MIRA
INFORM REPORT
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Report Date : |
07.05.2007 |
IDENTIFICATION DETAILS
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Name : |
DEV PRIYA PRODUCT LIMITED |
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Registered Office : |
2ND Floor, 4, Shankar Vihar, Vikas Marg, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.07.1993 |
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Com. Reg. No.: |
054397 |
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CIN No.: [Company
Identification No.] |
U74899DL1993OLC054397 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD07064B |
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PAN No.: [Permanent
Account No.] |
AAACD4276C |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing of Kraft Paper and Paper Board. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 426000 |
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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 is active. payments are usually
correct and as per commitments. The company can be considered normal for business for business dealing
at usual terms and conditions. |
LOCATIONS
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Registered Office : |
4, Shankar Vihar, 2nd Floor, |
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Tel. No.: |
Tel. No. 91-11-22013156/22013159 |
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Fax No.: |
91-11-42440323 |
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E-Mail : |
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Area : |
1000sq. fts. |
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Location : |
Residential |
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Head Office : |
‘Dev Priya’, A-2, Shambu Nagar, |
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Tel. No.: |
Tel. No. 91-121-2510956/2529383 |
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Factory 1 : |
Village Saini, 8th |
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Tel. No.: |
Tel. No. 91-121-2620133/2620933 |
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Fax No.: |
Fax. No. 91-121-2550133 |
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Location : |
Owned |
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DIRECTORS
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Name : |
Mr. Manish Gupta |
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Designation : |
Director |
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Address : |
Dev Priya’, A-2, Shambu Nagar, |
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Date of Birth/Age : |
11.08.1972 |
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Date of Appointment : |
10.03.2006 |
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Name : |
Mr. Rajeev Kumar Gupta |
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Designation : |
Director |
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Address : |
Dev Priya’, A-2, Shambu Nagar, |
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Date of Birth/Age : |
02.04.1965 |
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Qualification : |
Graduate |
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Experience : |
14 Years |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Sanjeev Kumar Gupta |
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Designation : |
Director |
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Address : |
Dev Priya’, A-2, Shambu Nagar, |
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Date of Birth/Age : |
18.05.1970 |
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Date of Appointment : |
01.04.2003 |
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Name : |
Mr. Manish Gupta |
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Designation : |
Director |
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Address : |
Dev Priya’, A-2, Shambu Nagar, |
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Date of Birth/Age : |
11.08.1972 |
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Date of Appointment : |
10.03.2006 |
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Name : |
Mr. Mahendra Kumar Gupta |
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Designation : |
Director |
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Address : |
Dev Priya’, A-2, Shambu Nagar, |
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Date of Birth/Age : |
01.08.1949 |
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Date of Appointment : |
01.04.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Rajeev Gupta |
150000 |
06.00 |
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Mr. Rajendra Prasad Gupta |
210000 |
08.40 |
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Ms. Anita Gupta |
100000 |
04.00 |
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Mr. Mahender Kumar Gupta |
100000 |
04.00 |
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Mr. Amit Gupta |
100000 |
04.00 |
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Mr. Rakesh Gupta |
107000 |
04.28 |
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Mr. Sumit Gupta |
100000 |
04.00 |
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Mr. Dev Karan Dass |
110000 |
04.40 |
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Holy Commercial Private Limited |
440000 |
17.60 |
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Mahendra Construction Private Limited |
150000 |
06.00 |
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Anita Finlease Private Limited |
150000 |
06.00 |
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Others |
783000 |
31.32 |
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Bodies corporate |
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57.68 |
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Director or relative or director |
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8.21 |
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Other top fifty (50) shareholders |
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34.11 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of Kraft Paper and
Paper Board. |
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Brand Names : |
“DEVPRIYA”. |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) terms |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Year 2005 |
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NA |
21500.000 |
20044.7925 |
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Year 2004 |
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NA |
21500.000 |
18566.0526 |
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Class of Goods |
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Kraft Paper and Paper Board |
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- |
16500 MH |
- |
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GENERAL INFORMATION
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Customers : |
Wholesalers. |
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No. of Employees : |
200 |
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Bankers : |
Punjab National Bank, Sport Complex, HDFC Bank AMRO Bank Limited ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Rajesh Kumar Jain, Shiam and Company Chartered Accountant |
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Address : |
Muzzafar Nagar, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7000000 |
Equity Shares |
Rs. 10/-each |
Rs. 70.000 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4750000 |
Equity Shares |
Rs. 10/- each |
Rs. 47.500 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
69.700 |
28.500 |
26.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.833 |
31.322 |
26.927 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
106.533 |
59.822 |
52.927 |
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LOAN FUNDS |
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1] Secured Loans |
114.109 |
77.830 |
70.970 |
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2] Unsecured Loans |
59.685 |
40.511 |
41.965 |
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TOTAL BORROWING |
173.794 |
118.341 |
112.935 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
280.327 |
178.163 |
175.352 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
74.525 |
75.531 |
80.824 |
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Capital work-in-progress |
61.043 |
0.826 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
75.419
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85.832 |
59.817 |
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Sundry Debtors |
60.763
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38.896 |
47.627 |
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Cash & Bank Balances |
9.465
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4.632 |
2.396 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
36.598
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11.544 |
7.451 |
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Total
Current Assets |
182.245
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140.904 |
117.291 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
28.302
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28.742 |
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Provisions |
9.201
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10.391 |
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Total
Current Liabilities |
37.503
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39.133 |
22.816 |
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Net Current Assets |
144.742
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101.771 |
94.475 |
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MISCELLANEOUS EXPENSES |
0.017 |
0.035 |
0.053 |
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TOTAL |
280.327 |
178.163 |
175.352 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
465.489 |
397.449 |
350.605 |
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Other Income |
0.880 |
0.234 |
250.139 |
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Total Income |
466.369 |
397.683 |
600.744 |
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Profit/(Loss) Before Tax |
7.412 |
7.247 |
6.678 |
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Provision for Taxation |
0.000 |
2.852 |
2.203 |
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Profit/(Loss) After Tax |
7.412 |
4.395 |
4.475 |
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Imports : |
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Raw Materials |
NA |
164.609 |
141.638 |
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Stores & Spares |
NA |
794.708 |
120.699 |
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Total Imports |
NA |
959.317 |
262.337 |
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Expenditures : |
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Manufacturing Expenses |
NA |
139.374 |
116.297 |
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Administrative Expenses |
NA |
9.512 |
9.340 |
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Raw Material Consumed |
259.931 |
221.084 |
197.917 |
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Salaries, Wages, Bonus, etc. |
6.105 |
5.563 |
4.992 |
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Managerial Remuneration |
1.440 |
NA |
NA |
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Payment to Auditors |
0.040 |
NA |
NA |
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Interest |
12.387 |
NA |
NA |
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Insurance Expenses |
1.080 |
10.901 |
9.790 |
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Power and Fuel |
118.567 |
NA |
NA |
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Depreciation & Amortization |
NA |
11.086 |
11.217 |
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Other Expenditure |
59.407 |
NA |
NA |
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Total Expenditure |
458.957 |
7.267 |
6.677 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.58
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1.10 |
0.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.59
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0.31 |
1.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.88
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3.34 |
3.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06
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0.12 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.35
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0.65 |
0.43 |
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Current Ratio (Current Asset/Current Liability) |
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4.85
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3.60 |
5.14 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
DEV PRIYA PRODUCT
LIMITED |
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Presented By |
Director – Mr.
Mr. S.H. Rajeev Gupta |
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1) Date and description of instrument creating the change |
09.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 140.000
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 |
Plant and
machinery worth Rs. 215.700 millions and all other immovable and movable
properties of the company situated at 8th km. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest
9.5% Margin 25% Other terms and
conditions as paer agreements date – 08.11.2006 |
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5) Name and Address and description of the person entitled to the charge. |
Punjab National
Bank, Sport Complex, |
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Corporate
identity number (CIN) Foreign company registration number |
U74899DL1993PLC054397 |
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Name of the
Company |
DEV PRIYA
PRODUCTS LIMITED |
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Address |
2ND Floor,
4, Shankar Vihar, Vikas Marg, |
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This form is for |
Creation of
Charge |
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Type of Charge |
Movable Property
(not being pledge) |
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Particulars of
the charge holder |
Punjab National
Bank, Sport Complex, E- Mail – bo2159@pnb.co.in |
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Amount secured by
the charge |
Rs. 1.7000
millions |
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Brief of the
principal terms and conditions |
Rate of Interest
– 11.25% (b) Terms of
Payments – repayments in 60 (sixty) EMI Rs. 28333 + Interest per month
starting from 31.03.2007 © Margin – 25% (d) Extent and
operation of the change – terms Loan of Rs. 1.7000 millions is secured by
hypothecation of two front end loaders and one tractor |
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Description of
the property charged indicating |
Terms Loans of
Rs. 1.700 millions is secured by hypothecation of two front and loaders and
one tractor. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.41.00 |
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|
1 |
Rs.81.80 |
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Euro |
1 |
Rs.55.58 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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
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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 |
|
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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