MIRA
INFORM REPORT
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Report Date : |
25.03.2011 |
IDENTIFICATION DETAILS
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Name : |
DUGGAR POWER PRODUCTS PRIVATE LIMITED |
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Registered Office : |
SFS – 12, Category 2, 2nd Floor, DSIDC Industrial Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
02.01.1995 |
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Com. Reg. No.: |
55-63977 |
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CIN No.: [Company
Identification No.] |
U74899DL1995PTC063977 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS20939C |
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PAN No.: [Permanent
Account No.] |
AACCD1325L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Voltage Stabilizers. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 91648 |
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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
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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 |
INFORMATION PARTED BY
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Name : |
Mr. Amit Jain |
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Designation : |
Director |
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Contact No.: |
91-11-25471382 |
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Date : |
22.03.2011 |
LOCATIONS
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Registered Office/Head Office: |
SFS – 12, Category 2, 2nd Floor, DSIDC Industrial Complex, |
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Tel. No.: |
91-11-25471382/ 25482369 |
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Fax No.: |
91-11-25472438/ 25471381 |
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E-Mail : |
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Factory: |
Haridwar |
DIRECTORS
AS ON 29.09.2010
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Name : |
Mr. Sachin Jain |
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Designation : |
Director |
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Address : |
5/ 4B, Roop Nagar, |
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Date of Birth/Age : |
21.10.1974 |
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Qualification : |
Graduate |
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Date of Appointment : |
02.01.1995 |
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Name : |
Mr. Amit Jain |
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Designation : |
Director |
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Address : |
5/ 4B, Roop Nagar, |
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Date of Birth/Age : |
05.02.1978 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.01.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Jain |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.09.2010
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Names of Shareholders |
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No. of Shares |
|
Shashi Jain |
|
17010 |
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Sachin Jain |
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27085 |
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Amit Jain |
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28235 |
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Sushil Kumar Jain (HUF) |
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6000 |
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Sachin Kumar Jain (HUF) |
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1510 |
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Amit Kumar Jain (HUF) |
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1510 |
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Priyal Jain |
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10 |
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Aadhvik Jain |
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10 |
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Gautmi Jain |
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10 |
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Neha Jain |
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10 |
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Suhil Kumar Jain |
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21960 |
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Saksham Jain |
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10 |
|
SSS Properties Private Limited, |
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1000 |
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Surinder Jain |
|
700 |
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Jitender Jain |
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5000 |
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Agrim Jain |
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10 |
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Total |
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110070 |
AS ON 29.09.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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0.91 |
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Directors
or relatives of directors |
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99.09 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Voltage Stabilizers. |
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Imports : |
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Products : |
Raw Materials |
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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
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Customers : |
Wholesalers |
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No. of Employees : |
300 |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
ASAP and Associates Chartered Accountants |
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Address : |
1, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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115000 |
Equity Shares |
Rs.100/- each |
Rs.11.500 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
110070 |
Equity Shares |
Rs.100/-
each |
Rs.11.007
millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2010-2011) : Rs.400.000 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 |
11.007 |
11.007 |
11.007 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.905 |
5.788 |
2.310 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
22.912 |
16.795 |
13.317 |
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LOAN FUNDS |
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1] Secured Loans |
16.942 |
23.889 |
25.450 |
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2] Unsecured Loans |
3.643 |
1.546 |
0.828 |
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TOTAL BORROWING |
20.585 |
25.435 |
26.278 |
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DEFERRED TAX LIABILITIES |
0.138 |
0.128 |
0.146 |
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TOTAL |
43.635 |
42.358 |
39.741 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.589 |
20.144 |
22.024 |
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Capital work-in-progress |
4.365 |
4.365 |
4.365 |
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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 |
14.039
|
12.442
|
13.870 |
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Sundry Debtors |
23.494
|
18.072
|
13.094 |
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Cash & Bank Balances |
0.085
|
0.129
|
0.133 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
1.054
|
0.594
|
0.338 |
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Total
Current Assets |
38.672
|
31.237
|
27.435 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
17.375
|
12.657
|
13.358 |
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Others Current Liabilities |
0.000
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0.000
|
0.000 |
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Provisions |
1.616
|
0.731
|
0.725 |
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Total
Current Liabilities |
18.991
|
13.388
|
14.083 |
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Net Current Assets |
19.681
|
17.849
|
13.352 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
43.635 |
42.358 |
39.741 |
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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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TOTAL (A) |
117.406 |
86.133 |
70.680 |
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Less |
EXPENSES |
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TOTAL (B) |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12.327 |
8.409 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
3.033 |
2.323 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9.294 |
6.086 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.987 |
2.205 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
7.307 |
3.881 |
3.441 |
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Less |
TAX (I) |
1.190 |
0.434 |
0.349 |
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PROFIT AFTER TAX
(G-I) (J) |
6.117 |
3.477 |
3.092 |
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Earnings Per
Share (Rs.) |
55.57 |
31.59 |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
6.22
|
4.45
|
4.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
12.54
|
7.59
|
6.96 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.23
|
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.73
|
2.31
|
3.03 |
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Current Ratio (Current Asset/Current Liability) |
|
2.04
|
2.33
|
1.95 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The registered office of the company has been shifted from 125 A, Cycle Market, Jhandewala Phase – 1, New Delhi – 110 055 to the present address w.e.f. 10.06.2008.
Form 8:
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This form is for |
Modification of charge
|
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Charge
identification number of the modified |
10025812 |
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Corporate
identity number of the company |
U74899DL1995PTC063977 |
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Name of the
company |
DUGGAR POWER PRODUCTS PRIVATE LIMITED |
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Address of the registered
office or of the principal place of
business in |
SFS – 12, Category 2, 2nd Floor, DSIDC Industrial Complex, |
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Type of charge |
Immovable Property Any interest in immovable property Book Debts Movable Property Others (All current and fixed assets of the company) |
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Particular of
charge holder |
State Bank of E-Mail: arun.k@sbi.co.in |
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Nature of
description of the instrument creating or modifying the charge |
SME1 Letter of
arrangement SME2 Agreement of
loan cum hypothecation memorandum for extension of mortgage Letter for confirmation
for ext. of mortgage of property |
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Date of
instrument Creating the charge |
17/03/2008 |
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Amount secured by
the charge |
Rs.29.400
millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest:
Working capital 1% above SBAR minimum effective rate 13.25% p.a. with monthly
rests Term Loan 2%
above SBAR minimum effective rate 14.25% p.a. with monthly rests. Terms of
Repayment: Term in
installments Working capital
on demand Margin: RM, SFG, FG 25%,
Receivables 60 Days 30%, Term Loan 25%. Extent and
Operation of the charge: 100% |
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Short particulars
of the property charged |
First charge on
all the current and fixed assets of the co. situated at factory premises at
Haridwar and in transit etc. EM of land and building at Plot No.10 36 SIDCUL
Haridwar. |
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Particulars of
the present modification |
Limit increased
to Rs.29.400 millions. Other terms and conditions as per agreement. |
|
Corporate identity
number of the company |
U74899DL1995PTC063977 |
|
Name of the
company |
DUGGAR POWER PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
SFS – 12, Category 2, 2nd Floor, DSIDC Industrial Complex, |
|
This form is for |
Modification of
charge |
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Type of charge |
Book Debts Immovable
Property Movable Property Others Floating Charge |
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Particular of
charge holder |
STATE BANK OF |
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Nature of
instrument creating charge |
supplemental
agreement of Loan-cum-Hypothecation and Letter of arrangement |
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Date of
instrument Creating the charge |
06/01/2011 |
|
Amount secured by
the charge |
Rs.30.400
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per letter of
arrangement attached herewith Terms of
Repayment As per
Supplemental Agreement of Loan-Cum-Hypothecation is attached herewith. Margin Stocks: 25%,
Receivables: 30%. Extent and
Operation of the charge 100% to secure
various credit facilities up to Rs.30.400 Millions, such as Cash Credit
(Stocks and Book-Debts) of Rs. 23.000 Millions, SLC of Rs.3.400 Millions and
TL of Rs.4.000 Millions, together with interest and all other costs as
applicable from time to time. |
|
Short particulars
of the property charged |
First charge on
entire current assets of the company including hypothecation of entire Stocks
lying in the showroom, godown and factory including goods in transit; All
present and future Book-Debts, Receivable, Claims, etc. First Charge by way
of E.M. on Factory Land and Building with Plant and machinery, situated at
Plot No.36, Sector-8A, 11E, SIDCUL, Roshnabad, Haridwar (Uttranchal)
Extension of charge by way of E.M. over residential property at Cottage No.
4-5/4-B, Northern City Extension Scheme-II, Roop Nagar, Delhi in the name of
Mr. Sushil Kumar Jain and Shashi Jain. |
|
Particulars of
the property charged |
Extent of
operation of Charge over assets mentioned at Col. No. 15 above stands
enhanced to Rs.30.400 Millions to secure various credit facilities up to
Rs.30.400 Millions, such as Cash Credit (Stocks and Book-Debts) of Rs.23.000
Millions, SLC of Rs.3.400 Millions and TL of Rs.4.000 Millions, together with
interest and all other costs as applicable from time to time. Other Terms and
conditions remain unchanged. |
TRADE REFERENCES:
- Carrier
- Whirlpool
FIXED ASSETS:
- Land
- Plant and Machinery
- Computers
- Electricity Fittings
- Fire Equipments
- Furniture and Fixtures
- Office Equipments
- Air Conditioner
- Cir Cooler
- Generator
- Water Cooler
- Machinery in Transit
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.44.77 |
|
|
1 |
Rs.72.66 |
|
Euro |
1 |
Rs.63.06 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
|
--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.