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MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
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Name : |
DIESEL POWER SPARES (GUJ)
PRIVATE LIMITED |
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Registered Office : |
C-10, Nandanvan Complex, Near Town Hall, Ellisbridge, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.05.2001 |
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Com. Reg. No.: |
04-39534 |
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CIN No.: [Company
Identification No.] |
U2913GJ2001PTC039534 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD03531D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier and Dealer of A wide range of imported, genuine spares for heavy
earth moving m/c, Filters, Cables and spars for generators. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 3000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established traders of diesel spars etc. Trade
relations are fair. Payments are reported as slow but correct. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
C-10, Nandanvan Complex, Near Town Hall, Ellisbridge, |
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Tel. No.: |
91-79-26575350/ 26575964 |
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Mobile No.: |
91-9824244244 |
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Fax No.: |
91-79-26575531 |
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E-Mail : |
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Website : |
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Branches : |
Located At:- ·
Ahmedabad ·
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·
Mumbai |
DIRECTORS
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Name : |
Mrs. Anujaben Rajnikant Patel |
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Designation : |
Director |
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Address : |
70, Vijay Park, Maninagar Society, B/s Kanas Bus Stand, Opposite Madhuvan
Park, Maninagr, Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
18.01.1962 |
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Date of Appointment : |
11.05.2001 |
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Name : |
Mr. Rajnikant Dhulbhai Patel |
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Designation : |
Director |
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Address : |
70, Vijay Park, Maninagar Society, B/s Kanas Bus Stand, Opposite
Madhuvan Park, Maninagr, Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
13.01.1950 |
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Date of Appointment : |
11.05.2001 |
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Name : |
Mr.vSunny Rajnikant Patel |
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Designation : |
Director |
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Address : |
70, Vijay Park, Maninagar Society, B/s Kanas Bus Stand, Opposite
Madhuvan Park, Maninagr, Ahmedabad-380008, Gujarat, India |
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Date of Birth/Age : |
31.08.1985 |
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Date of Appointment : |
03.11.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2007
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Names of Shareholders |
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No. of Shares |
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Rajnikant D Patel |
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15500 |
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Anju R Patel |
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15000 |
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Sunny R Patel |
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2500 |
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Sweta R Patel |
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2500 |
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Bhoomi A Patel |
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750 |
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Rama R Patel |
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750 |
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Nirav B Sidhpura |
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750 |
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Dhiraj N Jadav |
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750 |
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Praful A Chauhan |
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750 |
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Bharat C Patel |
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750 |
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Total |
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40000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Directors or relatives of directors |
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94.00 |
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Other top fifty (50) shareholders (other than listed above) |
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6.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier and Dealer of A wide range of imported, genuine spares for
heavy earth moving m/c, Filters, Cables and spars for generators. |
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Products : |
·
Product for Oil and Gas Field ·
Workover/ Drilling Rig Spares ·
Filters ·
Filtek Centrifuge (Filteration Solution) ·
Hydraulic Spares ·
Engine Spares ·
Under Carriage Spares |
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Imports : |
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Products : |
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Oil Field Chemicals ·
Other work over and drilling equipment ·
Mechanical equipment ·
All types of safety kits ·
Surplus items ·
Serviceable item ·
Civil construction ·
Generators spares and sales and services ·
Earthmoving equipments ·
Replacement overhauling of machineries |
GENERAL INFORMATION
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No. of Employees : |
20 |
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Bankers : |
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Allahbad Bank, ·
Standard Chartered Bank ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Niraj Agarwal Chartered Accountant |
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Address : |
8th Floor, Time Square, Near Pariseema, |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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40000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.400
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.400 |
0.400 |
0.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.216 |
0.167 |
0.061 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
0.616 |
0.567 |
0.461 |
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LOAN FUNDS |
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1] Secured Loans |
2.616 |
1.537 |
1.159 |
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2] Unsecured Loans |
0.680 |
0.180 |
0.121 |
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TOTAL BORROWING |
3.296 |
1.717 |
1.280 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.00 |
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TOTAL |
3.912 |
2.284 |
1.741 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.963 |
0.456 |
0.298 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.010 |
0.010 |
0.010 |
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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 |
1.019
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0.942 |
0.587 |
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Sundry Debtors |
4.765
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8.228 |
1.661 |
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Cash & Bank Balances |
0.410
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0.150 |
0.011 |
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Other Current Assets |
0.021
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0.000 |
0.000 |
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Loans & Advances |
0.312
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0.927 |
0.676 |
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Total
Current Assets |
6.527
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10.247 |
2.935 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
3.588
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8.429 |
1.507 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
3.588
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8.429 |
1.507 |
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Net Current Assets |
2.939
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1.818 |
1.428 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.005 |
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TOTAL |
3.912 |
2.284 |
1.741 |
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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 |
2.114 |
15.624 |
5.266 |
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Other Income |
6.163 |
3.201 |
0.175 |
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Total Income |
8.277 |
18.825 |
5.441 |
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Profit/(Loss) Before Tax |
0.048 |
0.102 |
0.020 |
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Provision for Taxation |
[0.001] |
[0.004] |
0.007 |
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Profit/(Loss) After Tax |
0.049 |
0.106 |
0.013 |
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Expenditures : |
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Administrative Expenses |
6.816 |
2.479 |
1.927 |
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Purchases made for re-sale |
1.334 |
16.494 |
3.524 |
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Increase/(Decrease) in Finished Goods |
0.077 |
[0.353] |
[0.130] |
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Depreciation & Amortization |
0.156 |
0.098 |
0.095 |
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Other Expenditure |
0.000 |
0.005 |
0.005 |
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Total Expenditure |
8.229 |
18.723 |
5.421 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.59
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0.56 |
0.24 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.27
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0.65 |
0.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
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0.95 |
0.62 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08
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0.18 |
0.04 |
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Debt Equity Ratio (Total Liability/Networth) |
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11.18
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17.89 |
6.05 |
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Current Ratio (Current Asset/Current Liability) |
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1.81
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1.22 |
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
DIESEL POWER SPARES (GUJ)
PRIVATE LIMITED |
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Presented By |
Mr. Rajnikant D
Patel |
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1) Date and description of instrument creating the change |
23.02.2002
General Letter of Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.800 Million
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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 |
Hypothecation of
stock and book debts and other moveable assets |
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4) Gist of the terms and conditions and extent and operation of the charge. |
As per enclosed
sanction letter dated 21.03.2002 |
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5) Name and Address and description of the person entitled to the charge. |
Allahbad Bank, |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90099496 |
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Corporate
identity number of the company |
U2913GJ2001PTC039534 |
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Name of the
company |
DIESEL POWER SPARES (GUJ)
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
C-10, Nandanvan Complex, Near Town Hall, Ellisbridge, |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Allahbad Bank, |
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Nature of
description of the instrument creating or modifying the charge |
Second
Supplementary General Letter of Hypothecation |
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Date of
instrument Creating the charge |
03.02.2007 |
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Amount secured by
the charge |
Rs. 2.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest 14% p.a. Terms of
Repayment C.C Limit
Renewable Every Year Margin As per the
standard norms of the bank Extent and
Operation of the charge To secure advanced
of Rs. 2.000 Millions |
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Short particulars
of the property charged |
All goods, Stock,
Plant, Machinery, Furniture, Fittings, Vehilcles, Book Debts, Claims,
Outstanding Monies, Receivables, Contracts, Investments, Securities, Other
movable assets, present and future lying ant where. |
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Date of latest
modification prior to the present modification |
21.02.2006 |
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Particulars of
the present modification |
The Credit
Facilities enhanced to Rs. 2.000 Millions |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.50.03 |
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|
1 |
Rs.74.42 |
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Euro |
1 |
Rs.67.71 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
40 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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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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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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