MIRA
INFORM REPORT
|
Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVELOPMENT CONSULTANTS PRIVATE LIMITED |
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Registered Office : |
24 B , Park Street, Kolkata – 700 016, 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 : |
13.05.1970 |
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Com. Reg. No.: |
21-027727 |
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CIN No.: [Company
Identification No.] |
U45201WB1970PTC027727 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALD00187F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of Engineering Consultancy Services |
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 760000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company meeting its normal
commitments timeously. Trade relations are fair. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
24 B , Park Street, Kolkata – 700 016, West Bengal, India |
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Tel. No.: |
91-33-22497603 / 22267601 / 22267609 |
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Fax No.: |
91-33-22492340 / 22493338 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Sadhan Chandra Dutta |
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Designation : |
Director |
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Date of Birth/Age : |
29.05.1921 |
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Date of Appointment : |
12.06.1970 |
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Name : |
Mr. Anil Chandra Banerjee |
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Designation : |
Director |
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Date of Birth/Age : |
27.06.1926 |
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Date of Appointment : |
21.08.1999 |
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Name : |
Mr. Shanta Ghosh |
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Designation : |
Director |
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Date of Birth/Age : |
10.10.1953 |
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Date of Appointment : |
01.03.1989 |
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Name : |
Mr. Jatish Chandra Chakrabarti |
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Designation : |
Director |
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Date of Birth/Age : |
01.02.1927 |
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Date of Appointment : |
03.01.1997 |
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Name : |
Mr. Arun Kumar Guha |
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Designation : |
Director |
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Date of Birth/Age : |
13.12.1938 |
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Date of Appointment : |
03.01.1997 |
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Name : |
Mr. Sandip Kumar Ghosh |
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Designation : |
Director |
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Date of Birth/Age : |
01.02.1949 |
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Date of Appointment : |
03.01.1997 |
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Name : |
Mr. Iqbal Ali Mukkaddam |
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Designation : |
Director |
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Date of Birth/Age : |
25.05.1943 |
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Date of Appointment : |
21.08.1999 |
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Name : |
Mr. Keshab Chandra Das |
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Designation : |
Director |
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Date of Birth/Age : |
01.02.1929 |
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Date of Appointment : |
21.08.1999 |
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Name : |
Mr. Rabindra Nath Basu |
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Designation : |
Director |
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Date of Birth/Age : |
30.11.1936 |
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Date of Appointment : |
03.08.2001 |
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Name : |
Mr. Dip Kumar Das |
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Designation : |
Director |
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Date of Birth/Age : |
20.12.1947 |
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Date of Appointment : |
21.08.1999 |
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Name : |
Mr. Amalendu Dasgupta |
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Designation : |
Director |
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Date of Birth/Age : |
14.05.1941 |
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Date of Appointment : |
16.08.2002 |
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Name : |
Mr. Subir Kumar Dasgupta |
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Designation : |
Director |
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Date of Birth/Age : |
30.06.1935 |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. Jiban Kumar Chaudhary |
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Designation : |
Director |
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Date of Birth/Age : |
10.04.1946 |
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Date of Appointment : |
22.04.2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders (as on 31.03.2007) |
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No. of Shares |
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Mr. Sadhan Chandra Dutt |
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83815 |
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Mrs. Bharati Dutt |
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2315 |
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Mrs. Shanta Ghosh |
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20345 |
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Mr. S C Dutt Associates |
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13325 |
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Mr. G C Nundy |
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200 |
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Total
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120000 |
BUSINESS DETAILS
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Line of Business : |
Provider of Engineering Consultancy Services |
GENERAL
INFORMATION
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Customers : |
· Maharashtra State Power Generation Company limited · Hindalco Industries limited · Monnet Ispat and Energy Limited · Haldia Petrochemicals Limited · EMCO Limited · Burnpur Cement Limited · Chitrapur Coal and Power Limited · Tamil Nadu Electricity Board · Wardha Power Company Private Limited · Uranium Corporation of India · MRF Limited · Toyo Engineering India Limited · Bharat Aluminium Company Limited · Utility Energy Tech Engineers Private Limited · Reliance Energy Limited |
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Bankers : |
· UCO Bank · Indian Overseas Bank · Oriental Bank of Commerce · Bharat Overseas Bank Limited, 3 B, lal Bazar Street, Kolkata – 700 001, West Bengal, India · Standard Chartered Bank · State Bank of India · Industrial Development Bank Of India, 44 Shakespeare Sarani, Calcutta – 700 017 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N Chaudhari and Company Chartered Accountants |
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Address : |
10, Old Post Office street, 2nd Floor, Room No. 61, Kolkata
– 700 001, West Bengal, India |
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Associates/Subsidiaries : |
· DC Industrial Plant Services Private limited {U45202WB1983PTC36391} · World Trade Center (Calcutta) Development Private limited {CIN :
U72900WB1996PTC076522} · Data core (India )Private limited {U72200WB1992PTC055395} · D C Properties Private limited {U70101WB1981PTC034201} · Kontest Chemicals Limited {U24332WB1972PTC028446} · D I Laboratories Limited {U24239WB1986PTC041034} |
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 |
|
1200100 |
Equity Shares |
Rs. 10/-
each |
Rs.12.001
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 |
12.001 |
12.001 |
12.001 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
178.030 |
199.227 |
216.732 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
190.031 |
211.228 |
228.733 |
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LOAN FUNDS |
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1] Secured Loans |
174.488 |
220.451 |
285.179 |
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2] Unsecured Loans |
12.895 |
1.000 |
2.200 |
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TOTAL BORROWING |
187.383 |
221.451 |
287.379 |
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DEFERRED TAX LIABILITIES |
18.877 |
12.805 |
14.386 |
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Deferred Payment Credits |
7.283 |
1.987 |
2.645 |
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TOTAL |
403.574 |
447.471 |
533.143 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
164.591 |
157.675 |
201.264 |
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Capital work-in-progress |
27.674 |
27.674 |
24.873 |
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INVESTMENT |
41.674 |
22.176 |
21.256 |
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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 |
29.000
|
40.000 |
39.500 |
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Sundry Debtors |
165.704
|
208.499 |
274.020 |
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Cash & Bank Balances |
64.231
|
43.784 |
27.526 |
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Other Current Assets |
34.643
|
57.208 |
46.152 |
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Loans & Advances |
88.604
|
93.895 |
82.822 |
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Total
Current Assets |
382.182
|
443.386 |
470.020 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
207.818
|
203.021 |
190.717 |
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Provisions |
7.617
|
5.255 |
0.338 |
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Total
Current Liabilities |
215.435
|
208.276 |
191.055 |
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Net Current Assets |
166.747
|
235.110 |
278.965 |
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MISCELLANEOUS EXPENSES |
2.888 |
4.836 |
6.785 |
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TOTAL |
403.574 |
447.471 |
533.143 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
435.430 |
377.289 |
400.261 |
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Other Income |
80.211 |
42.828 |
5.788 |
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Total Income |
515.641 |
420.117 |
406.049 |
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Profit/(Loss) Before Tax |
59.774 |
22.496 |
11.077 |
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Provision for Taxation |
30.417 |
11.554 |
4.025 |
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Profit/(Loss) After Tax |
29.357 |
10.942 |
7.052 |
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Expenditures : |
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Financial Charges |
28.108 |
31.947 |
28.447 |
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Depreciation & Amortization |
15.183 |
9.412 |
12.434 |
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Other Expenditure |
412.576 |
356.262 |
354.091 |
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Total Expenditure |
455.867 |
397.621 |
394.972 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
5.69
|
2.60 |
1.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
13.72
|
5.96 |
2.76 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.70
|
3.57 |
1.54 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.31
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0.11 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.11
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2.03 |
2.09 |
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Current Ratio (Current Asset/Current Liability) |
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1.77
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2.13 |
2.46 |
LOCAL AGENCY FURTHER
INFORMATION
FORM 8:-
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Name of the
company |
DEVELOPMENT CONSULTANTS PRIVATE LIMITED |
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Presented By |
Mr. Sandip Ghosh Director |
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1) Date and
description of instrument creating the change |
04.08.2000 No Instrument was
executed. A mortgage by deposit of the title deeds was created by the company
in favour of industrial Development Bank (IDBI) by deposit of title deeds in respect of the immovable
properties of the company being the
eastern and western portion of the first floor, entire portion of the terrace of the building (Block D)
constructed on freehold land admeasuring 5 (five) Bighas 15 (fifteen) Cottahs 13 (thirteen) Chittaks and 2 (two) square feet being Municipal Premises No.
24 Park Street (previously Nos. in the town of Calcutta together with car parking spaces . |
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2) Amount secured
by the charge/amount owing on the securities of charge |
The due payment
and discharge of the obligations in respect of the guarantee assistance of
Rs. 130.100 millions given by IDBI to the Company together with Interest ,
additional Interest , liquidated damages, guarantee commission costs, charges
expenses, and all other moneys
payable by the company to IDBI in terms of the guarantee agreement dated
16.11.1999 between the company of the
one part and the IDBI of the other part. |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
All those pieces
and parcel of the immovable properties being the eastern and western portion of first floor , entire portion of second
floor, entire portion of fifth floor and entire portion of the terrace
building (Block D) constructed on
freehold land 13 and 2 square feet
being Municipal Premises No. 24 A and 24 B Park Street (previously Nos. in the town of Calcutta and being holding No. 47 and 48 in Block
No. XVII in the southern Division of
the town of Calcutta together
with the car parking spaces is
mortgaged as security interalia for
the due payments and discharge by the company to IDBI in terms of
obligations in respect of the guarantee Assistance of Rs. 130.100 millions given by the IDBI
to the company together with Interest
, compound Interest , additional Interest , liquidated damages, guarantee
commission costs, charges , expenses and other monies payable by the company
to IDBI under the said Guarantee Agreement |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
· The charge operates as security, Inter alia for the due payment and discharge by the company of its obligations in respect of the guarantee assistance of Rs. 130.100 millions sanctioned by IDBI together with Interest, additional Interest , liquidated damages, premia on prepayment , costs, charges, expenses and all other monies payable by the company to IDBI in terms of the said guarantee agreement. · The company has undertaken to keep the goods mortgage marketable and good condition at its own costs and to insure the same in the joint names of the company and IDBI · All the goods mortgage and all realisations and insurance proceeds thereof and all documents in respect of the said security are to kept distinguishable and held as the exclusive property of the company and IDBI · The security created under the said mortgage is to continuing security |
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5) Name and
Address and description of the person entitled to the charge. |
Industrial Development Bank Of India 44 Shakespeare Sarani, Calcutta – 700 017 |
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6) Date and brief description of instrument
modifying the charge |
NA |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
NA |
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 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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
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 |
|