MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION DETAILS
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Name : |
DEVSHI EARTHMOVERS PRIVATE LIMITED |
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Registered Office : |
M – 53 IInd Floor, M - Block Market, Greater Kailash – II, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.03.2004 |
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Com. Reg. No.: |
55-125085 |
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CIN No.: [Company
Identification No.] |
U74999dl2004ptc125085 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD07857D |
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PAN No.: [Permanent
Account No.] |
AABCD9558N |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Distributors and Service Providers of Heavy Equipment Parts and Diesel
Engine Components. |
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 80000 |
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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 having
satisfactory track. Trade relations are fair. Business is active. No
complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION DENIED BY
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Name : |
Mr. Jayesh Thaker |
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Designation : |
Director |
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Date : |
22.12.2008 |
LOCATIONS
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Registered Office : |
M – 53 IInd Floor, M - Block Market, Greater Kailash – II, |
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E-Mail : |
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Website : |
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Global Sales
Office : |
Devshi International FZE , RAK Free Trade Zone, |
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Tel. No.: |
971 - 07 – 2077603 |
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Mobile No.: |
971 - 50 - 5595174 |
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Fax No.: |
971 - 07 - 2041010 |
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E-Mail : |
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Other Sales
Office : |
509 - Saffron, Fatehgunj, E-mail: jayesh@devshi.in Bilaspur C-6, 1st Floor, Netaji Complex, E-mail: devshi.bilaspur@airtelmail.in
Chennai
E-mail: dlthacker@satyam.net.in
Shop No. 5, 28A Kamla Nagar, E-mail: delhi@devshi.in
Dhanbad Savitree Apartment, Shastri Nagar, E-mail: kumar@devshi.in Kolkata
E-mail: thacker@cal.vsnl.net.in 204, 1st Floor, Sheela Complex, Wadi, E-mail: info@devshi.in
Talcher E-mail: kumarengrs@sify.com |
DIRECTORS
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Name : |
Mr. Jayesh Lakshmidas Thaker |
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Designation : |
Director |
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Address : |
509, Saffron Fatehgunj, Vadodara – 390 002, |
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Date of Birth/Age : |
26.03.1965 |
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Date of Appointment : |
10.03.2004 |
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E-Mail: |
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Name : |
Mr. Kumar Laxmidas Thacker |
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Designation : |
Director |
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Address : |
House No. B – ¾, Deeparaj Apartment Shastri Nagar, Bank More, Dhanbad,
Jharkhand – 826 001 |
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Date of Birth/Age : |
25.06.1968 |
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Date of Appointment : |
01.04.2006 |
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E-Mail: |
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Name : |
Mr. Raman Chawla |
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Designation : |
Director |
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Address : |
C – 4/66, Safdarjung, Development Area, |
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Date of Birth/Age : |
20.10.1967 |
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Date of Appointment : |
06.08.2007 |
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Name : |
Mr. Shilu Thacker |
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Designation : |
Director |
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Address : |
House No. B – ¾, Deeparaj Apartment Shastri Nagar, Bank More, Dhanbad,
Jharkhand – 826 001 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Jayesh Lakshmidas Thaker |
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135000 |
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Mr. Kumar Lakshmidas Thaker |
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5000 |
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Mr. Jayesh Lakshmidas Thaker (HUF) |
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30000 |
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Mr. Bipul Patel |
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24000 |
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Mr. Gaurang Patel |
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21000 |
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Slow And Sound Electronics Private Limited |
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40000 |
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Subh Suppliers Private Limited |
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10000 |
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Chandelier Tracon Private Limited |
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10000 |
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Sk Stock Dealers Private
Limited |
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20000 |
AS ON 30.09.2008:
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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27.12 |
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Directors or relatives of directors |
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57.63 |
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Other top fifty shareholders |
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15.25 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Distributors and Service Providers of Heavy Equipment Parts and Diesel
Engine Components. |
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Products: |
Equipments · Payloaders · Dozers · Dumpers · Excavators · Cranes · Rail Bus/Loco · Port Handling Machines · Forklift Trucks · Oil Rigs · Crushers Parts · Bearings · Drive Lines and UJ Asslys · Electrical Parts · Engine Parts · Filters · Ground Engaging Tools · Hydraulic Hoses · Hydraulic Parts · Pins, Bushes and Chasis Parts · Radiators and Oil Coolers · Seals, O Rings and Gaskets · Steering Orbitrol Parts · Transmissions · Undercarriage · Clutch Assemblies · Shock Absorbers |
GENERAL INFORMATION
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Suppliers : |
· Young Traders · Vijay spares Corporation · Track and Trackto · S N Enterprises · Poonam Courier · Macro Trading Company · Sahni Associates · Quick Travels · Pandey Brothers · Samson Traders · Shiva industries · Miracle Trade Centre · R G Steel Udhyog · Uni Drivelines · Jupiter Sales Company · Jitbahadur and Company · Dozer world · C S Shah and Company ·
· Ambica Auto Industries · Kumar Engineers – Kolkata |
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Customers : |
Cement Plants · ACC · Binani · Birla · Century · Diamond · Grasim ·
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· Lafarge Limited · Maihar · Manikgarh ·
· Shree Digvijay · Saurashtra · Tata · Ultra Tech Steel and Alluminium Plants · Essar Steel Limited · NALCO · Strilite Industries · TISCO Chemical and Fertilizer Plants · GACL · GHCL · Tata Chemicals · Saurashtra Chemical · IFFCO ·
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Gujarat Coal and Lignite Mines · CIL and it's Subsidiaries ·
· TISCO Collieries · Private Contractors Port ·
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Oil and Gas Exploration · Shiv-vani Oil and Gas · John Energy · Dalma Energy · Quipoworld and Gas Railways · Central Railway Shipping Companies · United Shippers · Gautam Freight |
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Bankers : |
Not Divulged |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Ajay Pujani and Associates Chartered Accountants |
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Address : |
M – 42, 2nd Floor, M – Block Central Market, Greater Kailash Ii, |
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Tel No.: |
91-11-41636409 |
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Associates/Subsidiaries : |
· Kumar Hydraulics Private Limited Address: ·
Devshi International FZE |
CAPITAL STRUCTURE
AS ON 31.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10/- Each |
Rs. 3.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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295000 |
Equity Shares |
Rs. 10/- Each |
Rs. 2.950 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.950 |
2.150 |
1.940 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
13.029 |
9.260 |
7.942 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
15.979 |
11.410 |
9.882 |
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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 |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.979 |
11.410 |
9.882 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.315 |
0.286 |
0.313 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.642 |
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 |
6.703
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3.707 |
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Sundry Debtors |
5.649
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4.209 |
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Cash & Bank Balances |
0.846
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0.528 |
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Other Current Assets |
0.000
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0.000 |
12.093 |
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Loans & Advances |
4.526
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5.125 |
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Total
Current Assets |
17.724
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13.569 |
12.093 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.387
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2.116 |
2.536 |
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Provisions |
0.319
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0.337 |
0.000 |
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Total
Current Liabilities |
3.706
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2.453 |
2.536 |
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Net Current Assets |
14.018
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11.116 |
9.557 |
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MISCELLANEOUS EXPENSES |
0.004 |
0.008 |
0.012 |
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TOTAL |
15.979 |
11.410 |
9.882 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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12.522 |
10.333 |
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Other Income |
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0.000 |
2.841 |
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Total Income |
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12.522 |
13.174 |
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Profit/(Loss) Before Tax |
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0.820 |
0.557 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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0.820 |
0.557 |
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Expenditures : |
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Administrative Expenses |
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0.033 |
0.025 |
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Purchases made for re-sale |
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9.752 |
8.863 |
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Increase/(Decrease) in Finished Goods |
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[3.706] |
[3.499] |
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Salaries, Wages, Bonus, etc. |
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0.643 |
0.543 |
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Managerial Remuneration |
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0.324 |
0.435 |
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Payment to Auditors |
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0.022 |
0.022 |
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Depreciation & Amortization |
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0.049 |
0.070 |
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Other Expenditure |
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4.585 |
6.158 |
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Total Expenditure |
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11.702 |
12.617 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
NA
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6.55 |
4.23 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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6.55 |
5.39 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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5.92 |
4.49 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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0.07 |
0.05 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.23
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0.21 |
0.26 |
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Current Ratio (Current Asset/Current Liability) |
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4.78
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5.53 |
4.77 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
During the year, the company has earned net profit after tax Rs. 0.888
million (previous year Profit of Rs. 0.821 million) after providing a
depreciation of Rs. 0.074 million (previous year Rs. 0.049 million)
Investment in
Foreign Subsidiary:
The company has incorporated a wholly owned subsidiary company, namely
Devshi International FZE in RAs Al Khaimahi Free Trade Zone on 4th
September, 2007 having its registered office at, Ras Al Khaimahi Dubai U.A.E
during the period the company has invested Rs. 1.642 millions to subscribe to 1
equity shares of 100000 dhm of M/S Devshi International FZE. The total amount
of investment in the share of Devshi international FZE in Indian Rs. 1.134
Millions and the company has further invested in its overseas company as formation expenses in the
form of opening of a new bank
account to an amount of Rs. 0.056 million and Indian Preliminary
Expenses to an amount of Rs. 0.451 million. The Investment has been made at
Cost.
The Director made the investment as so far is material for appreciation
of the state of company affairs for its member and will not be in opinion
harmful to business of the company.
Fixed assets:-
· Car
· Furniture and Fixtures
· Refrigerator
· Television
· Air Conditioners
· Computers
· Fax Machine
WEBSITE DETAILS:-
Company Profile:-
Subject is global
independent distributors and service providers of heavy equipment parts and
diesel engine components. Their products are used for loaders, bulldozers, dump
trucks, tractors, excavators, forklift trucks, cranes, crushers, oil rigs,
power generation sets and marine engines.
They import, stock and distribute parts of renowned global brands to customer
base of dealers and end-users in diverse industries ranging from infrastructure
development, construction, mining, oil exploration, port handling, marine
industries, forestry, and agriculture industry.
Established
Track Record
They have 25 years track record and one of the most experienced personnel in the sales and services of heavy earth moving, mining and construction equipments and parts thereof.
They distribute products covering all leading global brands of genuine, OEM and replacement parts. They are dedicated to bringing a comprehensive range of parts necessary to support now and in the future.
Extensive Distribution Network
They are globally located in UAE and
Convenient One-stop Source
Their Number One Priority is to provide 100% Customer’s Satisfaction by providing them with best selection of genuine and replacement parts at economical price with minimum lead-time. Spare Parts are available either off-the-shelf from any of their eight depots or can be arranged within a week time.
Integrated Inventory Management
System
They have a fully computerized on-line real-time inventory management system that is able to provide the accuracy and service need.
Services
They have state-of-the-art Service Centre for repairing and overhauling of
Transmission Assemblies, Torque Converter Assemblies and Diesel Engines.
At present their group
companies are authorized dealers for the following companies and negotiating
with several others to provide wide range of products to their clients.
· Avtec Limited
·
UT Limited
· UDL
· Lamina Suspension Products Limited
· Donaldson Filteration Solutions
·
Bulldog
· Fleetguards Filters
·
·
FP Diesel / Federal Mogul
·
Dynamatics Technologies Limited,
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.47.39 |
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|
1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
NO |
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--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 |
|