish produce neat, silky, stain - free, highly decorative
Nickel deposit, with chrome finish.
e)
Black - Chrome Finish
They have Nickel deposit with Jet - Black Chrome deposit produce excellent look
with wide range of applications.
f)
Duplex Finish
They have coumarin free advanced semi - bright Nickel system produces levelled
semi-bright sulphur free Nickel deposit with excellent mechanical and corrosion
resistance properties.
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.45.73 |
|
UK
Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.58.48 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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|
--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
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 |