MIRA
INFORM REPORT
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Report Date : |
09.07.2007 |
IDENTIFICATION DETAILS
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Name : |
D C ENGINEERS PRIVATE LIMITED |
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Registered Office : |
74 / P, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
17.02.1999 |
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Com. Reg. No.: |
118382 |
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CIN No.: [Company
Identification No.] |
U74210MH1999PTC118382 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD08239A |
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PAN No.: [Permanent
Account No.] |
AABCD1670R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Components and Fabricators. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
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Maximum Credit Limit : |
USD 2504 |
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Status : |
Small Concern |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are however
reported as usually correct and as per commitments. The company can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
74 / P, |
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Tel. No.: |
91-22-26341862 |
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Fax No.: |
91-250-2454808 |
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E-Mail : |
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Thane Office : |
12, Siddharth Industries Estate, No. 4, Shailesh Udyog Nagar, |
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Tel. No.: |
91-95250-5683152 |
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Mobile No.: |
91-9225400191 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Dhiren Kanakrai Shah |
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Designation : |
Director |
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Address : |
203, A – Meera Apartment, |
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Date of Birth/Age : |
26.10.1960 |
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Date of Appointment : |
17.02.1999 |
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Name : |
Mr. Hitesh Vanravan Thakkar |
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Designation : |
Director |
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Address : |
A – 101, Khkhar Apartment, Behind Parekh Nagar, M. G. Cross Raod, No.
1, Kandivil (West), Mumbai - 400067 |
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Date of Birth/Age : |
12.01.1971 |
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Date of Appointment : |
31.03.2004 |
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Name : |
Mr. Deepak Ratanji Chudasama |
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Designation : |
Director |
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Name : |
Mr. Chandu Gordhan Dodia |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Dhiren K. Shah |
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33336 |
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Mr. Shibani D. Shah |
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16664 |
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Category |
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Percentage of
Holding |
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Director or Relative of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Components and Fabricators |
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GENERAL INFORMATION
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Suppliers : |
Balaji Commercial Company Bhushan Limited Southern Metals and Alloys Private Limited Jaya Engineering Nones Varun Metal |
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Customers : |
Rayehem RPG Limited Mahavir Electric and Hardware |
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Bankers : |
Bank of Jankalyan Co-Op. Bank Limited ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parendra M. Shah and Company Chartered Accountants |
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Address : |
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Tel. No.: |
91-22-6143223 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.500 |
0.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.126 |
0.031 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.626 |
0.531 |
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LOAN FUNDS |
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1] Secured Loans |
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1.196 |
0.000 |
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2] Unsecured Loans |
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1.438 |
0.516 |
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TOTAL BORROWING |
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2.634 |
0.516 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.260 |
1.047 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.729 |
0.763 |
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Capital work-in-progress |
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INVESTMENT |
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0.135 |
0.110 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1.102 |
1.207 |
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Sundry Debtors |
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0.955 |
0.497 |
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Cash & Bank Balances |
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0.362 |
(0.208) |
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Other Current Assets |
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0.000 |
0.010 |
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Loans & Advances |
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0.428 |
0.308 |
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Total
Current Assets |
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2.847 |
1.814 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.451 |
1.640 |
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Provisions |
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Total
Current Liabilities |
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1.451 |
1.640 |
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Net Current Assets |
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1.396 |
0.174 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.260 |
1.047 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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4.193 |
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Other Income |
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Total Income |
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2.264 |
4.193 |
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Profit/(Loss) Before Tax |
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0.103 |
0.004 |
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Provision for Taxation |
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0.003 |
0.010 |
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Profit/(Loss) After Tax |
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0.100 |
(0.006) |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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2.160 |
4.189 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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0.107 |
0.120 |
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Depreciation & Amortization |
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0.178 |
0.163 |
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Total Expenditure |
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2.445 |
4.472 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.41 |
(0.14) |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.54 |
0.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.25 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.31 |
3.08 |
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Current Ratio (Current Asset/Current Liability) |
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1.96 |
1.10 |
LOCAL AGENCY FURTHER INFORMATION
Director’s Report:
The Company attained the turnover of Rs.2.264 millions during the year
as against to Rs.4.194 millions in the previous year. The company earned a profit
of Rs.0.100 millions as compared to Net Loss of Rs.0.006 millions in the
previous year.
Fixed Assets:
˛ Plant and Machinery
˛ Furniture
˛ Computer and Printer
˛ Electric Installation
˛ Land and Building
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Name of the company |
D C ENGINEERS PRIVATE
LIMITED |
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Presented By |
The Sangli Bank
Limited Juhu Branch,
Mumbai |
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1) Date and description of instrument creating the change |
23.03.2005 Hypothecation of
Book Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Bill Discounting
Facility of Rs.0.800 million |
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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 |
All present and
future, book debts, outstanding monies, receivable, claims, bills, right to
or in moveable properties and moveable assets of the Borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
To secure by way of
first charge on above property, Bill Discounting facility together with all
interest, costs, charges and expenses, granted and / or incurred by the Bank |
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5) Name and Address and description of the person entitled to the charge. |
The Sangli Bank
Limited Juhu Branch,
Mumbai |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.46 |
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1 |
Rs.81.29 |
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Euro |
1 |
Rs.54.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--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 |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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36 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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