MIRA
INFORM REPORT
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Report Date : |
08.10.2007 |
IDENTIFICATION DETAILS
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Name : |
DECCAN MINING SYNDICATE PRIVATE LIMITED |
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Registered Office : |
S 7, No. 26, 2nd Floor, Esteem |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
25.09.1991 |
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Com. Reg. No.: |
08-12348 |
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CIN No.: [Company
Identification No.] |
U85110KA1991PTC12348 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD03590G |
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PAN No.: [Permanent
Account No.] |
AAACD7081R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Exporter of Iron and Fines |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 3800000 |
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Status : |
Excellent |
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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 company having satisfactory
track records. Directors are reported as experience 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 dealings at usual
trade terms and conditions. The company can be regarded as a promising business partner in medium
to long-run. |
LOCATIONS
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Registered Office : |
S 7, No. 26, 2nd Floor, Esteem Arcade, Race course Road, |
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Tel. No.: |
91-80-22262853 |
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Fax No.: |
91-80-22201140 |
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E-Mail : |
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Website: |
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Head Office: |
No. 31, Kalpataru Apartments, |
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Corporate Office: |
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Tel. No.: |
91-8392-271701, 272424 |
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Fax No.: |
91-8392-275247 |
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E-Mail: |
DIRECTORS
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Name : |
Mr. S. M. Jain |
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Designation : |
Chairman and Managing Director |
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Address : |
31, Kalpataru Apartments, |
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Date of Birth/Age : |
26.01.1947 |
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Date of Appointment : |
25.09.1991 |
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Name : |
Ms. Kamala Devi |
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Designation : |
Chairman |
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Address : |
31, Kalpataru Apartments, |
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Date of Birth/Age : |
08.06.1948 |
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Date of Appointment : |
25.09.1991 |
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Name : |
Ms. Anita Jain |
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Designation : |
Director |
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Address : |
31, Kalpataru Apartments, |
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Date of Birth/Age : |
06.12.1966 |
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Date of Appointment : |
14.10.1992 |
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Name : |
Mr. Rajendra Kumar Jain |
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Designation : |
Managing Director |
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Address : |
31, Kalpataru Apartments, |
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Date of Appointment : |
01.05.2005 |
KEY EXECUTIVES
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Name : |
Mr. H N Krishna Murthy |
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Designation : |
Company Secretary |
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Address : |
‘Sri Hari Krupa’ 23, 5th A – |
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Tel. No.: |
91-80-26764166, 26766337 |
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Mobile No.: |
91-9448513473 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Anita R Jain |
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12000 |
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S M Jain |
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12000 |
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Kamala Devi |
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16000 |
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Total |
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40000 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter of Iron and Fines |
GENERAL INFORMATION
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Bankers : |
State Bank of Commercial Branch,
P. B. No. 10, Station Road Bellary – 583001, Karnataka, India |
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Banking Relations : |
Satisfactory |
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Financial Institution : |
No. 25, |
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Auditors : |
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Name : |
Badri and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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40,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40,000 |
Equity Shares |
Rs. 100/- each |
Rs. 4.000 Millions |
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 |
4.000 |
4.000 |
4.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
955.568 |
549.340 |
228.105 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
959.568 |
553.340 |
232.105 |
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LOAN FUNDS |
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1] Secured Loans |
253.222 |
305.807 |
4.610 |
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2] Unsecured Loans |
24.286 |
0.005 |
0.045 |
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TOTAL BORROWING |
277.508 |
305.812 |
4.655 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.004 |
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TOTAL |
1237.076 |
859.152 |
236.764 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
113.740 |
36.516 |
25.837 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
10.354 |
3.105 |
2.935 |
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DEFERREX TAX ASSETS |
1.659 |
8.751 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
219.075
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50.270 |
4.033 |
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Sundry Debtors |
30.114
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266.742 |
43.361 |
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Cash & Bank Balances |
882.664
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627.175 |
215.538 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
72.157
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9.259 |
2.271 |
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Total
Current Assets |
1204.010
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953.446 |
265.203 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
92.687
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142.666 |
57.211 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
92.687
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142.666 |
57.211 |
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Net Current Assets |
1111.323
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810.780 |
207.992 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1237.076 |
859.152 |
236.764 |
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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 |
1719.127 |
1190.198 |
411.693 |
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Other Income |
0.000 |
0.000 |
19.577 |
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Total Income |
1719.127 |
1190.198 |
431.270 |
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Profit/(Loss) Before Tax |
613.319 |
529.596 |
171.344 |
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Provision for Taxation |
207.091 |
208.360 |
48.256 |
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Profit/(Loss) After Tax |
406.228 |
321.236 |
123.088 |
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Expenditures : |
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Administrative Expenses |
0.000 |
0.000 |
43.362 |
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Depreciation & Amortization |
8.534 |
10.593 |
6.077 |
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Other Expenditure |
1097.274 |
650.009 |
210.487 |
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Total Expenditure |
1105.808 |
660.602 |
259.926 |
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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 |
(%) |
23.63
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27.00 |
28.54 |
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Net Profit Margin (PBT/Sales) |
(%) |
35.68
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44.50 |
41.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
46.54
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53.50 |
58.87 |
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Return on Investment (ROI) (PBT/Networth) |
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0.64
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0.96 |
0.74 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.39
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0.81 |
0.27 |
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Current Ratio (Current Asset/Current Liability) |
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13.00
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6.68 |
4.64 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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This form is for |
Creation of
charge |
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Corporate
identity number of the company |
U85110KA1991PTC12348 |
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Name of the
company |
DECCAN MINING SYNDICATE PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
No. 31, Kalpataru
Apartments, |
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Type of charge |
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Particular of
charge holder |
State Bank of Commercial
Branch, P. B. No. 10, Station Road Bellary – 583001, Karnataka, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
11.06.2007 |
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Amount secured by
the charge |
Rs. 400.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 3 % Below SBAR
which is currently 12.75 % effective rate 9.75 % p.a. Terms of
repayment As may be fixed
by the bank from time to time Margin 25 % Extent operation
of the charge To cover loan
amount plus costs, expenses, interest and other incidentals |
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Short particulars
of the property charged |
Hypothecation of
all present and future goods, book debts, documents of the title to the
goods, outstanding money’s receivables by way of cash assistance including
claims by way of refund of customs / excise duties, policies, guarantees,
engagements, securities, investments and right and the present machinery
stored at No. 31, Kalpataru Apartments, 12 Race Course Road, Madhavanagar,
Bangalore – 560009, Karnataka, India or anywhere else. |
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.39.49 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
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72 |
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. |
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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