MIRA
INFORM REPORT
|
Report Date : |
09.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
DIVEKAR WALLSTABLE AND SCHNEIDER PRECISION SEALS PRIVATE LIMITED
(w.e.f. 19.03.2010) |
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Formerly Known
As : |
DIVEKAR RUBBER PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
Above Indravati Hall, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
16.05.1990 |
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Com. Reg. No.: |
11-056557 |
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CIN No.: [Company Identification
No.] |
U25100MH1990PTC056557 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03359G |
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PAN No.: [Permanent Account No.] |
AAACD5920D |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Rubber ‘O’ Rings. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 82000 |
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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 a joint venture between Divekar Group, It is an established company having satisfactory track. Trade relation
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) |
|
|
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 |
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Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co-Operative.
LOCATIONS
|
Registered Office : |
Above Indravati Hall, |
|
Tel. No.: |
91-22-25401601/ 215402503/ 25423586 |
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Fax No.: |
91-22-25402503 |
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E-Mail : |
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Website : |
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Corporate Office : |
403, |
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Tel. No.: |
91-22-25442643/ 65771199 |
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Fax No.: |
91-22-25443644 |
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Factory : |
16/2 Village Ambivali, Post Kanchad Alonde, |
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Tel. No.: |
91-2520-203114/ 203115 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Hari Krishna Divekar |
|
Designation : |
Managing Director |
|
Address : |
B/22, Balsundar CHS, |
|
Date of Birth/Age : |
19.08.1943 |
|
Date of Appointment : |
16.05.1990 |
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DIN No.: |
00469144 |
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Name : |
Mr. Chaitanya Hari Divekar |
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Designation : |
Managing Director |
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Address : |
B/22, Balsundar CHS, |
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Date of Birth/Age : |
04.01.1971 |
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Date of Appointment : |
19.04.2010 |
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DIN No.: |
00469309 |
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Name : |
Mr. Karl Rolf Schneider |
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Designation : |
Nominee Director |
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Address : |
Hubertusstrasse 8, Niederwinkling-94559 |
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Date of Birth/Age : |
28.04.1932 |
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Date of Appointment : |
04.06.2010 |
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DIN No.: |
03017059 |
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Name : |
Mr. Christian Wallstabe |
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Designation : |
Nominee Director |
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Address : |
Aletsberger STR 60, Deggdorf-94469 |
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Date of Birth/Age : |
04.04.1968 |
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Date of Appointment : |
04.06.2010 |
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DIN No.: |
03017074 |
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Name : |
Mrs. Neela Hari Divekar |
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Designation : |
Director |
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Address : |
B/22, Balsundar CHS, |
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Date of Birth/Age : |
13.12.1946 |
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Date of Appointment : |
16.05.1990 |
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Date of Ceasing: |
04.06.2010 |
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DIN No.: |
00469259 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Deshmukh Rubber Works Private Limited, Mumbai, |
|
100000 |
|
Dichtungstechnik Wallstabe and Schneider GMBH and Company, KG, |
|
100000 |
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Total |
|
200000 |
Equity Share Breakup (Percentage of Total Equity)
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 |
50.00 |
|
Bodies corporate |
50.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Rubber ‘O’ Rings. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the Management |
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Bankers : |
The Thane Janta Sahakari Bank Limited, Anant Laxmi Chambers, Naupada,
Thane-400602, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Singavi Oturkar and Kelkar Chartered Accountant |
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Address : |
Nirveli Apartments, 1st Floor, Near Malhar Talkies, Swami
Vivekanand Marg, Off |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
|
200000 |
Equity Shares |
Rs. 100/-
each |
Rs. 20.000
Millions |
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000 |
Equity Shares |
Rs. 100/- each |
Rs. 25.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
|
|
|
50000 |
Equity Shares |
Rs. 100/-
each |
Rs. 5.000
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 |
5.000 |
5.000 |
0.195 |
|
|
2] Share Application Money |
5.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10.599 |
1.507 |
3.396 |
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|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
20.599 |
6.507 |
3.591 |
|
|
LOAN FUNDS |
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|
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|
1] Secured Loans |
20.979 |
7.353 |
0.000 |
|
|
2] Unsecured Loans |
4.974 |
7.083 |
0.120 |
|
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TOTAL BORROWING |
25.953 |
14.436 |
0.120 |
|
|
DEFERRED TAX LIABILITIES |
0.009 |
0.010 |
0.012 |
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|
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|
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TOTAL |
46.561 |
20.953 |
3.723 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.110 |
3.708 |
3.725 |
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Capital work-in-progress |
33.774 |
12.427 |
0.000 |
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INVESTMENT |
3.220 |
3.220 |
3.220 |
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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 |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
11.777
|
0.281 |
0.332 |
|
|
Other Current Assets |
0.214
|
0.081 |
0.055 |
|
|
Loans & Advances |
0.126
|
1.614 |
0.145 |
|
Total
Current Assets |
12.117
|
1.976 |
0.532 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.431
|
0.464 |
3.547 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
2.508
|
0.009 |
0.207 |
|
Total
Current Liabilities |
2.939
|
0.473 |
3.754 |
|
|
Net Current Assets |
9.178
|
1.503 |
[3.222] |
|
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MISCELLANEOUS EXPENSES |
0.279 |
0.095 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
46.561 |
20.953 |
3.723 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
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|
|
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|
Income |
|
|
NA |
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|
Other Income |
|
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|
|
|
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TOTAL |
11.809 |
0.315 |
NA |
|
|
|
|
|
|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
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Administrative Expenses |
0.184 |
0.163 |
NA |
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Advertising Expenses |
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|
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TOTAL |
0.184 |
0.163 |
NA |
|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
11.625 |
0.152 |
[0.034] |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.014 |
0.016 |
0.018 |
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX |
11.611 |
0.136 |
[0.052] |
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|
|
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|
Less |
TAX |
2.519 |
[0.113] |
[0.002] |
|
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|
|
|
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|
PROFIT AFTER TAX
|
9.092 |
0.249 |
[0.050] |
|
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|
|
|
|
|
|
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|
Earnings Per
Share (Rs.) |
181.84 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
76.99
|
79.05 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
94.96
|
2.39 |
[1.22] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.56
|
0.02 |
[0.01] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.40
|
2.29 |
1.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.12
|
4.18 |
0.14 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
Aakar Traders |
0.000 |
0.025 |
|
|
Kala Electricals |
0.000 |
0.003 |
|
|
Megha Engineering Works |
0.000 |
0.281 |
|
|
Mukund Babu Pardhi |
0.000 |
0.005 |
|
|
Parshwa Steel Corporation |
0.000 |
0.001 |
|
|
Rudhraksha Enterprises |
0.000 |
0.000 |
|
|
Mecnam Products |
0.078 |
0.000 |
|
|
Singavi Oturkar and Kelkar |
0.022 |
0.027 |
|
|
Retention Money (Awasare Construction) |
0.053 |
0.067 |
3.547 |
|
T.D.S. on Contract charges |
0.000 |
0.001 |
|
|
T.D.S. on Interest |
0.000 |
0.003 |
|
|
T.D.S. on Professional Fees |
0.000 |
0.000 |
|
|
Work Contract Taxd |
0.000 |
0.050 |
|
|
Advance to Staff |
0.000 |
0.001 |
|
|
J.H. Ranade and Associates |
0.008 |
0.000 |
|
|
Crossworld Holidays |
0.044 |
0.000 |
|
|
Garcyl Inspection Services |
0.200 |
0.000 |
|
|
Manav Rubber Machinery Private Limited |
0.013 |
0.000 |
|
|
Thane Guide.com |
0.013 |
0.000 |
|
|
Total |
0.431 |
0.464 |
3.547 |
Performance:
Directors are to inform that from 1st June, 2010 commercial
production of Rubber ‘O’ Rings manufactured with technical know-how from Dichtungstechnik
Wallstable and Schneider GMBH and Company KG,
During the year Authorized capital of the company increased form Rs.
5.500 Millions to Rs. 25.000 Millions. Paid up share capital of the company
increased from Rs. 5.000 Millions to Rs. 20.000 Millions during the current
year.
Change of Name:
In pursuant to Joint Venture Agreement entered into with the
Dichtungstechnik Wallstable and Schneider Gmbh and Company KG and in order to
reflect the name of the Foreign Company, the name of the company be changed
from ‘Divekar Rubber Products Private Limited to ‘Divekar Wallstabe and
Schneider Precision Seals Private Limited”
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U25100MH1990PTC056557 |
|
Name of the
company |
DIVEKAR WALLSTABLE AND SCHNEIDER PRECISION SEALS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Above Indravati Hall, |
|
This form is for |
Modification of
Charge |
|
Charge
identification number of the charge to be modified |
10259521 |
|
Type of charge |
Immovable Property |
|
Particular of charge
holder |
The Thane Janta Sahakari Bank Limited, Anant Laxmi Chambers, Naupada,
Thane-400602, |
|
Nature of
instrument creating charge |
The Deed of
Extention of Charge |
|
Date of
instrument Creating the charge |
12.01.2011 |
|
Amount secured by
the charge |
Rs. 21.700
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Floating rate of
interest of 250 basis points below PLR of 14.00% p.a. i.e. present applicable
11.50% p.a. Terms of
Repayment Repayable in 84
Equitable Monthly installments. Period: 96 Months Margin Margin: 25% Extent and
Operation of the charge Charge is created
by deposit of Deed of extention of charge in favour of the bank. |
|
Short particulars
of the property charged |
Charge is secured
against the mortgage of and in respect of all that piece and parcel of land
admeasuring on or about hector-ARR 1-58-5 bearing survey no. 16/2, situate at
village Ambiali Taluka Vikramgad Disstrict, Thane within the registration
district Thane. |
|
Particulars of
the present modification |
Charge is secured
against the mortgage of and in respect of all that piece and parcel of land
admeasuring on or about hector-ARR 1-58-5 bearing survey no. 16/2, situate at
village Ambiali Taluka Vikramgad Disstrict, Thane within the registration
district Thane. |
Fixed Assets:
·
Plant and Machinery
·
·
Electrical Installation
·
Air Conditioner
·
Fan
·
Furniture and Fixture
·
Generator
·
Refrigerator
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.45.03 |
|
|
1 |
Rs.72.98 |
|
Euro |
1 |
Rs.62.94 |
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 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.