MIRA
INFORM REPORT
|
Report Date : |
17.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED (w.e.f. 30.03.2007) |
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Formerly Known
As : |
DRIVEINDIACOM LIMITED |
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Registered
Office : |
7th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
27.04.2000 |
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Com. Reg. No.: |
11-126195 |
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Capital Investment
/ Paid-up Capital : |
Rs.8.534
Millions |
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|
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CIN No.: [Company Identification
No.] |
U72900MH2000PLC126195 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD12064D |
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PAN No.: [Permanent Account No.] |
AABCD5823E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Importer of |
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No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2521000 |
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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 Tata Group company and service providers to Tata
Teleservices. It is an established company having fine track. Financial position of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported to be regular and as per commitments. Company can be considered normal for business dealings at usual trade
terms and conditions. |
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Suraj |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered/ Corporate Office : |
7th Floor, |
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Tel. No.: |
91-22-67779000 |
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Fax No.: |
91-22-67779001/ 9002 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Regional Office:
|
Located at:
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DIRECTORS
As on 07.09.2010
|
Name : |
Mr. Ajay Chopra |
|
Designation : |
Director (Chief Executive Officer) |
|
Address : |
Flat No. 61/62, Tower No. 2, Links gardens Tower, Oshiwara, Andheri
(West), Mumbai – 400 053, Maharashtra, India. |
|
Date of Birth/Age : |
28.04.1963 |
|
Date of Appointment : |
05.09.2005 |
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|
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|
Name : |
Mr. Sanjay Jitendra Lal Dube |
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Designation : |
Director |
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Address : |
14B, Peregrine, 400, Veer Savarkar Marg, Prabhadevi, Mumbai – 400 025,
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|
Date of Birth/Age : |
26.04.1962 |
|
Date of Appointment : |
13.02.2006 |
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Name : |
Mr. Ajay Murlidhar Ponkshe |
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Designation : |
Director |
|
Address : |
Flat No.3 1st Floor, Yashodhan, Sahayog Mandir Path,
Naupada Thane – 400 601, |
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Date of Birth/Age : |
27.02.1960 |
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Date of Appointment : |
16.07.2007 |
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|
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|
Name : |
Mr. Suprakash Mukhopadhyay |
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Designation : |
Director |
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Address : |
Flat No.123, Steel House |
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Date of Birth/Age : |
21.11.1964 |
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Date of Appointment : |
21.08.2006 |
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Name: |
Mr. Barindra Sanyal |
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Designation: |
Director |
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Date of Birth: |
19.10.1946 |
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Date of Appointment: |
30.06.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Suraj |
|
Designation : |
Accounts Department |
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|
|
|
Name : |
Mr. Anthony Raymond D’ Souza |
|
Designation : |
Vice President, Finance |
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|
Name : |
Mr. Srikanth Rapaka |
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Designation : |
Human Resources and Admin Head |
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|
Name : |
Mr. Malay Shankar |
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Designation : |
National Business Head |
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|
Name : |
Ms. Pooja Dayal |
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Designation : |
Head, Business Excellence |
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|
Name : |
Mr. Shirish Gariba |
|
Designation : |
Chief Information Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Tata Industries Limited, |
|
426649 |
|
Tata Industries Limited, |
|
10 |
|
Tata Industries Limited, |
|
10 |
|
Tata Industries Limited, |
|
10 |
|
Tata Industries Limited, |
|
10 |
|
Tata Industries Limited, |
|
10 |
|
K. Bhuvan Sankar |
|
1 |
|
Tata International Limited, |
|
426700 |
|
Total
|
|
853400 |
As on 07.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Importer of |
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|
Services : |
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Imports : |
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Products : |
Mobile Handsets |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
L/C / Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s |
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No. of Employees : |
150 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and sells Chartered Accountant |
|
Address : |
1-8-384 and 385, 3rd Floor, |
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Tel. No.: |
91-40-40312600 |
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Fax No.: |
91-40-40312714 |
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Holding Company: |
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CAPITAL STRUCTURE
As on 07.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
853400 |
Equity Shares |
Rs.10/- each |
Rs.8.534
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
8.534 |
8.534 |
8.534 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
621.720 |
328.734 |
119.211 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
630.254 |
337.268 |
127.745 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
152.392 |
|
|
2] Unsecured Loans |
1984.215 |
3136.113 |
3121.034 |
|
|
TOTAL BORROWING |
1984.215 |
3136.113 |
3273.426 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2614.469 |
3473.381 |
3401.171 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
451.358 |
391.457 |
18.468 |
|
|
Capital work-in-progress |
77.525 |
0.072 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
28.994 |
290.594 |
|
|
DEFERREX TAX ASSETS |
40.744 |
52.674 |
1.582 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2044.759
|
4052.915
|
3520.035 |
|
|
Sundry Debtors |
1191.944
|
1525.426
|
1373.986 |
|
|
Cash & Bank Balances |
540.452
|
952.196
|
214.055 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
412.147
|
833.523
|
143.951 |
|
Total
Current Assets |
4189.302
|
7364.060 |
5252.027 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1386.179
|
3781.288 |
1725.358 |
|
|
Other Current Liabilities |
721.216
|
568.995
|
428.807 |
|
|
Provisions |
37.065
|
13.593
|
7.335 |
|
Total
Current Liabilities |
2144.460
|
4363.876
|
2161.500 |
|
|
Net Current Assets |
2044.842
|
3000.184
|
3090.527 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2614.469 |
3473.381 |
3401.171 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10757.867 |
15292.636 |
14914.814 |
|
|
|
Income from Services Including Logistics |
2412.476 |
1039.311 |
411.989 |
|
|
|
Other Income |
139.955 |
96.134 |
72.240 |
|
|
|
TOTAL (A) |
13310.298 |
16428.081 |
15399.043 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Equipment Sold |
10403.387 |
12866.588 |
14480.950 |
|
|
|
Establishment and Other Expenses |
981.555 |
715.617 |
681.480 |
|
|
|
Logistics Related Expenses |
1790.433 |
682.464 |
0.000 |
|
|
|
TOTAL (B) |
13175.375 |
14264.669 |
15162.430 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
134.923 |
2163.412 |
236.613 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
(412.019) |
1822.076 |
112.081 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
546.942 |
341.336 |
124.532 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.578 |
28.229 |
6.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
486.364 |
313.107 |
118.207 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
173.475 |
103.584 |
36.627 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
312.889 |
209.523 |
81.580 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
328.734 |
119.211 |
37.631 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
31.289 |
0.000 |
0.000 |
|
|
|
Dividend |
17.068 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
2.835 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
590.431 |
328.734 |
119.211 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
3.191 |
0.000 |
|
|
|
Incentives Received for use of Technology |
NA |
789.228 |
626.022 |
|
|
TOTAL EARNINGS |
NA |
792.419 |
626.022 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods – Purchase of Equipment for |
NA |
13527.637 |
12221.673 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
366.64 |
245.52 |
95.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.35
|
1.28 |
0.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.52
|
2.05 |
0.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.48
|
4.04 |
2.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.77
|
0.93 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
6.55
|
22.23 |
42.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95
|
1.69 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
BACKGROUND:
The company incorporated on 27th April 2000 is a preferred
vendor to TTML and TTSL additionally it provides services to the customer of
TTSL and is also in the business of providing logistics solutions including
warehousing.
OPERATING RESULTS AND BUSINESS:
The Company has
achieved overall turnover of Rs.13310.298 Millions (2008-09: Rs.16428.081
Millions). There is decrease of 18.98% in total turnover as compared to last
year and there is decrease of 31.34% in sale quantity of devices. The overall
turnover in 2009-10 includes a trading turnover of Rs.10897.822 Millions
(previous year Rs.15388.770 Millions) and Service Business turnover of
Rs.2412.476 Millions (previous year Rs.1039.311 Millions).
In its Service
Business portfolio (Warehousing, Distribution and Value added services), the
Company works with several Tata Group companies like Tata Teleservices, Tata
Chemicals, Voltas, Infiniti Retail, Tata Sky, Rallis, etc and non-Tata
Companies like L and T, Ballarpur Industries, Anchor, Godrej, Huawei, ZTE,
Haier, etc.
The Company is also
in the business of trading in telecommunication equipment like handsets and
accessories.
FUTURE OUTLOOK:
Logistics is defined
as the efficient and cost effective process of planning, implementing and
controlling flow and storage of raw materials, in-process inventory, finished
goods and related information from point of origin to point of consumption so
as to meet customer requirements.
The annual Logistics
cost, globally, is INR 90 trillion and INR 4 trillion in
With the Indian GDP
growing at over 9% per year and the manufacturing ,sector achieving double
digit growth, the India Logistics industry is at a transition phase to reach a
market size of over $ 180 billion by the year
2012. Logistics costs in
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10007337 |
|
Corporate
identity number of the company |
U72900MH2000PLC126195 |
|
Name of the
company |
DRIVE INDIA
ENTERPRISE SOLUTIONS LIMITED |
|
Address of the
registered office or of the principal place of business in |
7th Floor, |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Others |
|
Particular of
charge holder |
Axis Bank Limited, Trishul 3rd Floor, Opposite
Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad – 380 006, Gujarat,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Agreement |
|
Date of
instrument Creating the charge |
08.04.2010 |
|
Amount secured by
the charge |
Rs.2000.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Line of Credit:
BPLR - 3.75% p.a. Letter of Credit Commission: 0.40% p.a. Plus applicable taxes,
Bank Guarantee Commission: 0.75% p.a. plus applicable service tax. Terms of
Repayment On Demand Extent and
Operation of the charge Revised
Facilities Are :- Letter of Credit
- Rs.2000.000 Millions Sub-Limit of
Letter Credit:- Bank Guarantee - Rs.1000.000
Millions Line of Credit -
Rs.750.000 Millions Loan Equivalent
Risk - Rs.50.000 Millions |
|
Short particulars
of the property charged |
First pari passu
charge on the entire current assets of the company both present and future including
the assets procured under letter of credit |
|
Date of latest
modification prior to the present modification |
24.10.2008 |
|
Particulars of
the present modification |
In present
modification the credit facilities have been reduced from Rs.2500.000
Millions to Rs.2000.000 Millions. |
FIXED ASSETS
Ř
Building
Ř
Computers
Ř
Office equipment
Ř
Furniture and Fixture
Ř
Plant and machinery
Ř
Vehicles
Ř
Software
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.45.25 |
|
|
1 |
Rs.73.88 |
|
Euro |
1 |
Rs.65.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
51 |
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.