MIRA
INFORM REPORT
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Report Date : |
21.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DEVENDRA EXPORTS PRIVATE LIMITED |
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Registered Office : |
35,B/2, Second Main Road, Ambattur Industrial Estate, Chennai:600058 |
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Country : |
India |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
02.01.1965 |
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Com. Reg. No.: |
18-5279 |
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CIN No.: [Company
Identification No.] |
U51102TN1965PTC005279 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED00090G |
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Legal Form : |
A Private Limited Liability Company |
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Line of Business : |
The Company is Engaged in Manufacture, Sale and Export of Automotive
parts and Components |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is well established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business si active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered
Office : |
35,B/2, II Main Road, Ambattur Industrial Estate, Chennai:600058,
India |
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Tel. No.: |
91-44-6258127 / 26250287/26252215
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Fax No.: |
91-44-26258456 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. K. Vasudevan |
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Designation : |
Director |
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Address : |
I-27 First Main Road, Anna Nagar East, Chennai, Chennai Mgr:600102
Tamil Nadu |
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Date of Birth/Age : |
24.07.1923 |
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Experience : |
34 Years |
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Date of Appointment : |
15.04.1982 |
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Name : |
Mr. Balraj Vasudevan |
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Designation : |
Director |
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Name : |
Mrs. Indira Vasudevan |
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Designation : |
Director |
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Address : |
I-27 First Main Road, Anna Nagar East, Chennai, Chennai Mgr:600102
Tamil Nadu |
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Date of Birth/Age : |
10.03.1939 |
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Date of Appointment : |
02.01.1965 |
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Name : |
Mrs.Reshmi Kumar |
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Designation : |
Director |
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Address : |
K-13 Marcel Mansion, Anna Nagar East, Chennai, Chengai Mgr:600102,
Tamilnadu |
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Date of Birth/Age : |
15.07.1967 |
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Experience : |
6 Years |
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Date of Appointment : |
30.07.1997 |
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Name : |
Mr. Kalpana Retty |
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Designation : |
Director |
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Address : |
I-27 First Main Road, Anna Nagar East, Chennai, Chennai Mgr:600102
Tamil Nadu |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Kalana Retty |
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5200 |
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Mrs. Indira Vasudevan |
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8600 |
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Mrs. Reshmi Kumar |
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14900 |
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Mr. Kumar Nirmalal |
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15900 |
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Mr. K. Vasudevan |
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27400 |
BUSINESS DETAILS
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Line of Business : |
The Company is Engaged in Manufacture, Sale and Export of Automotive
parts and Components |
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Products : |
v Feed-Pumps v Diapers v HandPrimer |
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Exports : |
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Countries : |
U.K, U.S.A., Germany, Switzerland, Columbia,
South East and Far East, Sirlanka and Middle East |
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Imports : |
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Products : |
Raw material |
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Countries : |
U.K and Germany |
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Terms : |
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Selling : |
L/C Local Market: Credit of 60 days |
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Purchasing : |
L/C credit and Credit upto 90 Days |
GENERAL
INFORMATION
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Suppliers : |
v British Steel
Limited v Sarastaahl GMBH,
Germany |
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Customers : |
v Autolec
Industries Limited v AutoLec Europe
BV, The Netherlands |
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No. of Employees : |
Total:250 (Office:25; Production:225) |
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Bankers : |
Unknown |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. r. Narain and Company |
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Address : |
New No:5First floor Club Road, Chetpet, Chennai:600031, TamilNadu |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- (each) |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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72000 |
Equity Share |
Rs.100/-
(each) |
Rs.7.200
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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7.200 |
7.200 |
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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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32.776 |
29.240 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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39.976 |
36.44 |
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LOAN FUNDS |
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1] Secured Loans |
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12.667 |
10.525 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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12.667 |
10.525 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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52.643 |
46.965 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.540 |
12.248 |
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Capital work-in-progress |
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INVESTMENT |
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25.348 |
20.528 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.076 |
12.206 |
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Sundry Debtors |
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18.651 |
19.887 |
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Cash & Bank Balances |
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1.840 |
3.353 |
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Other Current Assets |
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9.652 |
9.509 |
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Loans & Advances |
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0.000 |
0.000 |
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Total
Current Assets |
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43.219 |
44.955 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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24.350 |
24.552 |
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Provisions |
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6.114 |
6.214 |
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Total
Current Liabilities |
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30.464 |
30.766 |
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Net Current Assets |
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12.755 |
14.189 |
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MISCELLANEOUS EXPENSES |
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TOTAL |
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52.643 |
46.965 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.76 |
0.844 |
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Current Ratio (Current Asset/Current Liability) |
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1.41 |
1.46 |
LOCAL AGENCY FURTHER
INFORMATION
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Name of the
company |
M/s. Devendra
Exports Private limited |
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Presented By |
Managing Director |
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1) Date and description of instrument creating the change |
Agreement of Hypothecation of Raw materials, Finished goods, etc ato 18.07.1981 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.000
Millions |
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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 |
As per Agreement copy enclosed hypothecation of Raw material, Semi
Finished, Finished goods etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Interest at 7.5% above RBI Rate with a minimum of 16.5% P.A |
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5) Name and Address and description of the person entitled to the charge. |
Canara
Bank,G.P.Road, Madras-2 |
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6) Amount of rate per cent of the commission allowances or discount, (if any) paid f made either directly or indirectly by the company to any person in consideration of his subscribing or agreeing to subscribe, whether absolutely or conditionally, or procuring or agreeing to procure subscriptions whether absolute or conditional, for any of the debenture included in this return ©. |
-- |
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Name of the
company |
Devendra Exports
Private Limited |
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Presented By |
K.Ranjan |
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1) Date and description of instrument creating the change |
Agreement for discontent supply Bills and Pronoce dated 15.03.1993 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.0.400 Millions |
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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 |
Books debts of
the company |
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4) Gist of the terms and conditions and extent and operation of the charge. |
ROI Rs.20.25% p.a
for a period of 90 days |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank, Overseas Branch, Spencer TowerII,
TTOA, Mount Road, Madras-600002 |
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6) Date and brief description of instrument modifying the charge |
- |
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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. |
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Devendra Exports Private Limited
Profile
Devendra Exports Pvt. Ltd., established
in the year 1965, is as ISO 9001:2000 certified company, currently following TS
16949:2002 standards. They specialize in the manufacture of High Precision
Diesel Fuel Injection parts, Cast Iron and Aluminum Machined castings, Machined
components, Pressed components, Precision turned components, Machined hot and
cold forging, Plastic parts, Sub-assemblies and Assemblies for automotive and
non-automotive applications.
They have a significantly broad array of products that includes Feed Pumps, Hand
Primers, Diesel Filter Assemblies, Governor Diaphragms, High Pressure Fuel
Injection Pipes, Overflow Valves, Injectors, Nozzles, Nozzle Holders, Elements,
Delivery Valves, Relief Valves, Pressure Valves, Cylinder Liners, Push Rods,
Valve Tappets, Valve Guides, Oil Nozzles, Wheel cylinders, Manifolds, and
Housings.
Devendra Exports caters to the Export replacement market, Domestic replacement
market, Domestic and International OE and the Defence sector. They are the sole
authorised distributor in India of Hartridge test products.
With an extensive experience of close to 40 years, they regularly receive
awards and certificate of merits from leading councils such as the Engineering
Export Councli of India since 1989. For their excellent quality systems and
outstanding export performance, they have been the recipients of an Outstanding
Export Performance Award by the President of India in 1988. With their proven
track record, their products are being exported to countries such as the US,
UK, Germany, France, Belgium, Switzerland, the Middle East, Australia, Africa
and South America. In today's highly competitive and globally-focused and
automotive market place, Devendra Exports continues to maintain its competitive
edge.
Mission
To be a world wide supplier of
high quality, low cost diesel fuel injection parts for mobile and stationary
engines applications.
Strategy
By developing a flexible
manufacturing system using appropriate technology supported by inhouse research
and development and quality assurance. This coupled with the organisation
structure and environment, which stimulates individual and group creativity,
communication and performance resulting in recognition, opportunity for growth
and a high level of personal satisfaction thereby improving the quality of life
of all employees. This people and process oriented attitude will lead the
company to new heights and greater achivements which will deliver the greatest
value to their customers.
Quality Policy
Their Customer Centric and Systems
approach works to provide Products and Services based on the function of
Quality, Cost Logistics, Development and Management on an ongoing basis.
Awards Received
Since its inception Devendra has
been receiving several awards for its continuous Outstanding performance in
Exports and maintaining the highest Quality Standards.
The following are some of the most prestigious awards received by Devendra for
its outstanding performances.
Devendra was awarded - "Ambattur Industrial Estate Manufacturers
Association Award" and "The Outstanding Export Performance
Award" by the then Honourable President of India .
Devendra has been receiving the "Indian Export Award" for its
Outstanding Export Performance since 1985 instituted by the All India
Manufacturers Organisation from " The Directorate of Industry and
Commerce, Government of Tamil Nadu" and " Tamil Nadu Small Scale
Industries Association".
Devendra has received "Quality Awards" for its excellent Quality
Standards from Ambattur Industrial Estate Manufacturers Association.
Devendra has received the " Southern Region Special Shield" from the
Engineering Export Promotion Council for its Export Performance.
At Devendra, the pursuit of excellence is an ongoing process and the focus is
to have a long term relationship by rendering excellent customer service
through a systematic, cost effective, and time bound approach by one and all.
Manufacturing Facilities:
Their Products are manufactured
using Group Technology, Quick Response Manufacturing, and Statistical Process
Control techniques, in a well equipped machine shop under the supervision of
highly trained professionals. Their Products are machined using conventional
machines, CNC Machines, Multi Spindle automats, and in house developed Specila
pur[pose machines (SPM’s)
Heat Treatment
Material hardening plays a very
critical role in fuel injections parts. Devendra has a modern, environment
friendly heat treatment facility, which has an advantage over conventional
furnaces, viz., very high degree of heat transfer and uniformity of
temperature. Trained operators perform various procedures including case
hardening, through hardening, carbonitriding, soft, and hardnitriding.
Tool Room
Devendra has a self sufficient tool
room which is manned by highly trained operators. The tool room caters to the
requirement of the machines shop and is a shared facility for the different
product groups. The tool room manufactures all the jigs, fixtures, press tools,
dies, gauges, cutting tools, from tools, mandrels, broaches and also include
aprototype shop for new product development.
Standard Room
Devendra has a modern and well
equipped standards room to ensure gauge calibrations and product quality
assurance.
New Product Developmen
Devendra is deeply committed to
research and development activities which yield continuing innovations in
product design and manufacturing process that deliver the greatest value to
their customers. Devendra has the ability and capacity to develop any products
according to the customers specification.
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.43.63 |
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UK Pound |
1 |
Rs.85.58 |
|
Euro |
1 |
Rs.58.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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