MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
DETECTION INSTRUMENTS
INDIA PRIVATE LIMITED |
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Registered Office : |
Plot No. EL/ 36, TTC
Electronic Zone, MIDC, Mahape Navi Mumbai – 400701, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.03.1988 |
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Com. Reg. No.: |
11-46778 |
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CIN No.: [Company
Identification No.] |
U2919MH1988PTC046778 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
MUMD09585C |
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PAN No.: [Permanent Account
No.] |
AAACD1659F |
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Legal Form : |
Private Limited Liability
Company |
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Line of Business : |
Manufacture and Maintenance of Fire and Gas Detection
Systems and Portable Gas Detectors. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (46) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an 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. |
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
|
Registered Office/
Factory/ Mumbai Office : |
Plot No. EL/ 36, TTC
Electronic Zone, MIDC Mahape, Post Box No. 9,
Navi Mumbai – 400 701, Maharashtra, India. |
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Tel. No.: |
91-22-41198000
to 50 / 7617663 to 66 |
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Fax No.: |
91-22-27612106/ 27612103 |
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E-Mail : |
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Website : |
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Branch: |
B/14, Nahar and Seth Industrial Estate, Pamalal Compound, LBS Marg,
Bhandup, Mumbai – 400 078, |
DIRECTORS
As on 02.09.2010
|
Name : |
Mr. Pradeep Madhukar
Degwekar |
|
Designation : |
Chairman |
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Address : |
Flat No. 1202, Building No.35,
Seawood Estate, Nerul, Navi Mumabi – 400706, |
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Date of Birth/Age : |
10.02.1950 |
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Date of Appointment : |
29.03.1988 |
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Election Commission
Identity Card No.: |
MT 10053044076 |
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Name : |
Mr. Kishore Madhukar Degwekar |
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Designation : |
Managing Director |
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Address : |
1703, Glen Height, |
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Date of Birth/Age : |
23.07.1957 |
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Date of Appointment : |
29.03.1988 |
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Name : |
Mr. Nadakuditi
Satyanarayan Rao |
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Designation : |
Director |
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Address : |
E-203, Nazarene
Apartments, |
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Date of Birth/Age : |
27.01.1949 |
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Date of Appointment : |
09.07.2008 |
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Election Commission
Identity Card No.: |
MT 080390657492 |
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Name : |
Mr. Pramod Prabhakar
Deshmukh |
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Designation : |
Alternate Director |
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Address : |
A – 801, Suncrest
Accolade Galaxy, Near LIC Services Road, Thane (West), Thane – 400604, Maharashtra,
India |
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Date of Birth/ Age : |
27.05.1944 |
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Date of Appointment : |
09.07.2008 |
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Name : |
Mr. James Warren Rees |
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Designation : |
Director |
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Address : |
Grange, 1 |
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Date of Birth/ Age : |
04.08.1948 |
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Date of Appointment : |
09.07.2008 |
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Name : |
Mr. Nigel James Benedict
Trodd |
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Designation : |
Director |
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Address : |
60, |
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Date of Birth/ Age : |
20.04.1958 |
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Date of Appointment : |
09.07.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 02.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Kishore Madhukar Degwekar |
|
190000 |
|
Pradeep Madhukar Degwekar
and Kishore Madhukar Degwekar |
|
491500 |
|
Kishore Madhukar Degwekar
and Varsha Degwekar |
|
490990 |
|
Varsha Degwekar and
Kishore Madhukar Degwekar |
|
190000 |
|
N |
|
5000 |
|
Usha Deulgaonkar |
|
1000 |
|
M R Gokhale |
|
7500 |
|
CDIL |
|
444000 |
|
Malti Chotrani |
|
20000 |
|
R |
|
10000 |
|
R. Venkatraman |
|
10 |
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Total |
|
1850000 |
As on 02.09.2010
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Equity Share Breakup |
|
Percentage of Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
24.00 |
|
Bodies
corporate |
|
2.08 |
|
Directors
or relatives of directors |
|
73.92 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Maintenance of Fire and Gas Detection
Systems and Portable Gas Detectors. |
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Products : |
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GENERAL INFORMATION
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Customers : |
·
Asoam Aerosol Private Limited ·
Clariant ·
Larsen and Toubro Limited ·
Novartis ·
IPCL (Nagothane), Vadodara, ·
Gujarat Chem Port Terminal Corporation Limited ·
Reliance Industries Limited ·
Gas Authority of ·
Oil and Natural Gas Corporation Limited ·
Indian Petroleum Corporation Limited ·
Indian Oil Corporation Limited ·
Alkyl Amines Limited ·
Aventis CropScience ·
Bayer ·
Bharat Heavy Electricals Limited, ·
Chennai Petroleum Corporation Limited ·
Clariant ·
Crowcon Detection Instruments Limited, ·
Gas Authority of ·
Gharda Chemicals Limited ·
Humphrey and Glasgow Consultants Limited ·
BPCL ·
Indian Petronas Limited, Haldia |
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Bankers : |
·
Allahabad Bank ·
Saraswat
Co-operative Bank Limited ·
Standard Chartered
Bank ·
ICICI Bank ·
Bank of |
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Facilities : |
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Financial Institution: |
3i Infotech Trusteeship Services Limited, 6th Floor,
Ackruti Centre Point, MIDC Central Road, Next to Marol Telephone Exchange,
Andheri (E), Mumbai-400093, Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. D. Athale and Company Chartered Accountants |
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Address : |
105, B – Wing, Atlantic
Apartment, Swami Samarth Nagar, Andheri (West), Mumbai – 400 053, |
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Tel. No.: |
91-22-26316329 |
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Fax No.: |
91-22-26345112 |
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E-Mail : |
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Holding Company: |
Detection Instruments (Export) India
Private Limited (U29193MH1994PTC076578) |
CAPITAL STRUCTURE
As on 02.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each |
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1850000 |
Equity Shares |
Rs.10/- each |
Rs.18.500
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
18.500 |
18.500 |
18.500 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
36.017 |
21.002 |
14.312 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
54.517 |
39.502 |
32.812 |
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|
LOAN FUNDS |
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|
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|
1] Secured Loans |
25.852 |
28.666 |
27.081 |
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2] Unsecured Loans |
9.730 |
11.862 |
19.055 |
|
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TOTAL BORROWING |
35.582 |
40.528 |
46.136 |
|
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DEFERRED TAX LIABILITIES |
1.898 |
2.048 |
0.999 |
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|
|
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TOTAL |
91.997 |
82.078 |
79.947 |
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
15.018 |
16.825 |
19.386 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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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 |
10.765
|
9.081
|
22.068 |
|
|
Sundry Debtors |
94.870
|
69.794
|
60.165 |
|
|
Cash & Bank Balances |
8.014
|
4.373
|
3.601 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
31.720
|
15.609
|
12.470 |
|
Total
Current Assets |
145.369
|
98.857
|
98.304 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
42.926
|
22.517 |
|
|
|
Other Current Liabilities |
0.621
|
0.241
|
31.939 |
|
|
Provisions |
25.343
|
11.348
|
6.304 |
|
Total
Current Liabilities |
68.890
|
34.106
|
38.243 |
|
|
Net Current Assets |
76.479
|
64.751
|
60.061 |
|
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|
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|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
91.997 |
82.078 |
79.947 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
NA |
NA |
|
|
|
Other Income |
|
6.901 |
3.674 |
|
|
|
TOTAL |
201.065 |
NA |
NA |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
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Administrative Expenses |
|
|
|
|
|
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Advertising Expenses |
|
|
|
|
|
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TOTAL |
170.039 |
NA |
NA |
|
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|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
31.026 |
17.116 |
3.924 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
10.600 |
6.097 |
1.609 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
20.426 |
11.019 |
2.315 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.502 |
0.012 |
0.212 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
15.000 |
6.200 |
0.350 |
|
|
|
Dividend |
5.411 |
4.329 |
2.165 |
|
|
BALANCE CARRIED
TO THE B/S |
0.517 |
0.502 |
0.012 |
|
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|
|
|
|
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|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Software Consultancy |
NA |
0.141 |
0.620 |
|
|
|
Export |
NA |
4.140 |
1.145 |
|
|
TOTAL EARNINGS |
NA |
4.281 |
1.765 |
|
|
|
|
|
|
|
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|
|
IMPORTS |
|
|
|
|
|
|
|
Manufacturing |
86.628 |
62.956 |
49.929 |
|
|
|
Trading |
10.105 |
4.081 |
3.101 |
|
|
TOTAL IMPORTS |
96.733 |
67.037 |
53.030 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.04 |
59.56 |
NA |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.15
|
NA |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.34
|
14.80 |
3.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.57
|
0.43 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
1.89 |
2.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.90 |
2.57 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
10214292 |
|
Corporate
identity number of the company |
U29193MH1988PTC046778 |
|
Name of the
company |
DETECTION
INSTRUMENTS INDIA PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Plot No. EL/ 36, TTC
Electronic Zone, MIDC Mahape, Post Box No. 9,
Navi Mumbai – 400 701, Maharashtra, India. |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
3i Infotech Trusteeship Services Limited, 6th Floor,
Ackruti Centre Point, MIDC Central Road, Next to Marol Telephone Exchange,
Andheri (E), Mumbai-400093, Maharashtra, India |
|
Email |
|
|
Nature of description
of the instrument creating or modifying the charge |
Mortgage
Declaration dated 13th September 2010 executed in favour of 3i Infotech
Trusteeship Services Limited for the enhanced working capital facilities not
exceeding Rs. 17.0 million |
|
Date of
instrument Creating the charge |
13.09.2010 |
|
Amount secured by
the charge |
Rs.17.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC: Shall be 2.75%p.a.
below the sum of I-BAR and the CCRP prevailing on each day, BG: Commission
0.85% pa. for the Performance Guarantee Terms of
Repayment Payable on demand Margin CC: Inventory -
Uniform Margin of 25% against all components if Inventory ; Book Debts -
Cover Period - 120 days; Margin - 30% BG: Not
Applicable Extent and
Operation of the charge First and
Exclusive charge by way of equitable mortgage of |
|
Short particulars
of the property charged |
I)
Land
known as Plot No. EL-36 Electronics Zone, T.T.C Industrial Area, MIDC-
Mahape, Navi Mumbai - 400710 in the Trans Thane Creek Industrial Area within the
village limits of Mahape and II)
within
the limit of Navi Mumbai Municipal Corporation Taluka and Registration
Sub-District Thane District and Registration District Thane containing III)
within
the limit of Navi Mumbai Municipal Corporation Taluka and Registration
Sub-District Thane District and Registration District Thane containing by
admeasurement 1,000 Sq |
|
Particulars of
the present modification |
Additional
security vide Mortgage Declaration dated 13.09.2010 created in favour of 3i
Infotech Trusteeship Services Limited by way of First and Exclusive charge of
Factory Land and Building on Plot No.
EL/36, MIDC , TTC Industrial Area, Mahape, Thane Belapur Road, Navi Mumbai -
400710 owned by the company securing the additional facility of Rs. 17.0
million sanctioned to the company. |
FIXED ASSETS:
- Land
- Plant and
Machinery
- Computers and
Software
- Office
Equipment
- Furniture and
Fixture
- Motor Car
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.45.74 |
|
|
1 |
Rs.72.73 |
|
Euro |
1 |
Rs.62.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.