MIRA
INFORM REPORT
|
Report Date : |
25.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
DANVER HYDROMATICS PRIVATE LIMITED |
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Registered Office : |
10/23, Siddhinath Chatterjee Road, Behala, Kolkata – 700 034, West
Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.07.2004 |
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Com. Reg. No.: |
21-99245 |
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CIN No.: [Company
Identification No.] |
U29199WB2004PTC099245 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALD04845B |
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PAN No.: [Permanent
Account No.] |
AACCD1515A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing of Engineering Prodicts. |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 25000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. It’s payments
are reported as slow but correct. Trade relations are fair. Reserve and surplus position is low. The company can be considered for small to mediocre business dealings
at normal trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. K K Kaur |
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Designation : |
Chief Executive Officer |
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Contact No.: |
91-9830874685 |
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Date : |
23.08.2008 |
LOCATIONS
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Registered Office : |
10/23, Siddhinath Chatterjee Road, Behala, Kolkata – 700 034, West
Bengal, India |
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Tel. No.: |
91-33-24451112 / 26534496 |
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Mobile No.: |
91-9830874680 |
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Fax No.: |
91-33-24451112 |
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E-Mail : |
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Area : |
700 Sq. ft. |
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Location : |
Rented |
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Factory : |
Balitikur, Chakpura, Howrah, West Bengal, India |
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Area : |
3500 Sq. ft. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Subhasis Bhattacharya |
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Designation : |
Director |
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Address : |
P-219, Unique Park, Behala, Kolkata – 700 034, West Bengal, India |
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Date of Birth/Age : |
14.03.1972 |
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Qualification : |
Graduate |
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Experience : |
14 Years |
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Date of Appointment : |
26.07.2004 |
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Name : |
Mr. Sushanta Kumar Bangal |
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Designation : |
Director |
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Address : |
Vill-Samali, PO-Nahazari, Dist – South 24 PGS, Bishnupur – 700 104, West
Bengal, India |
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Date of Birth/Age : |
02.01.1965 |
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Qualification : |
Graduate |
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Experience : |
12 Years |
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Date of Appointment : |
26.07.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Lumar Kejriwal |
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Designation : |
Company Secretary |
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Address : |
Room No. 506, 21, Hemant Sarani, Kolkata – 700 001, West Bengal, India |
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Tel No.: |
91-33-22137014 |
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Mobile No.: |
91-9831074124 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Subhasis Bhattacharya |
200000 |
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Sushanta Kumar Bangal |
200000 |
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Meghna Bhattacharya |
50000 |
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Dilip Kumar Ghosh |
50000 |
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Total |
500000 |
Equity shares Breakup (percentage of total equity)
(As on 28.09.2007)
|
Category |
Percentage |
|
Directors or relatives of Director |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Engineering Prodicts. |
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Products : |
·
Industrial Automation ·
Turnkey Material Handling Projects ·
Special Purpose Projects ·
Pneumatic Cylinder ·
Monorail Conveyer ·
Hydraulic Power Pack |
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Exports : |
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Products : |
Engineering Products |
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Countries : |
·
UK ·
Bangladesh |
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Imports : |
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Products : |
Chain Raw Materials |
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Countries : |
UK |
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Terms : |
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Selling : |
L/C, Cash and Credit (60 days) – Advance 20 to 30% |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
·
Wholesalers ·
Retailers ·
End Users |
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No. of Employees : |
50 (In Office 10 and In Factory 40) |
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Bankers : |
L C Road Branch,
9 Lala Lajpat Rai Sarani, Kolkata – 700 020, West Bengal, India ICICI Bank |
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Facilities : |
CC limit Rs.6.000 millions |
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Banking
Relations : |
- |
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Auditors : |
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Name : |
·
P D Rungta and Company (Old Auditor) Chartered Accountants Address : 21, Hemant Basu
Sarani, Centre Point, 3rd Floor, Room No. 317, Kolkata – 700 001,
West Bengal, India ·
C Sahoo and Company (New Auditor) Chartered Accountants |
CAPITAL STRUCTURE
(As on 28.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- Each |
Rs.5.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
5.000 |
0.300 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.045 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(0.015) |
(0.049) |
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NETWORTH |
5.045 |
4.985 |
0.251 |
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LOAN FUNDS |
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1] Secured Loans |
6.867 |
7.117 |
0.000 |
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2] Unsecured Loans |
0.444 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.311 |
7.117 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.012 |
0.000 |
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TOTAL |
12.356 |
12.114 |
0.251 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4.182 |
3.720 |
0.000 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.869 |
0.788 |
0.000 |
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DEFERREX TAX ASSETS |
0.006 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
15.378
|
10.806 |
0.000 |
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Sundry Debtors |
5.813
|
10.834 |
0.000 |
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Cash & Bank Balances |
0.400
|
0.288 |
0.254 |
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Other Current Assets |
0.231
|
0.246 |
0.000 |
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Loans & Advances |
1.495
|
0.821 |
0.000 |
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Total
Current Assets |
23.317
|
22.995 |
0.254 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
15.828
|
15.324 |
0.048 |
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Provisions |
0.217
|
0.101 |
0.000 |
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Total
Current Liabilities |
16.045
|
15.425 |
0.048 |
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Net Current Assets |
7.272
|
7.570 |
0.206 |
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MISCELLANEOUS EXPENSES |
0.027 |
0.036 |
0.045 |
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TOTAL |
12.356 |
12.114 |
0.251 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
|
20.639 |
20.233 |
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Other Income |
|
0.125 |
0.838 |
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Total Income |
|
20.764 |
21.071 |
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Profit/(Loss) Before Tax |
|
0.158 |
0.147 |
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Provision for Taxation |
|
0.098 |
0.113 |
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Profit/(Loss) After Tax |
|
0.060 |
0.034 |
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Expenditures : |
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Financial Charges |
|
0.971 |
0.916 |
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Increase/(Decrease) in Finished Goods |
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(2.277) |
(1.072) |
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Depreciation & Amortization |
|
0.410 |
0.408 |
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Other Expenditure |
|
21.502 |
20.672 |
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Total Expenditure |
|
20.606 |
20.924 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.29
|
0.16 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.77
|
0.73 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.57
|
0.55 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.63
|
4.52 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
|
1.45
|
1.49 |
5.29 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal Acceptance Chart
|
Parameters |
Details |
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Existence Verification |
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Name |
DANVER HYDROMATICS PRIVATE LIMITED |
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Statutory Approvals |
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Legal Status of Firm |
Private Limited |
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Income Tax Registration |
AACCD1515A |
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Central Sales Tax Registration |
19631691291 C |
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VAT/ TIN Registration |
19631691097 V |
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Excise Registration |
AACCD1515A – M 001 |
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Name of Bank |
Canara Bank |
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Current Account Number |
6620 |
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Account Since |
5 Years |
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Credibility Factors |
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Turn Over |
07, 08 (Rs.25.000 millions) |
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Turn Over Year |
08, 09 (Rs.50.000 millions) |
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Standards & Certifications |
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Quality Management Systems |
Applied for ISO |
Trade References
·
Vesuviu India Limited , P/04, Tara Tola Road, Kolkata – 88, West Bengal,
India
·
Mioro Tech Energy Private Limited
42/II Phase Peenay Industrial Area, Bengal
Road - 560058
·
D B Machine Tools Private Limited, 29/3, Creek
Land, Kolkata – 14, West Bengal, India
Form No. 8
|
Corporate
identity number of the company |
U29199WB2004PTC099245 |
|
Name of the
company |
DANVER HYDROMATICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
10/23, Siddhinath Chatterjee Road, Behala, Kolkata – 700 034, West
Bengal, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
property (not being pledge) |
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Particular of charge
holder |
Canara Bank L C Road Branch, 9 Lala Lajpat Rai Sarani, Kolkata – 700 020, West
Bengal, India |
|
Nature of
instrument creating charge |
Supplemental
Agreement (NF-718) |
|
Date of
instrument Creating the charge |
16.10.2007 |
|
Amount secured by
the charge |
Rs.12.360
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest For adhoc OCC
limit of Rs.1.500 millions @14.75% per annum with monthly rests Terms of
repayment Repayable on
demand Margin 25% Extent and
operation of the charge Hypothecation by
way of first charge in favour of the Bank all the present and future stocks
and book debts and plant and machineries of the Borrower to the extent of
Rs.12.360 millions (Comprising of OCC/ODBD limit Rs.7.500 millions; BG
(Regular) limit Rs.2.500 millions and BG (ST) limit Rs.2.360 millions Others Other terms and
conditions remain unchanged as per Original charge dated 23.05.2005 and
subsequent modification dated 24.05.2005, 30.06.2005 and 22.12.2006. |
|
Particulars of
the property charged |
Hypothecation by
way of first charge all the present and future stock of raw materials, goods
in process and finished goods and articles such as Oil Hydraulics,
Pneumatics, electrical and electronics, etc and Book debts as prime security
and plant and machineries stated in Schedule – A of the said agreement as
collateral security, which are located at factory at Mouza Baltikuri, R S
Khaitan No. 958, R S Dag No. 674, J L No. 1, Touzi No. 3989, Assessee No. 237
under Howrah Municipal Corpn. Jagacha, Howrah or wherever else |
|
Particulars of
the present modification |
By this
modification an adhoc OCC limit Rs.1.500 millions has been granted by the Bank.
In view of the said modification the overall limit now stands enhanced to
Rs.12.360 millions (comprising of OCC/ODBD: Rs.7.500 millions, BG (Regular)
limit: Rs.2.500 millions and BG (ST) limit Rs.2.360 millions) Other terms and
conditions remain unchanged. |
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.43.38 |
|
UK Pound |
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.64.55 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
40 |
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. |
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 |
|