MIRA
INFORM REPORT
|
Report Date : |
20.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DSC LIMITED |
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Formerly Known As : |
D. S. CONSTRUCTION LIMITED |
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Registered Office : |
C-66, South Extension Part-II, New Delhi -110049 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
30.10.1987 |
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Com. Reg. No.: |
55-9287 |
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CIN No.: [Company
Identification No.] |
U74899DL1978PLC009287 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD00221E |
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PAN No.: [Permanent
Account No.] |
AAACD0003D |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturing of Construction Machinery |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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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 and a part of DS
Group. General financial position is good. Fundamentals are strong and
healthy. Payments are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings. |
LOCATIONS
|
Registered Office : |
C-66 South Extension Part-II New Delhi, Delhi- 110049, India |
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Tel. No.: |
91-11-26252753 |
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Fax No.: |
91-11-26252248 |
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E-Mail : |
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Website : |
DIRECTORS
|
Name : |
Mr. H S Narula |
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Designation : |
Chairman |
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Address : |
3, Golf Link, New Delhi – 110003 |
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Name : |
Mr. Narernder Singh Narula |
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Designation : |
Director |
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Address : |
3, Golf Link, New Delhi – 110003 |
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Date of Appointment : |
31.10.1978 |
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Name : |
Mr. Lalit Kumar |
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Designation : |
Director |
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Address : |
C A, 97-B, Janak Puri, New Delhi 110058 |
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Date of Birth/Age : |
01.08.1964 |
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Name : |
Mr. Balbir Singh Narula |
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Designation : |
Director |
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Address : |
3, Golf Link, New Delhi – 110003 |
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Date of Birth/Age : |
17.03.1936 |
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Date of Appointment : |
30.10.1978 |
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Name : |
Mr. Virender Singh Narula |
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Designation : |
Director |
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Address : |
3, Golf Link, New Delhi – 110003 |
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Date of Birth/Age : |
01.12.1940 |
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Date of Appointment : |
30.10.1978 |
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Name : |
Mr. Mohinder Singh Narula |
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Designation : |
Managing Director |
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Address : |
3, Golf Link, New Delhi – 110003 |
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Date of Birth/Age : |
09.04.1962 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Ramneek Bawa |
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Designation : |
Director |
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Address : |
3, Avlon Apartments, New Delhi, Delhi, India |
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Date of Birth/Age : |
10.11.1952 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Shailender Kant Dixit |
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Designation : |
Director |
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Address : |
05, Navjeevan Vihar, New Delhi, Delhi, India |
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Date of Birth/Age : |
15.04.1956 |
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Date of Appointment : |
01.11.2002 |
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Name : |
Mr. Nam Dhani Mehra |
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Designation : |
Director |
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Address : |
B-388 Alkendra Gangotri Enclave, New Delhi, Delhi |
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Date of Birth/Age : |
31.07.1958 |
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Date of Appointment : |
01.11.2002 |
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KEY EXECUTIVES
|
Name : |
Mr. Ajay Kunar Mehta |
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Designation : |
Company Secretary |
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Address : |
A-8, Preet Vihar, New Delhi-110092 |
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Date of Birth/Age : |
18.08.1966 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 29.09.2005
|
Names of Shareholders |
|
No. of Shares |
|
Balbir Singh Narula |
|
12359 |
|
Virender singh Narula |
|
2944 |
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Narinder Singh Narula |
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1704 |
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Harpinder Singh Narula |
|
501204 |
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Devinder Kaur Narula |
|
4630 |
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Satvinder Kaur Narula |
|
3796 |
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Surina Narula |
|
12383 |
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D S Exports Private Limted |
|
3000 |
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Rajinder Kaur Narula |
|
3625 |
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Mohinder Singh Narula |
|
150000 |
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Total |
|
695645 |
Equity Share Breakup (percentage of Total Equity)
As on 30.09.2007
|
Category |
|
Percentage |
|
Foreign holdings (Foreign institutional investor(s), Foreign
Companie(S) Foreign financial institution(s), Non- resident Indian(s) or
Overseas corporate bodies or others |
|
88.96 |
|
Bodies corporate (not mentioned above) |
|
5.40 |
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Directors or relatives or Directors |
|
5.64 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Construction Machinery |
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GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Kanwal Chanana and Associates Chartered Accountant |
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Address : |
5, Babar Road, New Delhi, Delhi – 110001, India |
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Joint Venture: |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 30.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Shares |
Rs. 10/- each |
Rs. 650.000 Millions |
|
20000 |
Preference shares |
Rs. 100000/-each |
Rs. 2000.000 Millions |
|
|
Total |
|
Rs.
2650.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
49455971 |
Equity Shares |
Rs. 10/-
each |
Rs. 494.559 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
494.559 |
494.560 |
54.564 |
|
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2] Share Application Money |
73.056 |
0.000 |
438.905 |
|
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3] Reserves & Surplus |
1973.791 |
1602.659 |
1232.446 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2541.406 |
2097.219 |
1725.915 |
|
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LOAN FUNDS |
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|
|
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1] Secured Loans |
3061.281 |
3096.949 |
1105.580 |
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2] Unsecured Loans |
6130.000 |
490.244 |
0.000 |
|
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TOTAL BORROWING |
9191.281 |
3587.193 |
1105.580 |
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DEFERRED TAX LIABILITIES |
0.000 |
26.429 |
33.416 |
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TOTAL |
11732.687 |
5710.841 |
2864.911 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1657.297 |
714.626 |
536.703 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7448.893 |
2968.765 |
1726.842 |
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DEFERREX TAX ASSETS |
13.750 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
459.230
|
480.824 |
486.307 |
|
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Sundry Debtors |
1986.017
|
1385.634 |
337.069 |
|
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Cash & Bank Balances |
1457.155
|
882.507 |
958.898 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
605.231
|
822.168 |
67.416 |
|
Total
Current Assets |
4507.633
|
3571.133 |
1849.690 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
|
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Current Liabilities |
1431.267
|
1180.106 |
1241.468 |
|
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Provisions |
465.884
|
366.166 |
9.768 |
|
Total
Current Liabilities |
1897.151
|
1546.272 |
1251.236 |
|
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Net Current Assets |
2610.482
|
2024.861 |
598.454 |
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MISCELLANEOUS EXPENSES |
2.265 |
2.589 |
2.912 |
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TOTAL |
11732.687 |
5710.841 |
2864.911 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
|
|
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|
|
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Sales Turnover |
6121.157 |
3826.596 |
4357.039 |
|
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Other Income |
19.166 |
39.347 |
42.550 |
|
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Total Income |
6140.323 |
3865.943 |
4399.589 |
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|
|
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Profit/(Loss) Before Tax |
995.752 |
522.140 |
492.558 |
|
|
Provision for Taxation |
358.541 |
142.841 |
223.098 |
|
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Profit/(Loss) After Tax |
637.211 |
379.299 |
269.460 |
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Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
3680.239 |
2755.236 |
2962.958 |
|
|
Increase/(Decrease) in Finished Goods |
117.962 |
[242.617] |
[367.022] |
|
|
Salaries, Wages, Bonus, etc. |
311.260 |
116.671 |
75.283 |
|
|
Managerial Remuneration |
8.400 |
4.888 |
5.889 |
|
|
Payment to Auditors |
1.684 |
1.487 |
1.251 |
|
|
Interest |
578.793 |
364.584 |
120.149 |
|
|
Insurance Expenses |
9.683 |
9.382 |
0.000 |
|
|
Depreciation & Amortization |
174.950 |
113.276 |
99.140 |
|
|
Other Expenditure |
261.600 |
220.896 |
1009.383 |
|
Total Expenditure |
5144.571 |
3343.803 |
3907.031 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
10.38
|
9.81 |
6.12 |
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
16.27
|
13.65 |
11.30 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.15
|
11.69 |
20.64 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.25 |
0.29 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
4.36
|
2.45 |
1.37 |
|
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|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.38
|
2.31 |
1.48 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:
|
Corporate identity
number of the company |
U74899DL1978PLC009287 |
|
Name of the
company |
D S CONSTRUCTION
LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
C-66 South Extension
Part-II, New Delhi, Dehli- 110049, India |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Hypothecation |
|
Particular of
charge holder |
Kotak Mahindra
Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai-400021, Maharashtra,
India |
|
Nature of
instrument creating charge |
Deed of
Hypothecation |
|
Date of
instrument Creating the charge |
30.05.2006 |
|
Amount secured by
the charge |
Rs. 13.110
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Loan Amounting to
Rs. 13.110 Millions to be repaid in 35 installments of Rs. 0.430 Million
calculated @4.9 p.a. |
|
Description of
the property charged indicating whether it is a charged on |
Vehicles |
|
Particulars of
the property charged |
First and
Exclusive charge in favour of “Kotak Mahindra Bank Limited” on 5 No’s of
AL2516 and 1 No’s Caterpilar Dozer. Dozer Machine SL.
No. BWJ00570 |
OTHER CONTACT DETAILS:
Business
Development:
E-mail: bd AT dsconstructions DOT com
Phone: +91 11 4657 5342 / 43
Fax: +91 11 4657 5340
Human Resource:
E-mail: hrd AT dsconstructions DOT com
Phone: +91 124 (95124) 2451800 / 01 / 02 / 04
Fax: +91 124 (95124) 2348103
Overview:
Subject is a part of the USD 3 billion D S Group with interests in
retail & trading, real estate development, hospitality, construction &
infrastructure development across 5 continents. D S Constructions Ltd. through
its ability to think BIG & DELIVER innovative and selective strategy has
established itself as a leader in the infrastructure development sector in
India. DSCL is a pioneer in BOT infrastructure development and engineering with
projects under execution in the Highways, Expressways & Railway, Hydro
Power and now pursuing Privatization of Airports & Ultra Mega Power
Projects, Special Economic Zones, etc. in a short span of 5 years
.
Professionalism and a strong commitment to Quality have become a
hallmark of our projects. The corner stone of this hallmark is our constant
endeavor to innovate and incorporate the latest in construction technology,
knowledge management and systems.
Rapid growth, based on competitive culture of risk taking has made us
one of the largest players in Private Finance Initiative (PFI) Projects. DSCL’s
experience as an investor has also developed its culture further to incorporate
the importance of ‘time’ during construction for clients. Beginning with the
award of it’s first project in 2002, with an edge to invest innovatively in
large projects, the company has achieved unsurpassed growth in a short span of
time. The company is focused in ensuring future-secure, long-term shareholders’
return.
Technology, experience and its human resource are the foundation of the
company’s services. With a successful track record, its has developed a
capability to provide premier technical, management and related services to
develop, manage, engineer, build, and operate installations for its clients.
Company Profile:
- Over INR 267 billion (over USD 6 billion) worth of projects under
various stages of execution in a short span of 5 years
- Won the bid and completed ahead of schedule the first BOT Railways
Project in the private sector – Viramgam-Mahesana Gauge Conversion Project
- Successfully completed within the time schedule the first
state-of-the-art Expressway in the new state of Chattisgarh- Raipur-Durg
Highway and now executing the second state-of-the-art expressway in the
state– Raipur-Aurang Highway
- Completed World Bank Aided road projects in the state of Uttar
Pradesh totaling 119 kilometers in length within the schedule time and
costs
- The first company in India to offer negative grant for an
Expressway project – Access Controlled 27.7 kilometer long Delhi-Gurgaon
Expressway
- Building the largest Toll Plaza in India and perhaps one of the
largest in Asia – 32 lanes toll Plaza on Delhi-Gurgaon Expressway
- Implementing the most advanced state of the art Tolling Technology
inclusive of Automatic Vehicle Classifiers (AVC), Violation Enforcement
Systems (VES) and ETC Technology
- Achieved Financial Closure of the India’s largest BOT Expressway
Project – The INR 19,150 million (USD 416 million) Kundli-Manesar-Palwal
Expressway Project
- The Consortium of DSCL- Munich International Airport, lead by DSCL
among the only 3 consortiums to technically qualify for the Delhi and
Mumbai Airport Modernisation Process
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 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
74 |
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 |
|