MIRA
INFORM REPORT
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Report Date : |
05.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELTA PLUS INDIA PRIVATE LIMITED |
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Registered Office : |
12/1, Lindsay Street, Kolkata – 700 087, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
30.12.2004 |
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Com. Reg. No.: |
21-100923 |
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CIN No.: [Company
Identification No.] |
U19201WB2004PTC100923 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALD04874C |
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PAN No.: [Permanent
Account No.] |
AACCD1864A |
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Legal Form : |
Private limited liability company. |
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Line of Business : |
Trader and Exporter of Personal Protection Equipments |
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 320000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company. Trade relations are
fair. Business is active. No complaints have been heard from market sources. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Ms. Pooja Kapur |
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Designation : |
Purchase Executive |
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Contact No.: |
91-9836114200 |
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Date : |
03.12.2008 |
LOCATIONS
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Registered Office : |
12/1, Lindsay Street, Kolkata – 700 087, West Bengal, India |
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Tel. No.: |
91-33-22525055 / 23448162 |
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Mobile No.: |
91-9836114200 |
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Fax No.: |
91-33-22524959 / 23441070 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. ft. |
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Location : |
Rented |
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Warehouse : |
Falta Special Economic Zone, Sector II, Besides DC Building, Falta
743504, 24 Paraganas South, Parganas – 743 504, West Bengal, India |
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Tel. No.: |
91-33-23430093 |
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Fax No.: |
91-33-22524959 |
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Area : |
25000 Sq. ft. |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Ajay Kumar Mall |
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Designation : |
Director |
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Address : |
FD – 142, Sector – III, Salt Lake City, Kolkata – 700 091, West
Bengal, India |
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Date of Birth/Age : |
23.10.1959 |
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Qualification : |
C.A. |
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Date of Appointment : |
30.12.2004 |
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Name : |
Mr. Sanjay Kumar Mall |
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Designation : |
Director |
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Address : |
CF-228, Sector - 1, Salt Lake City, Kolkata – 700064, West Bengal,
India |
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Date of Birth/Age : |
17.10.1962 |
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Date of Appointment : |
30.12.2004 |
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Name : |
Mr. Jacques Benoit |
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Designation : |
Director |
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Address : |
763, Avenue Des Bories, Domaine De Sencers, Apartment 84400, France |
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Date of Birth/Age : |
08.10.1953 |
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Date of Appointment : |
30.12.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.06.2008)
|
Names of Shareholders |
No. of Shares |
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Delta Plus Group |
2700000 |
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Goldmohur Finvest Limited |
150000 |
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Deshnoke Investments and Holding Private Limited |
350000 |
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Total |
3200000 |
List of Allotment (As on 25.01.2008)
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Names of Allottees |
No. of Shares |
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Delta Plus Group, SA |
2700000 |
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Deshnoke Investments and Holding Private Limited |
300000 |
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Total |
3000000 |
Equity share
breakup (percentage of total equity)
(As on
30.06.2008)
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Category |
Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
90.00 |
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Bodies corporate |
10.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader and Exporter of Personal Protection Equipments |
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Exports : |
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Products : |
Personal Protection Equipments |
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Countries : |
Europe |
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Imports : |
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Products : |
Finished Goods |
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Countries : |
·
Sri Lanka ·
Malaysia ·
Taiwan ·
Japan |
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Terms : |
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Selling : |
Credit (60 days) |
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Purchasing : |
Credit (60 days) |
GENERAL
INFORMATION
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Customers : |
Mother concern company Delta Plus Group, France |
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No. of Employees : |
11 (In Office 4 and In Factory 7) |
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Bankers : |
Citi Bank NA ‘Kanak Building’, 41, Chowringhee Road, Kolkata – 700 071, West
Bengal, India |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
·
Goenka Shaw and Company Chartered Accountants Address : 8 Ganesh Chandra
Avenue, 6th Floor, Kolkata – 700013, West Bengal, India Tel. No.: 91-33-22378631 /
8690 / 2221-7546 E-Mail
: tirupati@satyam.net.in ·
Saroj Kumar Swain Chartered Accountants Address
:
8, Ganesh Chandra Avenue, 6th Floor, Kolkata – 700 013, West
Bengal, India |
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Associates/Subsidiaries
: |
Manncom Group, Kolkata |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.12.2007 |
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
50.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.100 |
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3] Reserves & Surplus |
14.916 |
2.880 |
0.867 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
(0.228) |
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NETWORTH |
64.916 |
22.880 |
20.739 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.437 |
0.508 |
0.000 |
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TOTAL |
65.353 |
23.388 |
20.739 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
34.428 |
34.652 |
0.022 |
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Capital work-in-progress |
0.000 |
0.000 |
5.943 |
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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 |
114.121
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75.156 |
0.000 |
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Sundry Debtors |
57.996
|
32.008 |
0.000 |
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Cash & Bank Balances |
17.735
|
10.411 |
14.197 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
1.082
|
0.643 |
0.042 |
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Total
Current Assets |
190.934
|
118.218 |
14.239 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
154.836
|
130.169 |
0.317 |
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Provisions |
5.365
|
0.339 |
0.000 |
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Total
Current Liabilities |
160.201
|
130.508 |
0.317 |
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Net Current Assets |
30.733
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(12.290) |
13.922 |
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MISCELLANEOUS EXPENSES |
0.192 |
0.273 |
0.204 |
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Pre-Operative Expenses |
0.000 |
0.753 |
0.648 |
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TOTAL |
65.353 |
23.388 |
20.739 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.12.2006 |
31.12.2005 |
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Sales Turnover |
|
261.316 |
0.000 |
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Other Income |
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0.432 |
0.299 |
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Total Income |
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261.748 |
0.299 |
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Profit/(Loss) Before Tax |
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3.387 |
(0.228) |
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Provision for Taxation |
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1.145 |
0.000 |
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Profit/(Loss) After Tax |
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2.242 |
(0.228) |
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Expenditures : |
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Selling and Distribution Expenses |
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9.637 |
0.000 |
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Administrative Expenses |
|
0.912 |
0.253 |
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Purchases |
|
318.129 |
0.010 |
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Expenses on Employees |
|
0.675 |
0.212 |
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Increase/(Decrease) in Finished Goods |
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(75.156) |
0.000 |
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Foreign Exchange Difference |
|
1.301 |
0.000 |
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Preliminary Expenses Written Off |
|
0.081 |
0.051 |
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Depreciation & Amortization |
|
2.782 |
0.001 |
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Total Expenditure |
|
258.361 |
0.527 |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2007 |
31.12.2006 |
31.12.2005 |
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PAT / Total Income |
(%) |
NA
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0.86 |
(76.25) |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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1.30 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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2.22 |
(1.60) |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.15 |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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2.47
|
5.70 |
0.02 |
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Current Ratio (Current Asset/Current Liability) |
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1.19
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0.91 |
44.92 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
·
Octoplus, France
·
Port Import
·
Securex SRL, Italy
Form No. 8
|
Corporate
identity number of the company |
U19201WB2004PTC100923 |
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Name of the
company |
DELTA PLUS INDIA PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
12/1, Lindsay Street, Kolkata – 700 087, West Bengal, India |
|
This form is for |
Creation of
charge |
|
Type of charge |
·
Book debts ·
Others o
Stocks |
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Particular of
charge holder |
Citi Bank NA ‘Kanak Building’, 41, Chowringhee Road, Kolkata – 700 071, West
Bengal, India |
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Nature of
instrument creating charge |
Goods security
agreement |
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Date of
instrument Creating the charge |
25.01.2008 |
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Amount secured by
the charge |
Rs.85.500
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest @ 12.25% per annum. ·
Terms of
repayment Revolving facility and repayable on demand ·
Margin On Stocks and Book Debts – 32% ·
Extent and
operation of the charge First exclusive charge on whole of the hypothecated assets |
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Particulars of the
property charged |
The whole of the
Borrower’s present and future stocks of raw materials, goods in process of
manufacture, semi finished goods and all finished and manufactured goods. All of the Borrower’s
present and future book debts, outstanding monies, receivables, claims,
bills, investments, rights to or on movable properties and movable assets
forming part of the current assets as detailed in Para 3.1 (a) and (b) and
Schedule – I of Goods Security Agreement. |
Fixed Assets
- Furniture and
Fixture
- Office
Equipments
- Computer
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] 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.49.79 |
|
UK Pound |
1 |
Rs.73.37 |
|
Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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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 |
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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
45 |
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 |
|