MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
DEV BHUMI COLD CHAIN LIMITED |
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Registered Office : |
Indraprastha Bhawan, Plot No. 17-18, New Subzimandi Azadpur Mandi, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
04.08.2003 |
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Com. Reg. No.: |
05 - 121616 |
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Capital Investment / Paid-up Capital : |
Rs. 42.500 Millions |
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CIN No.: [Company
Identification No.] |
U74999DL2003PLC121616 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD06128D DELD07493D |
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PAN No.: [Permanent
Account No.] |
AABCD7986J |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Providing Cold Storage Services.
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RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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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 555000 |
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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 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 : |
Indraprastha Bhawan, Plot No. 17-18, New Subzimandi Azadpur Mandi, |
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Tel. No.: |
91-11-47125555 / 47125510 / 47125530 / 47125531/ 27674876 |
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Fax No.: |
91-11-27671700 / 27482775 |
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E-Mail : |
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Website : |
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Strategic Distribution Centre : |
Apple Chowk, VIII Matiana, Tehsil, Theog District Shimla – 17121, |
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Overseas Office : |
Indraprastha Limited ( |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Sanjay Aggarwal |
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Designation : |
Managing Director |
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Address : |
BN – 78, Paschimi Shalimar Bagh, |
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Date of Birth/Age : |
05.04.1959 |
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Date of Appointment : |
04.08.2003 |
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DIN No.: |
00211962 |
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Name : |
Mrs. Sunila Aggarwal |
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Designation : |
Director |
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Address : |
BN – 78, Paschimi Shalimar Bagh, |
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Date of Birth/Age : |
24.11.1961 |
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Date of Appointment : |
04.08.2003 |
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DIN No.: |
00212143 |
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Name : |
Ashok Kumar Chaudhary |
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Designation : |
Additional Director |
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Address : |
A001, Daffodils Apartment, Sector -6, Dwarka, New |
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Date of Birth/Age : |
02.09.1950 |
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Date of Appointment : |
01.08.2010 |
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DIN No.: |
01414533 |
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Name : |
Ms. Sanyogita Aggarwal |
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Designation : |
Whole Time Director |
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Address : |
BN – 78, Paschimi Shalimar Bagh, |
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Date of Birth/Age : |
08.02.1985 |
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Date of Appointment : |
01.08.2010 |
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DIN No.: |
02007231 |
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Name : |
Mr. Subhash Kankan |
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Designation : |
Whole Time Director |
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Address : |
Flat No. 101-102, A-Wing, |
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Date of Birth/Age : |
06.11.1944 |
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Date of Appointment : |
01.08.2010 |
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DIN No.: |
03138594 |
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Name : |
Mr. Ajit Singh |
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Designation : |
Additional Director |
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Address : |
D-706, Ashok Nagar, |
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Date of Birth/Age : |
12.11.1970 |
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Date of Appointment : |
01.08.2010 |
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DIN No.: |
03204149 |
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Name : |
Mr. Ashutosh Verma |
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Designation : |
Additional Director |
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Address : |
B – 3/66, Second Floor, Sector 11, Rohini, |
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Date of Birth/Age : |
18.10.1973 |
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Date of Appointment : |
29.06.2009 |
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DIN No.: |
02272269 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
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Names of Shareholders |
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No. of Shares |
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Sanjay Aggarwal |
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3860997 |
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Sunila Aggarwal |
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384650 |
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Sanyogita Aggarwal |
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4313 |
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Anilkumar Dwivedi |
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10 |
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Jagdish Prasad |
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10 |
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Premlata Aggarwal |
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10 |
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Kumar Dhurav Aggarwal |
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10 |
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Total |
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4250000 |
As on 30.09.2010
Equity Share Break up (Percentage of Total Equity)
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Cold Storage Services.
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GENERAL INFORMATION
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Suppliers : |
As
on 31.03.2009
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Customers : |
As
on 31.03.2009
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Lokesh Jain and Associates Chartered Accountant |
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Address : |
C -177, Sector – 44, Noida – 201303, |
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Tel. No.: |
91-120-4548882 / 4548883 / 4548884 |
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E-Mail : |
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PAN.: |
AAGPJ6743D |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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4250000 |
Equity Shares |
Rs.10/- each |
Rs. 42.500 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
42.500 |
42.500 |
5.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
96.231 |
74.844 |
44.883 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
138.731 |
117.344 |
49.883 |
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LOAN FUNDS |
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1] Secured Loans |
126.436 |
116.871 |
60.881 |
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2] Unsecured Loans |
17.133 |
2.076 |
16.949 |
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TOTAL BORROWING |
143.569 |
118.947 |
77.830 |
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DEFERRED TAX LIABILITIES |
0.950 |
0.752 |
0.556 |
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TOTAL |
283.250 |
237.043 |
128.269 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
217.321 |
191.463 |
106.032 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.100 |
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 |
28.138
|
9.223
|
4.159 |
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Sundry Debtors |
22.729
|
12.201
|
8.120 |
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Cash & Bank Balances |
3.088
|
3.840
|
2.067 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
24.342
|
28.286
|
13.100 |
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Total
Current Assets |
78.297
|
53.550 |
27.446 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.405
|
7.084
|
4.784 |
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Other Liabilities |
0.063
|
0.886
|
0.425 |
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Provisions |
0.000
|
0.000
|
0.000 |
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Total
Current Liabilities |
12.468
|
7.970 |
5.209 |
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Net Current Assets |
65.829
|
45.580 |
22.237 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
283.250 |
237.043 |
128.269 |
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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 |
171.552 |
86.771 |
36.396 |
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Other Income |
11.451 |
18.763 |
14.706 |
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TOTAL (A) |
183.003 |
105.534 |
51.102 |
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Less |
EXPENSES |
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Cost of Goods Sold |
158.344 |
79.086 |
35.417 |
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Selling and Administrative Expenses |
9.717 |
13.253 |
6.760 |
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TOTAL (B) |
168.061 |
92.339 |
42.177 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14.942 |
13.195 |
8.925 |
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Less |
FINANCIAL
EXPENSES (D) |
12.297 |
8.498 |
4.546 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.645 |
4.697 |
4.379 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.745 |
0.703 |
1.060 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.900 |
3.994 |
3.319 |
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Less |
TAX (I) |
0.513 |
1.414 |
1.084 |
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PROFIT AFTER TAX
(G-I) (J) |
1.387 |
2.580 |
2.235 |
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Earnings Per
Share (Rs.) |
0.45 |
0.94 |
0.78 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.76
|
2.44
|
4.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.11
|
4.60
|
9.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.64
|
1.63
|
2.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.03
|
0.07 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.12
|
1.08
|
1.66 |
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Current Ratio (Current Asset/Current Liability) |
|
6.28
|
6.72
|
5.27 |
LOCAL AGENCY FURTHER INFORMATION
Financial Results:
During the year, the
total turnover of the Company is Rs. 171.552 Millions. After meeting all the
expenses and depreciation, The Company has made profit of Rs. 1.387 Millions. The
directors expect better performance next year.
Fixed Assets:
Head Office Assets
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
(Commercial)
- Computers
- Office
Equipments
Shimla Project
Assets:
- Land
- Building
- Car
- Computers
- Electrical
Equipments
- Furniture and
Fixtures
- Plant and
Machinery
- Office
Equipments
- Generator
- Bins
- Electrical
Hoist
Form 8:
|
Corporate
identity number of the company |
U74999DL2003PLC121616 |
|
Name of the
company |
DEV BHUMI COLD CHAIN LIMITED |
|
Address of the
registered office or of the principal place of business in |
Indraprastha Bhawan, Plot No. 17-18, New Subzimandi Azadpur Mandi, |
|
This form is for |
Modification of
charge |
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Charge identification
(ID) number of the charge to be modified |
10043722 |
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Type of charge |
Immovable
property Book Debts Movable Property Floating Charge |
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Particular of
charge holder |
Bank of |
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Nature of
instrument creating charge |
UCO Bank’s Letter
dated 03.12.2010 |
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Date of
instrument Creating the charge |
03.12.2010 |
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Amount secured by
the charge |
Rs.210.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest @4% over Base
Rate of the Bank i.e. 12.50% at present at monthly rests for cash credit
limit and commission as per bank’s guidelines/ FEDAI Norms for import LC
(DA/DP) limit. Terms of
Repayment Payable on demand
Margin 30% against stock
and 50% against book debts upto 90 days for cash credit limit and cash margin
of 25% in the shape of FDR for import LC (DA/DP) limit. Extent and
Operation of the charge 100% Others To further secure
all amounts payable under CC (Hyp. Ofstocks and book debts) limit of Rs.
150.000 Millions and LC (DA/DP) limit of Rs. 60.000 Millions granted to/
enjoyed by the company by way of second charge on fixed assets of the company
i.e. Land and building, Plant and Machinery, Apple Grading and CA store
comprised in Khasra No. 1007, 1009, 1010, 1012 and 1023, Khata Khatoni No.
78/196 situated in Muhal Kalinda (Matiana), The. Theog, District – Simla, the
first charge on which is held by UCO Bank. |
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Short particulars
of the property charged |
Hypothecation of
the following: -
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Date of
instrument modifying the charge |
01.12.2010 |
|
Particulars of
the present modification |
All amounts payable
under Cash Credit (Hyp. of stocks and book-debts) limit of Rs. 150.000
Millions and LC (DAIDP) ,fRs. 60.000
Millions, stands further secured by way of second charge on fixed assets of
the Company i.e. land and Building, plant and machinery, Apple Grading and CA
Store situated in Muhal Kalinda (Matiana), Tehsil Theog, Distt. Simla (HP),
the first charge on which is held by UCO Bank as detailed in Annexure ‘A’ |
Web Detail:
Profile:
Subject was incorporated in August 2003, but the main
Promoter Mr. Sanjay Aggarwal has an experience of more than 30
years in the field and is generally considered an “authority on the Cold Chain
Industry in
The genesis of the company itself is the story of the recent and initial
evolution of true cold chain in
When it was felt that not much headway was being made in educating the
wholesale customers who were the traditional users of the cold storage
facilities, in the benefits of a true cold chain; Mr. Aggarwal decided that the
company must become its own customer and the present company M/s. Dev Bhumi
Cold Chain Pvt. Ltd. was incorporated to supplant the traditional wholesale
trade which was refusing to acknowledge and participate in the benefits of a
true cold chain.
The company has since then gone from strength to strength
based on continuous successes. The first of these was when the company
purchased its own apple in 2003 by sending its refrigerated trucks all the way
upto the border of
On the one end of the supply chain, the company's
substantial presence in Azadpur Market at
As the retail sector in
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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.