MIRA
INFORM REPORT
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Report Date : |
07.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DISHA TEK CORPORATION |
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Formerly Known As : |
DIGITAL AIDS |
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Registered Office : |
L -18, Kirti Nagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Energy Conservative Devices an Instrument
for surveillance and alarm purposes. |
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 8000 |
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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 and reputed concern having satisfactory
track. Proprietor is reported as experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
L -18, Kirti Nagar, |
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Tel. No.: |
91-11-25436718/45416718 |
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Mobile No.: |
91-9811076805 |
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Fax No.: |
91-11-25436718 |
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E-Mail : |
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Website : |
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Area : |
180sq.fts. |
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Location : |
Owned |
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Factory 1 : |
36 A, DLF Industrial Area, Kirti Nagar, |
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Tel. No.: |
91-45416718/41016718/41424110 |
SOLE PROPRIETOR
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Name : |
Mr. Ajay Sehgal |
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Designation : |
Proprietor |
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Date of Birth/Age : |
47 Years |
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Qualification : |
B.E. (Electrical) |
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Experience : |
23 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Energy Conservative Devices an Instrument
for surveillance and alarm purposes. |
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Products : |
Electronic Safes, Digital Safes, Keypad Safes, Access Control, Locking
Devices, Door Locks, Biometric Safes, Card Safes, Gun Safes, Fire Proof
Safes, Burglar Safes and Hotel Safes |
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Brand Names : |
Vaultek |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Letter of Credit, D/A and DP Local Sales : Cash or 30 days credit |
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Purchasing : |
Letter of Credit, D/A. DP: All , 30 days of Credit Local Purchase: Cash or 30 days
credit |
GENERAL INFORMATION
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Suppliers : |
*
*
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Customers : |
*
Sales by dealer net work *
Rarstrpati Bhawan *
Parliament House *
British High Commission *
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Embassy of The *
United States Edu’s Foundation *
Study Overseas Limited ( *
Telstra International Limited *
Thompson Press Limited *
Palm Club (Gurgaon) *
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Hotel Orchid *
Rockland Inn (South Ex) *
Aryan Exports ( |
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No. of Employees : |
32 |
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Bankers : |
HDFC Bank Limited, Kirti Nagar, |
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Facilities : |
NO Overdraft |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
All Secure International L -18, Kirti Nagar, Activities: Import, Distribution and Installation of Biometric Access
Control and Time Attendance System Sales Turnover Rs. 2.000 millions Employees : 6 |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.000 millions |
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Borrowed : |
- |
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Total : |
Rs.2.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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8.000 |
7.500 |
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Gross profit |
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13% |
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Profit After Tax |
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9% |
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Expected Sales (2007-08) : Rs.10.000 millions
LOCAL AGENCY FURTHER INFORMATION
History of the
Company:
In 1987 started as
Digital AIDS. The company was a pioneer in identifying the need to conserve energy
and designed and launched energy conservation devices for the hospitality
industry. The client list – most hotels in the Welcome Group Sheraton chain of
hotels across the country – Mughal Sheraton in Agra, Windsor Manor in
Bangalore, Cholla Sheraton in Chennai, Maurya Sheraton and Tower in Delhi and
Searock Sheraton in Mumbai, Holiday Inn, Hyatt Regency, Vasant Continental,
Hans Plaza
In 1991, Hyatt Regency asked the company to develop and provide
electronic safes. The first lot of 150 safes was supplied to Hyatt Regency
in1992. the company soon emerged as a pioneer in the field of security
appliance and over time, expanded its products base to meet the needs of a
varied customer base. The electronic safe product line includes burglar safes
for residences and high quality, sophisticated fire retardant safes for the
offices and commercial application. In 1997, the company upgraded its
production facilities and shifted its focus entirely to security and safety
products undr the name Dishatek.
In 1997 change the
name to Disha Tek Corporation. Today, the company manufactures a range of
electronic safes under the brand name Vaultek that are marketed across
Dishatek’s competitive advantage lies in its indigenous design. Unlike
other players, the company designs and manufactures its products on an end-to –
end basis. The company has complete control over the quality of all key
components of the safes – electronics, mechanical and plastic parts. The
experience and expertise in designing and quick time to market creates
flexibility for customization of products as may be required.
Production:
Installed Capacity, Actual production 300 Pcs. Per month. Capacity to
increase production by 50%
Future Program of
Company:
Research in presses to supply Passive Infra-red (PIR), human body
detector, that are used for burglar alarms and to automate outdoor/indoor
lights and air-conditioners for energy conservation. It senses human presence
and large object like moving vehicles, by virtue of heat emitted by them. The
system gets activated whenever it picks up such incident heat energy in motion.
Access controls
Geo- magnetic, proximity, smart card, biometric models to access doors
of offices, apartments with or without time attendance
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.40.78 |
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1 |
Rs.81.34 |
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Euro |
1 |
Rs.55.53 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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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 |
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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 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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