MIRA
INFORM REPORT
|
Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
DUCOM INSTRUMENTS PRIVATE LIMITED |
|
|
|
|
Formerly Known As : |
EXCELLON TOOLS AND COMPONENTS PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 477/A, 4th Phase, Peenya Industrial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
14.02.1990 |
|
|
|
|
Com. Reg. No.: |
18-10741 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29199KA1990PTC010741 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD02907C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCD9145R |
|
|
|
|
Legal Form : |
Private Limited Liability Company
|
|
|
|
|
Line of Business : |
Manufacturer
and Supplier of Material Testing and Component Testing Equipment. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 36000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered for normal business dealings. |
LOCATIONS
|
Registered Office/Factory : |
Plot No. 477/A, 4th Phase, Peenya Industrial Area, |
|
Tel. No.: |
91-80-41525162 |
|
Fax No.: |
91-80-41525162 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
SB-113,
3rd Cross, Peenya Industrial Estate, |
DIRECTORS
|
Name : |
Mr. N M Dube |
|
Designation : |
Managing Director |
|
Address : |
No. 543, 13th Cross, RMV II Stage, |
|
Date of Birth/Age : |
16.07.1948 |
|
Date of Appointment : |
08.11.2001 |
|
|
|
|
Name : |
Mrs. Meenakshi Dube |
|
Designation : |
Whole Time Director |
|
Address : |
No. 543, 13th Cross, RMV II Stage, |
|
Date of Birth/Age : |
30.10.1951 |
|
Date of Appointment : |
08.11.2001 |
|
|
|
|
Name : |
Mr. Anirudh Dube |
|
Designation : |
Whole Time Director |
|
Address : |
No. 543, 13th Cross, RMV II Stage, |
|
Date of Birth/Age : |
16.04.1981 |
|
Date of Appointment : |
30.09.2006 |
|
|
|
|
Name : |
Mr. Anshuman Dube |
|
Designation : |
Whole Time Director |
|
Address : |
No. 543, 13th Cross, RMV II Stage, |
|
Date of Birth/Age : |
03.05.1982 |
|
Date of Appointment : |
30.09.2006 |
|
|
|
|
Name : |
Mr. Vinod Kumar Verma |
|
Designation : |
Whole Time Director |
|
Address : |
No. 5, |
|
Date of Birth/Age : |
02.06.1974 |
|
Date of Appointment : |
30.09.2006 |
KEY EXECUTIVES
|
Name : |
Mr. V Karthick |
|
Designation : |
Company Secretary |
|
Tel No.: |
91-80-23468034 / 41127262 |
|
E-Mail : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 29.07.2007)
|
Names of Shareholders |
No. of Shares |
|
Narendra Mohan Dube |
14111 |
|
Meenakshi Dube |
3491 |
|
Anirudh Dube |
1000 |
|
Anshuman Dube |
1000 |
|
|
|
|
Total |
19602 |
Equity shares Breakup (percentage of total equity)
(As on 29.09.2007)
|
Category |
Percentage |
|
Directors or relatives of directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Supplier of Material Testing and Component Testing Equipment. |
|
|
|
|
Products : |
·
Testing and Scientific Instruments Industry /
Category ·
Lubricant Industry ·
Coating Industry ·
Mining Industry ·
Engineering Plastics/Polymer Industry ·
Paint Industry ·
Stone/Tile Industry ·
Education Institutes ·
Electrical Industry ·
Wood and plywood Industry ·
Material Testing Functional
Groups ·
Education and Training ·
Research ·
Others General Product ·
Four ball tester ·
Reciprocatory friction monitor ·
Taping torque tester ·
Low temperature torque test rig ·
High temperature grease tester ·
Multispecimen Tester ·
Two roller rolling sliding Tester ·
Journal Bearing Fatigue Tester ·
Wear and friction monitor ·
Reichert Type Tester ·
Dry abrasion tester ·
Two body abrasion tester ·
Abraser ·
Friction material tester ·
Coal abrasive index tester ·
Stone abrasion resistance test rig ·
Scratch tester ·
Slurry abrasion tester ·
Airjet erosion tester ·
Multi Tribo tester ·
Multi-specimen tester ·
Journal bearing tester ·
Bearing fatigue tester ·
Metallurgical sample saw ·
Thermal cycling furnace ·
High Speed Erosion Tester ·
Abrasion Tester ·
Pin-on-Vee Block Tester ·
Ericssion Tester Glazed Tile ·
Abrasion Tester ·
Unglazed Tile Abrasion Tester ·
Carbon brush test rig ·
Moisture meter ·
Photo resist spinner ·
Michell tilting pad apparatus ·
Rotating bar bending fatigue tester |
GENERAL INFORMATION
|
Bankers : |
·
State Bank of Peenya Industrial Estate Branch, B-96, II
Cross, I Stage, Peenya Industrial Estate, ·
ICICI Bank ·
Canara Bank ·
State Bank of |
||||||||||||||||||||
|
|
|
||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
M Chartered Accountants |
|
Address : |
No. 63, |
CAPITAL STRUCTURE
(As on 29.09.2007)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.100/- each |
Rs.2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19602 |
Equity Shares |
Rs.100/- each |
Rs.1.960
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 |
1.960 |
1.960 |
1.710 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5.155 |
0.418 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
(0.937) |
|
|
NETWORTH |
7.115 |
2.378 |
0.773 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7.084 |
5.696 |
6.304 |
|
|
2] Unsecured Loans |
6.269 |
5.923 |
4.076 |
|
|
TOTAL BORROWING |
13.353 |
11.619 |
10.380 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20.468 |
13.997 |
11.153 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
13.014 |
12.050 |
10.343 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3.118
|
1.976 |
0.000 |
|
|
Sundry Debtors |
7.715
|
4.543 |
2.885 |
|
|
Cash & Bank Balances |
0.638
|
0.442 |
1.042 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
4.255
|
1.536 |
0.800 |
|
Total
Current Assets |
15.726
|
8.497 |
4.727 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8.272
|
6.550 |
3.917 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
8.272
|
6.550 |
3.917 |
|
|
Net Current Assets |
7.454
|
1.947 |
0.810 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20.468 |
13.997 |
11.153 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
39.420 |
16.147 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
39.420 |
16.147 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
4.737 |
1.355 |
|
Provision for Taxation |
|
1.412 |
0.000 |
|
Profit/(Loss) After Tax |
|
3.325 |
1.355 |
|
|
|
|
|
|
Earnings in Foreign Currency |
|
14.561 |
4.164 |
|
|
|
|
|
|
CIF Value of Imports |
|
0.521 |
0.000 |
|
|
|
|
|
|
Total Expenditure |
|
34.683 |
14.792 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
8.43
|
8.39 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.02
|
8.39 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.48
|
6.59 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.67
|
0.57 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.04
|
7.64 |
18.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90
|
1.30 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
Form No. 8
|
Corporate
identity number of the company |
U29199KA1990PTC010741 |
|
Name of the
company |
DUCOM INSTRUMENTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
Plot No. 477/A, 4th Phase, Peenya Industrial Area, Bangalore – 560
058, Karnataka, India |
|
This form is for |
Modification of
charge |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Others o
Stocks,
Machineries etc. |
|
Particular of
charge holder |
State Bank of India Peenya Industrial Estate Branch, B-96, II Cross, I Stage, Peenya Industrial
Estate, Bangalore – 560 058, Karnataka, India
|
|
Nature of
instrument creating charge |
Supplemental
Agreement of Loan sum Hypothecation (SME 2) Memorandum for
recording extension of mortgage by deposit of title deeds (SME 7) (Both the documents
relate to the same modification) |
|
Date of
instrument Creating the charge |
23.05.2007 |
|
Amount secured by
the charge |
Rs.20.500
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
·
Rate
of interest WC : Interest @ 1.00% above SBAR (SBAR=12.75% w.e.f. 09.04.2007) with
a minimum of 13.75% p.a. present effective rate 13.75%. ·
Terms
of repayment Repayable on demand ·
Margin
25% ·
Extent
and operation of the charge Charge extends on all the aforesaid assets throughout the period of
sanctioned limits by way of first charge. |
|
Particulars of
the property charged |
Hypothecation of
the whole of the present and future Stocks of Raw Materials, Semi Finished Goods,
Finished Goods, Spares, Receivables, Machineries, etc. belonging to the
company situated at No. 477/A, 12th Cross, 4th Phase,
Peenya Industrial Area, Bangalore – 560 058. Extn of EM on Co’s immovable
property situated at No. 477/1A, 4th Phase, Peenya Industrial
Area, Bangalore – 560 058. |
|
Particulars of
the present modification |
Total limits
enhanced from Rs.12.500 millions to Rs.20.500 millions All other terms,
conditions and existing securities to continue |
Fixed Assets
·
Land
·
Building
·
Plant and Machinery
·
Computer + Software
·
Digital Printer
·
Generator
·
Electrical Installation
·
Office Equipment
·
Maruthi Swift
·
Two Wheeler
·
WagoN-R
·
Furniture
Web Details
Profile
Subject is the leading manufacturer and supplier of material
testing and component testing equipment. It has been producing custom designed
test equipment for various purposes and diverse need since it's being.
Subject's
achievements have triggered the potential and technological prospects of
the whole material testing
community. Its considerable effort in the improvement of infrastructure,
handling engineering applications and service staff has
provided it the leading edge. Thus has evolved result oriented modern
electronically controlled digital instrumentation systems that are accurate,
reliable and sturdy. All testers come with option of having
digital data acquisition system, which provides
different level of
presentation and printing process. The results
of different tests
can be
superimposed for comparative viewing.
Subject's phenomenon is to abide by the
quality standards and offer a fully customized equipment to meet all kinds of
needs. For this integrated purpose subject
expands and updates line of testers capable of performing and delivering test
in conformity with ASTM and varied other standards.
Subject is privileged to invite to go through the whole
gamut of products for the material testing needs or contact them for
customization of the equipment according to the specific needs.
Customize
Equipments
The main strength lies in Customization of equipment. They are enabled with state-of-art technology for quick equipment development. Subject’s driving force relies on
·
Mechanical Design Department
·
Electronics and Instrumentation department
·
Software Development Centre
·
CNC Machine Shop
·
Customer Support Department
New Dimensions
Software development center offers
specialized service of upgrading the existing machines with new electronics,
digital data acquisition and software.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.83 |
|
UK Pound |
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|