MIRA
INFORM REPORT
|
Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
CONSOLIDATED DYNAMICS PRIVATE LIMITED |
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Registered
Office : |
Building No.1A, Survey No.77, Usgaon-Bhatane, Vajreshwari, Virar (East),
Thane-401303, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
21.05.1997 |
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Com. Reg. No.: |
11-108176 |
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Capital
Investment / Paid-up Capital : |
RS. 2.100 millions |
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CIN No.: [Company Identification
No.] |
U51505MH1997PTC108176 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC11226F |
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PAN No.: [Permanent Account No.] |
AAACC4887E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of
Consumer, Industrial and Military Products such as Automatic Railway
Track Controls, Locomotive Drives and Converters etc. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 58000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. However, trade relations are reported as
fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rajiv Jaywanat |
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Designation : |
Sales Head |
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Contact No.: |
91-9322244139 |
LOCATIONS
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Registered Office / Factory : |
Building No.1A, Survey No.77, Usgaon-Bhatane, Vajreshwari, Virar
(East), Thane-401303, |
|
Tel. No.: |
91-250-6455801/6455810 |
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Mobile No.: |
91-9322244139 (Mr. Rajiv Jaywanat) |
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Fax No.: |
91-250-2570200 |
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E-Mail : |
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Website : |
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Area : |
9 acres |
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Location : |
Owned |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Ashok Chandavarkar |
|
Designation : |
Director |
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Address : |
24/373, Siddhath Nagar, Goregaon (West), Mumbai-400062, |
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Date of Birth/Age : |
18.12.1964 |
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Date of Appointment : |
21.05.1997 |
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DIN No : |
00798725 |
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Name : |
Mr. Anand Chandavarkar |
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Designation : |
Director |
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Address : |
24/373, Siddhath Nagar, Goregaon (West), Mumbai-400062, |
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Date of Birth/Age : |
01.02.1962 |
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Date of Appointment : |
21.05.1997 |
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DIN No : |
00798791 |
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Name : |
Ms. Swati A Chandavarkar |
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Designation : |
Director |
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Address : |
24/373, Siddhath Nagar, Goregaon (West), Mumbai-400062, |
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Date of Birth/Age : |
16.08.1973 |
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Date of Appointment : |
21.05.1997 |
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DIN No : |
00798835 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ashok M Chandavarkar |
2700 |
|
Anand A Chandavarkar |
18300 |
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Total |
21000 |
AS ON 30.09.2010
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Consumer,
Industrial and Military Products such as Automatic Railway Track Controls,
Locomotive Drives and Converters etc. |
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Terms : |
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Selling : |
L/C, Cash, Credit (30 days) |
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Purchasing : |
Cash, Credit (30 days) |
GENERAL INFORMATION
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Customers : |
·
End Users ·
OEM’s |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
·
Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deepak Hemnani and Company Chartered Accountant |
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Address : |
2/30 C Om Heera Panna, Andheri (West), Mumbai-400102, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
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|
25000 |
Equity Shares |
Rs.100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
21000 |
Equity Shares |
Rs.100/-
each |
Rs. 2.100
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
2.100 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
12.613 |
10.692 |
10.591 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
14.713 |
12.692 |
12.591 |
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LOAN FUNDS |
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1] Secured Loans |
60.401 |
49.912 |
38.251 |
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2] Unsecured Loans |
20.146 |
17.242 |
12.904 |
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TOTAL BORROWING |
80.547 |
67.154 |
51.155 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
95.260 |
79.846 |
63.746 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
33.768 |
35.667 |
26.124 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.001 |
0.001 |
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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 |
59.998
|
36.348 |
23.814 |
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Sundry Debtors |
31.896
|
22.609 |
28.324 |
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Cash & Bank Balances |
5.820
|
2.315 |
2.479 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
11.111
|
5.562 |
1.833 |
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Total
Current Assets |
108.825
|
66.834 |
56.450 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
41.154
|
18.822 |
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Other Current Liabilities |
6.179
|
3.834 |
18.829 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
47.333
|
22.656 |
18.829 |
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Net Current Assets |
61.492
|
44.178 |
37.621 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
95.260 |
79.846 |
63.746 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
128.927 |
78.643 |
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Profit on |
5.596 |
0.000 |
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TOTAL (A) |
134.523 |
78.643 |
121.136 |
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Less |
EXPENSES |
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Operating Expenses |
117.490 |
63.199 |
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Administrative Expenses |
4.549 |
4.417 |
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TOTAL (B) |
122.039 |
67.616 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.484 |
11.027 |
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Less |
FINANCIAL
EXPENSES (D) |
8.922 |
8.380 |
119.202 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3.562 |
2.647 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.461 |
2.547 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.101 |
0.100 |
1.934 |
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Less |
TAX (I) |
0.000 |
0.000 |
0.484 |
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PROFIT AFTER TAX
(G-I) (J) |
0.101 |
0.100 |
1.450 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5.299 |
5.302 |
NA |
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Less |
APPROPRIATIONS |
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|
Prior Period Adjustment |
(0.080) |
0.000 |
NA |
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Deferred Tax Liability |
0.000 |
(0.103) |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
5.320 |
5.299 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.08
|
0.13 |
1.20 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.08
|
0.13 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.07
|
0.10 |
2.34 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.15 |
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Debt Equity Ratio (Total Liability/Networth) |
|
8.69
|
7.08 |
5.56 |
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Current Ratio (Current Asset/Current Liability) |
|
2.30
|
2.95 |
3.00 |
LOCAL AGENCY FURTHER INFORMATION
Note : Registered Office
of the company has been shifted from 24/373, Saket Cooperative Housing Society,
Siddhath Nagar, DIV V, Goregaon (West), Mumbai-400062,
Note:
Resident address cum office of Mr. Ashok Chandavarkar the director of
the company.
FORM 8
|
Corporate
identity number of the company |
U51505MH1997PTC108176 |
|
Name of the
company |
CONSOLIDATED
DYNAMICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
24/373, Saket Cooperative Housing Society, Siddhath Nagar, DIV V,
Goregaon (West), Mumbai-400062, |
|
This form is for |
Modification of charge |
|
Type of charge |
Immovable property |
|
Particular of
charge holder |
Bank of |
|
Nature of instrument
creating charge |
Second
extension of mortgage by memorandum of deposit of title deeds for extension
of equitable mortgage dated 7-9-2010 |
|
Date of
instrument Creating the charge |
07.09.2010 |
|
Amount secured by
the charge |
Rs. 81.538 millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Extent and
operation of the charge Equitable
Mortgage by deposit of title deeds in respect of Land S. No.77, Hissa No.1,
Area H-R-O-78-0, POT KHARABA 0-12--0, at village -Usgaon, Taluka- Vasai AND S
No.78, H. No.1 Area H.R.0-10-6, S. No.78, H No.2, Area H.R.0-34-0, S No.78,
H. No.4, Area H.R. 0-73-3, S. No.177, Area H.R. 0-89-6 Pot Kharba 0-08-8,
situated at Village -Usgaon, Talathi-Saja Paro;, Taluka- Vasai, District
Thane. |
|
Short particulars
of the property charged (Including location of the property) |
Equitable
Mortgage by deposit of title deeds in respect of Land S. No.77, Hissa No.1, Area
H-R-O-78-0, POT KHARABA 0-12--0, at village -Usgaon, Taluka- Vasai AND
S No.78, H. No.1 Area H.R.0-10-6, S. No.78, H No.2, Area H.R.0-34-0, S No.78,
H. No.4, Area H.R. 0-73-3, S. No.177, Area H.R. 0-89-6 Pot Kharba 0-08-8,
situated at Village -Usgaon, Talathi-Saja Paro;, Taluka- Vasai, District
Thane. |
|
Charge
identification number of the charge to be modified |
10133158 |
|
Date of
instrument modifying the charge |
03.09.2010 |
|
Particulars of
the present modification |
By Present
Modification the Borrower has given additional security for total limit of
Rs.81.538 millions by creation of Equitable Mortgage by deposit of Title
Deeds in respect of immovable Properties described in Schedule- B to the
Second Extension of Mortgage by Deposit of Title Deeds Dt.7-9-2010. Thus by
this modification there is no change in the total limit and by this
modification the total limit stands at Rs.81.538 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 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. 45..7 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.37 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.