MIRA
INFORM REPORT
|
Report Date : |
27.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
DEE ESS BUHIN PRIVATE LIMITED (w.e.f.06.05.1997) |
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Formerly Known
As : |
D.S. DIESEL ( |
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Registered
Office : |
300 |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
23.08.1991 |
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Com. Reg. No.: |
55-45466 |
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CIN No.: [Company Identification
No.] |
U74899DL1991PTC045466 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD06244A |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Automotive Hinge. |
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 130000 |
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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. Trade relations
are reported as fair. Business is active. Payments are reported to be slow
but correct. The company can be considered for small to mediocre 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) |
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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 |
LOCATIONS
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Registered Office : |
300 |
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Tel. No.: |
91-11-29245500 |
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Fax No.: |
91-11-29245500 |
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E-Mail : |
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Website : |
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Factory 1 : |
Plot-88, Sector-24, Faridabad-121005, |
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Tel. No.: |
91-129-2232722/ 2234931/ 2445104/ 2445101 Extension -35 |
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Fax No.: |
91-129-2232722/ 2234931/ 2445104/ 2445101 Extension -35 |
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E-Mail : |
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Factory 2 : |
Plot No. -58B, Industrial Area,
NIT, Faridabad-121005, |
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Tel. No.: |
91-129-4027025/ 4107925 |
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Fax No.: |
91-129-4027025/ 4107925 |
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E-Mail : |
DIRECTORS
As on 29.09.2009
|
Name : |
Mr. Dheeraj Mehta |
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Designation : |
Director |
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Address : |
495 A, Sector 15, Faridabad-122001, |
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Date of Birth/Age : |
20.09.1964 |
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Date of Appointment : |
30.12.2003 |
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Date of Ceasing: |
31.07.2010 |
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Name : |
Mr. Rahul Juneja |
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Designation : |
Director |
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Address : |
300 |
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Date of Birth/Age : |
21.10.1966 |
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Date of Appointment : |
06.05.1997 |
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Name : |
Mr. Rakesh Juneja |
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Designation : |
Director |
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Address : |
300 |
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Date of Birth/Age : |
19.06.1962 |
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Date of Appointment : |
06.05.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2009
|
Names of Shareholders |
|
No. of Shares |
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Rakesh Juneja |
|
57446 |
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Rahul Juneja |
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60495 |
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Dheeraj Mehta |
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35000 |
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Ritu Juneja |
|
5500 |
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Akashana Leasing Company Limited, |
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6600 |
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Rubina Juneja |
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250 |
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R P Sharma |
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5000 |
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Sujata Sharma |
|
2000 |
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G |
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1 |
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K k Sharma |
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1 |
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Vijay Kumar Galhotra HUF |
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1 |
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Rajesh Luthra |
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1 |
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V |
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1 |
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Smriti Juneja |
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2700 |
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G.S. Sharma HUF |
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1 |
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Latesh Sharma |
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1 |
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B |
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1 |
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D K Sharma |
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1 |
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Total |
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175000 |
As on 18.08.2010
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List of Allottees |
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No. of Shares Allotted |
|
Rakesh Juneja |
|
6630 |
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Rahul Juneja |
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3370 |
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Total |
|
10000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2009
|
Category |
Percentage |
|
Bodies corporate |
3.77 |
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Directors or relatives of Directors |
92.22 |
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Other top fifty shareholders |
4.01 |
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Total |
100.00 |
BUSINESS DETAILS
GENERAL INFORMATION
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Customers : |
·
Maruti Suzuki India Limited, Gurgaon ·
General Motors India Limited, Halol ·
Tata Motors Limited, Pune ·
Nagata Auto Plants, Japan ·
Jai Bharat Maruti Limited, Gurgaon ·
Caparo Maruti Limited, Gurgaon |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institute: |
Small Industrial Development Bank of |
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Auditors : |
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Name : |
A K G and Company Chartered Accountant |
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Address : |
J-1, Kailash Colony, New Delhi-110048, |
CAPITAL STRUCTURE
As on 29.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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185000 |
Equity Shares |
Rs. 100/- each |
Rs. 18.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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185000 |
Equity Shares |
Rs. 100/- each |
Rs. 18.500 Millions |
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As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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185000 |
Equity Shares |
Rs. 100/- each |
Rs. 18.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
175000 |
Equity Shares |
Rs. 100/-
each |
Rs. 17.500
Millions |
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 |
17.500 |
17.500 |
17.500 |
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2] Share Application Money |
1.000 |
1.000 |
1.000 |
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3] Reserves & Surplus |
14.535 |
13.947 |
11.614 |
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4] (Accumulated Losses) |
[0.040] |
0.000 |
0.000 |
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NETWORTH |
32.995 |
32.447 |
30.114 |
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LOAN FUNDS |
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1] Secured Loans |
142.752 |
68.542 |
54.534 |
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2] Unsecured Loans |
52.913 |
44.299 |
31.072 |
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TOTAL BORROWING |
195.665 |
112.841 |
85.606 |
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DEFERRED TAX LIABILITIES |
9.506 |
5.689 |
6.438 |
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TOTAL |
238.166 |
150.977 |
122.158 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
145.022 |
83.617 |
63.958 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
108.898
|
81.360 |
63.339 |
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Sundry Debtors |
62.836
|
39.616 |
43.128 |
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Cash & Bank Balances |
18.161
|
5.666 |
3.806 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.500
|
17.417 |
15.226 |
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Total
Current Assets |
203.395
|
144.059 |
125.499 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
94.660
|
69.650 |
62.441 |
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Other Current Liabilities |
14.786
|
5.658 |
4.118 |
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Provisions |
0.805
|
1.453 |
0.824 |
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Total
Current Liabilities |
110.251
|
76.761 |
67.383 |
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Net Current Assets |
93.144
|
67.298 |
58.116 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.062 |
0.084 |
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TOTAL |
238.166 |
150.977 |
122.158 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
386.790 |
294.027 |
224.906 |
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Other Income |
10.948 |
15.070 |
6.890 |
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TOTAL (A) |
397.738 |
309.097 |
231.796 |
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Less |
EXPENSES |
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Administrative Expenses |
365.378 |
281.778 |
208.483 |
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Advertising Expenses |
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TOTAL (B) |
365.378 |
281.778 |
208.483 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
32.360 |
27.319 |
23.313 |
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Less |
FINANCIAL
EXPENSES (D) |
16.961 |
15.136 |
12.111 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15.399 |
12.183 |
11.202 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.491 |
8.434 |
7.499 |
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PROFIT BEFORE
TAX (E-F) (G) |
5.908 |
3.749 |
3.703 |
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Less |
TAX (I) |
1.504 |
2.164 |
2.609 |
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PROFIT AFTER TAX
(G-I) (J) |
4.404 |
1.585 |
1.094 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.027 |
1.335 |
4.140 |
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TOTAL EARNINGS |
0.027 |
1.335 |
4.140 |
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IMPORTS |
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Import Value |
5.254 |
4.573 |
4.206 |
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TOTAL IMPORTS |
5.254 |
4.573 |
4.206 |
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Earnings Per
Share (Rs.) |
25.17 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.11
|
0.51 |
0.47 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.53
|
1.28 |
1.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.70
|
1.65 |
1.95 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.12 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
|
9.27
|
5.84 |
5.08 |
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Current Ratio (Current Asset/Current Liability) |
|
1.84
|
1.88 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
ACTIVITIES
The company has registered a turnover of Rs. 386.790 Millions during the
year as against Rs. 294.027 Millions as achieved during the last year.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U74899DL1991PTC045466 |
|
Name of the
company |
DEE ESS BUHIN PRIVATE LIMITED (06.05.1997) |
|
Address of the
registered office or of the principal place of business in |
300 |
|
This form is for |
Creation of
Charge |
|
Type of charge |
Movable Property |
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Particular of
charge holder |
Small Industrial Development Bank of |
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Nature of
instrument creating charge |
Deed of
Hypothecation dated 27.03.2010 along with letter of intent. Subordinate Debt
Agreement dated 27.03.2010. |
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Date of
instrument Creating the charge |
27.03.2010 |
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Amount secured by
the charge |
Rs. 10.000
Millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest will be
payable at 15% p.a. with monthly rests on the principal amount of the sub
debt outstanding from time to time. Terms of
Repayment The loan shall be
repaid in 16 quarterly
installments of Rs.0.625 Million each commencing
36 months after the date of first disbursement Margin 26.80% Extent and
Operation of the charge Subservient/Residual
charge by way of hypothecation of all the movables present and future of the
borrower including plant and machinery, equipment, Misc fixed assets
acquired/to be acquired under the SIDBI loan. |
|
Short particulars
of the property charged |
Subservient/Residual
charge by way of hypothecation of all the movables present and future of the
borrower including plant and machinery, equipment, Misc fixed assets
acquired/to be acquired under the SIDBI loan and kept at Plot No.88, Sector
24, Faridabad |
Fixed Assets:
·
Air Conditioner
·
Property at
·
Electrical Installation
·
EPBAX/ Intercom
·
Fax Machine
·
Furniture and Fixture
·
Plant and Machinery
·
Scooter
·
TVS Scooty
·
Motor Cycle
·
Computer/ Printer
·
Office Equipment
·
UPS System
·
Weighing Machine
·
Cell Phone
·
Building
·
Dies and Tools
·
Fire Safety Equipment
·
Generator
·
Material Handling Equipment
·
Motor Car
·
Tempo
·
MIG Welding Equipments
·
Air Cooler
·
Water Cooler
·
Dies
·
Land
·
Air Conditioner
·
Compressor Air System
·
Dies and Tools
·
E.O.T. Crane
·
Factory Shed
·
Material Handling Equipments
·
Plant and Machinery
·
Cooling Tower
·
Tools and Instruments
·
Computer and Printers
·
Generator
·
Office Equipments
AS PER WEBSITE
Profile
Subject was established in 1997 with the aim to be a pioneer
among the sheet metal Auto-Ancillary Industry and has carved a
niche in Auto Industry especially as Automotive Hinge Manufacturer. The Company
has a technical collaboration with an international leader in Hinge
manufacturing NAGAT A AUTO PARTS Limited
It is promoted by the Managing Director : Mr. Rakesh Juneja who is B.E.
(Mechanical) and Director (Commercial): Mr. Rahul Juneja who is an M.B.A. It
has a well qualified and competent staff of managers, engineers and highly
skilled and competent supervisors.
The present turnover of the company is 300.000 Millions, which has risen from a
mere amount of lakhs in a very short span of time. The turnover was doubled in 1999-2000
to 2000-2001 period and has been growing at a steady rate of 25% to 30%
every year.
The company has been recently accredited with TS:16949 certificate.
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.45.58 |
|
|
1 |
Rs.72.79 |
|
Euro |
1 |
Rs.62.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
2 |
|
--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.