MIRA
INFORM REPORT
|
Report Date : |
02.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DEVU TOOLS PRIVATE LIMITED |
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Registered
Office : |
Gala No. 2/3, Ramkrishna Yadav Complex, L. T. Nagar, Link Road, Sakinaka,
Andheri (East), Mumbai – 400072,
Maharashtra, India |
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Country : |
India |
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Financials (as
on) : |
31.03.2007 |
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Date of
Incorporation : |
27-08-1999 |
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Com. Reg. No.: |
11- 121489 |
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CIN No.: [Company
Identification No.] |
U29295MH1999PTC121489 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMD07155B |
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Legal Form : |
Private limited liability company |
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Line of Business
: |
Manufacturers and Exporters of PVC, CPVC, PP, PPR, ABS and S.W.R. pipe
fittings, electrical consults, caps and closures, engineering automobile and
consumer products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit
Limit : |
USD 170000 |
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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 company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually
correct and as per commitments The company can be considered good for normal business dealings at
usual trade term and conditions. The company can be regarded as a promising business partners in a
medium to long - run |
LOCATIONS
|
Registered
Office : |
Gala No. 2/3, Ramkrishna Yadav Complex, L. T. Nagar, Link Road,
Sakinaka, Andheri (East), Mumbai - 400072 |
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Tel. No.: |
91-22-28512704 / 285924479 / 28512635 |
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Mobile No.: |
91-22-28518090 / 28518690 |
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Fax No.: |
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Website : |
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Corporate Office / Factory : |
A-44, II Floor, Nandjyot Industrial State, Mumbai- 400 072,
Maharashtra – India |
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Tel. No.: |
91-22-28512635 / 2704 / 28590969 / 3974 / 0332 / 56914412 / 28590332 |
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Fax No.: |
91-22-28518690 / 28590285 |
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E-Mail : |
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Website : |
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Factory : |
A/3 and 4 Nandiyot Industrial Estate, Kurla – Andheri Road, Sakinaka,
Mumbai – 400072 |
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Tel. No.: |
91-22-28590969 |
DIRECTORS
|
Name : |
Mr. Devaraya M. Sheregar |
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Designation : |
Director |
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Address : |
1503/A Valencia 15th Floor, Hira nandani Gardens, Powai,
Mumbai, Maharashtra- 400076 |
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Date of
Birth/Age : |
04.06.1963 |
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Date of
Appointment : |
27.08.1999 |
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Name : |
Mr. Vishwanath M. Sheregar |
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Designation : |
Director |
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Address : |
A/702, Sunglory, Co-op, Society Limited , Raheja Vihar, Tungwa
Village, Opp. Chandivili Farmrd, Mumbai, Maharashtra - 400072 |
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Date of
Birth/Age : |
17.07.1972 |
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Date of
Appointment : |
27.08.1999 |
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Name : |
Ms. Anitha D. Sheregar |
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Designation : |
Director |
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Address : |
1503/A Valencia 15th Floor, Hira nandani Gardens, Powai,
Mumbai, Maharashtra- 400076 |
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Date of
Birth/Age : |
23.08.1973 |
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Date of
Appointment : |
27.08.1999 |
KEY EXECUTIVES
|
Name : |
ND and Associates |
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Designation : |
Company Secretary |
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Address : |
279/18 Shantikunj, Road No. 31, Sion (East), Mumbai – 400 022,
Maharashtra, India |
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Tel No.: |
91-22-24095104 |
MAJOR SHAREHOLDERS
(As on 31.03.2007)
|
Names of Shareholders |
No. of Shares |
|
Devraya M. Sheregar |
1315850 |
|
Anitha D Sheregar |
86250 |
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Total |
1402100 |
Equity shares Breakup (percentage of total equity)
(As on
30.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Manufacturers and Exporters of PVC, CPVC, PP, PPR, ABS and S.W.R. pipe
fittings, electrical consults, caps and closures, engineering automobile and
consumer products. |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Moulds and Dies |
Nos |
175 |
GENERAL
INFORMATION
|
No. of Employees
: |
200 |
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|
|
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Bankers : |
Canara Bank Overseas II Branch, Akruti Trade Centre, Ground Floor, Unit No. 3,
Road No. 7, Marol, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Ramesh Sunil and Associates Chartered Accountants |
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Address : |
A/209, Bhaveshwar Arcade, L B S Marg, Opp. Shreyas Cinema, Ghatkopar
West, Mumbai – 400 086, Maharashtra, India |
CAPITAL STRUCTURE
(As on
30.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1402100 |
Equity Shares |
Rs.10/- each |
Rs.14.021
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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|
|
|
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1] Share Capital |
14.021 |
14.021 |
14.021 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
19.320 |
15.478 |
14.681 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
33.341 |
29.499 |
28.702 |
|
|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
40.802 |
23.865 |
28.825 |
|
|
2] Unsecured Loans |
13.782 |
15.381 |
0.500 |
|
|
TOTAL BORROWING |
54.584 |
39.246 |
29.325 |
|
|
DEFERRED TAX LIABILITIES |
7.035 |
5.955 |
5.309 |
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TOTAL |
94.960 |
74.700 |
63.336 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.588 |
56.211 |
59.916 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.025 |
0.025 |
0.025 |
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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 |
42.644
|
44.843 |
14.355 |
|
|
Sundry Debtors |
4.582
|
4.463 |
7.689 |
|
|
Cash & Bank Balances |
3.540
|
1.243 |
2.706 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
4.263
|
3.833 |
3.438 |
|
Total
Current Assets |
55.029
|
54.382 |
28.188 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
25.315
|
33.872 |
22.230 |
|
|
Provisions |
2.367
|
2.046 |
2.563 |
|
Total
Current Liabilities |
27.682
|
35.918 |
24.793 |
|
|
Net Current Assets |
27.347
|
18.464 |
3.395 |
|
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|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
94.960 |
74.700 |
63.336 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
103.614 |
44.471 |
64.957 |
|
|
Other Income |
(1.089) |
1.760 |
0.933 |
|
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Total Income |
102.525 |
46.231 |
65.890 |
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|
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Profit/(Loss) Before Tax |
6.038 |
1.897 |
2.535 |
|
|
Provision for Taxation |
2.196 |
1.100 |
(1.663) |
|
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Profit/(Loss) After Tax |
3.842 |
0.797 |
4.198 |
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Imports : |
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Raw Materials |
17.789 |
18.589 |
7.824 |
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Components |
0.251 |
0.132 |
0.025 |
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Total Imports |
18.040 |
18.721 |
7.849 |
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Expenditures : |
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Financial charges |
7.503 |
4.889 |
4.587 |
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Depreciation & Amortization |
7.411 |
6.509 |
6.185 |
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Other Expenditure |
81.573 |
32.936 |
52.583 |
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Total Expenditure |
96.487 |
44.334 |
63.355 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
3.75 |
1.72 |
6.37 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.83
|
4.27 |
3.90 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.92
|
1.72 |
2.88 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.06 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.47
|
2.55 |
1.89 |
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Current Ratio (Current Asset/Current Liability) |
|
1.99
|
1.51 |
1.14 |
LOCAL AGENCY
FURTHER INFORMATION
Form No. 8
|
Name of the company |
DEVU TOOLS PRIVATE LIMITED |
|
Presented By |
Devaraya M
Sheregar |
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1) Date and description of instrument creating the change |
Supplemental
Common Hypothecation Agreement dated 28.02.2003 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.59.800
millions |
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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 the movable
properties viz. CNC Vertical Milling Machine BMV 70, Radial Drilling Machine
BR 675, Computers, Tools and Jigs situated at A/3, A/4, A/44, and B/15 of
Nandjyot Industrial Estate, Kurla - Andheri Road, Sakinaka, Mumbai – 400 072
or elsewhere situated and full future assets brought herein. Company’s
present and future Stock-in-trade, raw material, finished goods, book debts,
outstanding monies, receivable, claims, bills, contracts, securities,
Investments, rights and assets which are now due or owing or which may at any
time become due. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Packing Credit Rs.5.000
millions Interest @ 8% p.a. Margin 25% FDB/FBE Rs.5.000
millions, Interest @ 8% p.a. Margin 20% Term Loan
Rs.25.300 millions, Interest @ 14.75% p.a. Margin 25% FLC/ILC (DA/DP)
Rs.3.000 millions, Margin 25% FLC/ILC (ST) (DA/DP) Rs.16.500 millions, Margin
25% Guarantee
Rs.5.000 millions, Margin 25% |
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5) Name and Address and description of the person entitled to the charge. |
Canara Bank SSI Branch,
Sakinaka, Mumbai – 400 072 |
|
6) Date and brief description of instrument modifying the charge |
Canara Bank
letter having reference number Devu/CR/06/RPC dated 01.02.2006 |
|
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. |
28.02.2003
original charge of Rs.59.800 millions (Registered on
27.03.2003 Doc. No. 16) Now under this
modification the credit facilities are transferred from SSI Sakinaka Branch
to Overseas Branch II, MIDC, Andheri (East). |
|
Corporate identity
number of the company |
U29295MH1999PTC121489 |
|
Name of the
company |
DEVU TOOLS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Gala No. 2/3, Ramkrishna Yadav Complex, L. T. Nagar, Link Road,
Sakinaka, Andheri (East), Mumbai – 400072,
Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Book debts ·
Movable
Property (not being pledge) |
|
Particular of
charge holder |
Canara Bank Overseas II Branch, Akruti Trade Centre, Ground Floor, Unit No. 3,
Road No. 7, Marol, MIDC, Andheri (East), Mumbai – 400 093, Maharashtra, India |
|
Nature of
instrument creating charge |
Supplemental
Common Hypothecation Agreement dated 10.03.2008 Draft of led to
be used where additional limit is granted on the very security (Inclusive if
third party property already given to bank dated 10.03.2008) |
|
Date of
instrument Creating the charge |
10.03.2008 |
|
Amount secured by
the charge |
Rs.154.300 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate of
interest Rate of interest subject to change / review / from time to time as per
guidelines issued by the Bank and notified on the Notice Board of the Bank. ·
Terms of
repayment In case of default in the repayment of advance or loan or interest
thereon or any instalments of loan on due date the bank and RBI will have an
unqualified right to disclose or publish the name of the company and its
directors as defaulter. ·
Margin 10% Per Annum ·
Extent and
operation of the charge Credit facilities to be availed within 3 months from the date of
sanction, failing which the facility stands cancelled. |
|
Particulars of
the property charged |
Hypothecation of
Stock of Raw Materials, Stock in Process and Finished Goods meant for Export.
Collateral Security of 6 Galads Viz, A3, A4, A40, A13, A44 and B15 at
Nandjyot Industrial Estate obtained by way of mortgage by deposit of title
deeds. Also Collateral Security of plant and machinery and other fixed assets
available for existing working capital limit to be continued for the proposed
limit |
|
Particulars of
the present modification |
By the earlier modification
single transaction limit of Rs.5.000 millions was sanctioned which was valid
till 15.02.2008 the total credit facilities was increased from 99.300
millions to 104.300 millions. Therefore as on 15.02.2008 the facility again
stands at Rs.99.300 millions. By this modification the bank has sanctioned
PC/FDB/FBE limit of Rs.55.000 millions thereby the total credit facilities
increased from 99.300 millions to 154.300 millions. |
Web Details
Users Unique Needs
At Subject, they begin with a complete understanding of the needs,
problems and production requirements.
An in depth analysis from the experienced engineers, resulting with
ultimate solutions to meet the moulding needs through the moulds.
Design and Development
After understanding the user’s need with ultimate solutions the design
process starts. To visualize the innovative thoughts, high end softwares
comprising of Unigraphics, Pro-E and Master Cam make them come true, through
models and drawings. All this helps in ensuring superior final product much
before the manufacturing process begins, resulting in procuring the ultimate
perfect objectives.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|