Report Date :

21.02.2011

 

IDENTIFICATION DETAILS

 

Name :

DC INDUSTRIAL PLANT SERVICES PRIVATE LIMITED

 

 

Registered Office :

24 B, Park Street, Kolkata – 700016, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

08.06.1983

 

 

Com. Reg. No.:

036391

 

 

CIN No.:

[Company Identification No.]

U45202WB1983PTC036391

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALD02907C

 

 

PAN No.:

[Permanent Account No.]

AABCD1313M

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Manufacturer of Engineering goods used in works or electricity plants.

 

 

RATING & COMMENTS

 

Rating :

Ba (49)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 810000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

24 B, Park Street, Kolkata – 700016, West Bengal, India

Tel. No.:

91-33-22268233

Fax No.:

91-33-22495138

E-Mail :

mail@dcips.com

Website :

http://www.dcips.com

 

 

Head Office :

White House, 2nd Floor 119, Park Street, Kolkata – 700016, West Bengal, India

Tel. No.:

91-33-2226-8233 / 8234 / 3672 / 9173 / 7225

Fax No.:

91-33-2249-5138

E-Mail :

dcipscal@cal.vsnl.net.in

mail@dcips.com

 

 

Branch Office :

C-1/19, (1st Floor), Sector – 36, Noida – 201301, India

Tel. No.:

91-120-4338772

Fax No.:

91-120-4338773

E-Mail :

maildelhi@dcips.com

 

 

Factory 1 :

Ganganagar, Doltala, Doharia 24, Parganas (N), West Bengal, India

Tel. No.:

91-33-2538-3890

E-Mail :

dcipsfac@yahoo.co.in

 

 

 

DIRECTORS

 

AS ON 30.09.2010

 

Name :

Mr. Shanta Ghosh

Designation :

Chairman

Address :

P-506A, Keyatala Road, Kolkata – 700029, West Bengal, India

Date of Birth/Age :

10.10.1953

Date of Appointment :

24.11.1993

 

 

Name :

Mr. Dibyendu Basu

Designation :

Managing Director

Address :

6/11, Central Park, Kolkat – 700032, West Bengal, India

Date of Birth/Age :

31.08.1946

Date of Appointment :

27.03.2001

 

 

Name :

Mr. Arun Kumar Guha

Designation :

Director

Address :

1, Lake Avenue, Kolkata – 700026, west Bengal, India

Date of Birth/Age :

13.12.1938

Date of Appointment :

24.11.1993

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2010

 

Names of Shareholders

 

No. of Shares

Development Consultants Private Limited, West Bengal

 

143994

Gosh Shanta

 

4

Dutt Bharati

 

1

Guha Kumar Arun

 

1

 

 

 

Total

 

144000

 

AS ON 30.09.2010

 

Category

Percentage

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

0.00

Bodies corporate

99.96

Directors or relatives of Directors

0.04

Other top fifty shareholders

0.00

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Engineering goods used in works or electricity plants.

 

 

Products :

Item Code No.

Product Description

84289003

Ash Handling Plants

84041000

Auxiliary Plant for use Boilers.

98010003

All Items of Machinery and Components or raw materials for the manufacturer of the said items and their components required for initial setting up or substantial expansions of the existing unit of power project. 

 

 

 

 

GENERAL INFORMATION

 

Bankers :

Axis Bank Limited, Credit Management Centre (Cmc), 1, Shakespeare Sarani, Ac Market, 3rd Floor, Kolkata – 700071, West Bengal, India

 

 

Facilities :

 

Secured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

From Banks

 

 

Cash Credit from Indian Overseas Bank, Canara Bank, Axis Bank, Bank of India, Indian Bank and IDBI Bank Limited (Secured by hypothecation of all stocks, book debts and all other fixed assets, of the company by way of first charge except plant and Machinery, vehicles acquired under D.P.C. Scheme and other Secured Loans)

281.672

288.871

short Term Loan from Banks (Secured against Fixed Deposits and other related assets)

0.047

9.654

Term Loans from Banks (Secured Against related Assets Purchased out of the Term Loan )

--

3.956

Term Loan from SIMCO (secured by receivables in respect of refund of Excise Duty from D.G.F.T.)

--

30.000

Deferred Payment Liabilities

(Payable within one year Rs. 3.907)

7.724

2.090

Total

289.443

334.571

 

 

 

Unsecured Loan

 

Rs. In Millions

31.03.2010

Rs. In Millions

31.03.2009

Term Loans from banks secured against related assets purchased out of the term loan

(Registration of related assets is pending)

9.500

9.500

Total

9.500

9.500

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

N. Chaushuri And Company

Chartered Accountant

Address :

10, Old, Post Office Street, Room No.61, Kolkata, West Bengal, India

 

 

Parent Company :

Development Consultants Private Limited

 

 

Collaboration :

United Conveyor Corporation – USA

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

500000

Equity Shares

Rs.100/- each

Rs. 50.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

144000

Equity Shares

Rs.100/- each

Rs.14.400 Millions

 

 

 

 

 

Note :

 

Entire Issue of Shares are held by the Holding Company, development Consultants Private Limited and Its nominee.

 

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

14.400

14.400

14.400

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

188.128

167.758

157.650

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

202.528

182.158

172.050

LOAN FUNDS

 

 

 

1] Secured Loans

289.444

334.572

392.844

2] Unsecured Loans

9.500

9.500

9.500

TOTAL BORROWING

298.944

344.072

402.344

DEFERRED TAX LIABILITIES

13.987

14.020

13.087

 

 

 

 

TOTAL

515.459

540.250

587.481

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

73.360

72.201

74.208

Capital work-in-progress

6.473

0.652

0.653

 

 

 

 

INVESTMENT

0.028

0.028

0.586

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
221.442

192.159

170.752

 

Sundry Debtors
663.025

566.059

636.566

 

Cash & Bank Balances
178.543

167.321

136.323

 

Other Current Assets
218.925

218.195

163.205

 

Loans & Advances
132.610

85.418

68.117

Total Current Assets
1414.545

1229.152

1174.963

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Other Current Liabilities
932.978

722.262

632.208

 

Provisions
45.969

39.521

30.721

Total Current Liabilities
978.947

761.783

662.929

Net Current Assets
435.598

467.369

512.034

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

515.459

540.250

587.481

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

Income

1269.100

934.000

1047.369

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

1269.100

934.000

1047.369

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

1157.500

822.575

949.476

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

1157.500

822.575

949.476

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

111.600

111.425

97.893

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

74.013

82.208

67.375

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

35.787

29.217

30.518

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

5.457

4.973

4.880

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

32.130

24.244

25.638

 

 

 

 

 

Less

TAX                                                                  (I)

10.249

9.733

7.501

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

21.881

14.511

18.137

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

136.894

127.646

114.787

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

4.000

4.000

4.000

 

 

Dividend

1.296

1.080

1.080

 

 

Tax on Dividend

0.215

0.183

0.198

 

BALANCE CARRIED TO THE B/S

153.264

136.894

127.646

 

 

 

 

 

 

Earnings Per Share (Rs.)

151.95

100.77

125.95

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
1.72

1.55

1.73

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.53

2.59

2.44

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.15

1.86

2.05

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.15

0.13

0.14

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
6.30

6.07

6.19

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.44

1.61

1.77

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Note :

 

The Registered office address of the company has been shifted from 24 B, Park Street, Kolkata – 700016, west Bengal, India to Present address w.e.f. 01.08.2008

 

Operations :

 

The company recorded turnover of Rs. 1269.100 millions during the year under review registering a growth of 36% over the previous year figures of Rs. 934.000 millions.

 

While thrust has been given to secure orders for Ash Handling Systems from Government owned power Generating stations. The company is also concentrating to secure orders for Ash Handling Systems from Private Sector Enterprises.

 

Operation and Maintenance division recorded a satisfactory growth during the year during the year under review. 

 

 

Fixed Assets :

 

  • Leasehold Land
  • Office Buildings
  • Factory Buildings
  • Plant and Machinery
  • Material Handling Equipments
  • Tools and Instruments
  • Generators (Factory)
  • Vehicles
  • Office and Factory Equipments
  • Furniture and Fixtures
  • Air Conditioners and Refrigeration
  • Data Processing Equipments
  • Generator (Office)

 

Form : 8

 

Corporate identity number of the company

U45202WB1983PTC036391

Name of the company

DC INDUSTRIAL PLANT SERVICES PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

24, Park Street

Kolkata

West Bengal

India

700016

This form is for

Modification of charge

Type of charge

Book debts

Movable property (not being pledge)

Others

Particular of charge holder

Axis Bank Limited, Credit Management Centre (Cmc), 1, Shakespeare Sarani, Ac Market, 3rd Floor, Kolkata – 700071, West Bengal, India

Nature of instrument creating charge

i)  Deed of Hypothecation of Current Assets,

 

ii) Deed of Hypothecation of Machinery And Other Movable Fixed Assets,

Date of instrument Creating the charge

11/01/2011

Amount secured by the charge

Rs. 72.500 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of interest :

Interest will be charged at Base Rate + 4.50% i.e. 12.25% payable at monthly rests or at such other rate as may be notified by bank from time to time.

 

Terms of repayment :

Cash Credit repayable on demand.

 

Margin :

Cash Credit: 25% on Stock, Book Debts and Retention Receivables (Upto 180 days), Book Debts and Retention Receivables over 180 days will not be eligible for Bank Finance.

Letter of Credit (Inland/ Import): 10% in the form of TDR to be collected upfront and kept under Bank's Lien.

Bank Guarantee (Inland/ Foreign): 10% for Performance Guarantees, 100% in Case of disputed liabilities.

 

Extent and operation of the charge :

Primary Security:

First charge on the entire current assets of the company, both present and future ranking pari passu with other consortium bankers.

Collateral Security: 

First charge on the fixed assets of the company (excluding assets financed by Indian Overseas Bank and office building and plant and machinery under HP finance) both present and future.

 

Other :

Nil

Short particulars of the property charged (Including location of the property)
  1. Pari Passu charge basis on all the stock in trade, both present and future consisting stock including RMs, SIP, FGs, cash and other current assets and Outstandings monies, receivables claims and bills etc
  2. 1st charge on the moveable fixed assets of the company (Excluding fixed assets financed by Indian Overseas Bank and plant and machinery under HP Finance), both present and future, consisting of
  3. Plant and Machinery, Computers, Air Conditioners, Furniture etc, being movable properties.

Date of instrument modifying the charge

15/06/2009

Particulars of the present modification

By this modification, Overall limit has been realigned/ revised. Overall limit remain unchanged at Rs.72.500 millions. The details of credit limits are as under:-

 

Facilities             Amount

CC                 Rs.10.000 millions

BG     Rs.62.500 millions (Fully Interchangeable with Letter of Credit limit)

LC      Rs.62.500 millions (Fully Interchangeable with Bank Guarantee limit)

Total Limit  Rs.72.500 millions

Other terms and condition remain unchanged

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 45.18

UK Pound

1

Rs. 73.04

Euro

1

Rs. 61.43

 

                             

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

49

 

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

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.