MIRA INFORM REPORT

 

 

Report Date :

24.05.2011

 

 

Note: correct name of the company is “Indian Avitronics (Civil and Military Aviation) (A Division of DMG Finance And Investments Private Limited)”

 

IDENTIFICATION DETAILS

 

Name :

DMG FINANCE AND INVESTMENTS PRIVATE LIMITED

 

INDIAN AVITRONICS ( DIVISION OF DMG FINANCE AND INVESTMENTS PRIVATE LIMITED)

 

 

Registered Office :

First Floor, Flat No-1, 10 Hailey Road, New Delhi -110 001

 

 

Country :

India

 

 

Financials (as on) :

31.03.2009

 

 

Date of Incorporation :

06.06.1995

 

 

Com. Reg. No.:

55-069436

 

 

Capital Investment / Paid-up Capital :

Rs.0.102 Million

 

 

CIN No.:

[Company Identification No.]

U74899DL1995PTC069436

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is a part of the DMG Finance and Investment Group, with interests in Aviation, Real Estate development, Engineering, and Hospitality.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (56)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 880000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is s well established reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be regular 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

First Floor, Flat No-1, 10 Hailey Road, New Delhi -110 001, India

Tel. No.:

91-11-23322904

Fax No.:

91-11-23357483

E-Mail :

indian_avitronics@vsnl.com

indian_avitronics@dmgfi.com

Website :

http://www.dmgfi.com

 

 

Head Office :

1405-1410, 14th Floor, Narain Manzil, 23, Barakhamba Road, New Delhi – 110 001, India

Tel. No.:

91-11-23322904/ 23325458/ 23356488

Fax No.:

91-11-23357483

Area :

2000 sq ft

Location :

Owned

 

 

DIRECTORS

 

As on 30.09.2009

 

Name :

Mr. Sushant Mohan Gupta

Designation :

Director

Address :

1, Underhill Lane, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

04.09.1977

Date of Appointment :

04.08.1999

DIN No.:

00002979

 

 

Name :

Ms. Shubhra Gupta

Designation :

Director

Address :

1, Underhill Lane, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

09.11.1952

Date of Appointment :

06.06.1995

DIN No.:

00040652

 

 

Name :

Mr. Sushen Gupta

Designation :

Director

Address :

1, Underhill Lane, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

29.03.1975

Date of Appointment :

19.02.1996

DIN No.:

00275993

 

 

Name :

Mr. Dev Mohan Gupta

Designation :

Director

Address :

1, Underhill Lane, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

10.06.1946

Date of Appointment :

06.06.1995

DIN No.:

00347582

 

 

Name :

Ms. Tripti Gupta

Designation :

Director

Address :

1, Underhill Lane, Civil Lines, Delhi – 110 054, India

Date of Birth/Age :

14.05.1976

Date of Appointment :

05.01.2002

DIN No.:

00008896

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 30.09.2009

 

Names of Shareholders

 

No. of Shares

Sushant Mohan Gupta

 

2448

Shubhra Gupta

 

2652

Sushen Gupta

 

2448

Dev Mohan Gupta

 

2662

 

 

 

Total

 

10210

 

As on 30.09.2009

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Directors or relatives of directors

 

100.00

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is a part of the DMG Finance and Investment Group, with interests in Aviation, Real Estate development, Engineering, and Hospitality.

 

GENERAL INFORMATION

 

Customers :

As on 31.03.2009

 

  • DIEHL Avionics, Inc.
  • LIEBHERR
  • Astronautics C.A. Limited
  • FlightSafety International
  • PPG Aerospace Transparencies

 

 

Bankers :
  • Allahabad Bank, Parliament Street Branch, New Delhi – 110 001, India
  • Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

D.D. Bansal Associates

Chartered Accountant

Address :

M-304, Dharma Apartments, 2, Indraprastha Extension, New Delhi-110092, India

Tel. No.:

91-11-22723062 / 22732791

Fax No.:

91-11-22723062 / 22732791

E-Mail :

ca.ddba@gmail.com

Website:

http://www.ddbaica.com

 

 

Associates/Subsidiaries :
  • American Hotels and Restaurants Private Limited (U74899DL1995PTC069817)
  • Kairali Estate and Exports Private Limited (U70101KL1985PTC004274)
  • Foresight Solutions Private Limited (U74999DL1998PTC096332)

 

 

CAPITAL STRUCTURE

 

As on 30.09.2009

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs.10/- each

Rs.1.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10210

Equity Shares

Rs.10/- each

Rs.0.102 Million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2009

31.03.2008

31.03.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.102

0.102

0.102

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

221.267

206.955

197.018

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

221.369

207.057

197.120

LOAN FUNDS

 

 

 

1] Secured Loans

61.773

19.697

17.960

2] Unsecured Loans

72.730

50.465

28.085

TOTAL BORROWING

134.503

70.162

46.045

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

355.872

277.219

243.165

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

71.041

37.173

36.821

Capital work-in-progress

0.000

0.000

0.000

CAPITAL ADVANCES TO FIXED ASSETS

7.969

33.930

27.955

 

 

 

 

INVESTMENT

 

 

 

DEFERREX TAX ASSETS

104.598

93.348

93.284

 

2.364

2.162

1.620

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

0.000

0.000

0.000

 

Sundry Debtors

14.206

30.865

22.791

 

Cash & Bank Balances

0.923

1.920

1.824

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances

201.935

142.305

116.256

Total Current Assets

217.064

175.090

140.871

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

 

 

 

Other Current Liabilities
33.937

52.665

48.777

 

Provisions

13.227

11.819

8.609

Total Current Liabilities

47.164

64.484

57.386

Net Current Assets

169.900

110.606

83.485

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

355.872

277.219

243.165

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2009

31.03.2008

31.03.2007

 

 

 

 

 

 

 

Income from Operations

112.410

108.878

102.826

 

 

 

 

 

 

PROFIT AFTER TAX                

13.448

9.936

23.430

 

 

 

 

 

 

Earnings Per Share (Rs.)

1317.14

NA

NA

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2009

31.03.2008

31.03.2007

Debt Equity Ratio

(Total Liability/Networth)

 

0.82

0.65

0.52

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

4.60

2.72

2.45

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

FINANCIAL RESULTS / OPERATIONS:

 

During the year the company income from operations was Rs.112.410 millions (previous year Rs.108.878 millions). Net profit (after deducting tax) for the year is Rs.13.448 millions (previous year Rs.9.936 millions)

 

Bankers Charges Report as per Registry

 

This form is for

Modification of charge

Charge identification number of the modified 

10112227

Corporate identity number of the company

U74899DL1995PTC069436

Name of the company

DMG FINANCE AND INVESTMENTS PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

First Floor, Flat No-1, 10 Hailey Road, New Delhi -110 001, India

Type of charge

Book Debts

Floating Charge

Others

Particular of charge holder

Yes Bank Limited, 9th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India

Email

dlbbcaddel@yesbank.in

Nature of description of the instrument creating or modifying the charge

SDOH Dated 12-03-2011

Date of instrument Creating the charge

12.03.2011

Amount secured by the charge

Rs.22.500 Millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

CC- YBR Plus 5%p.a, EROI IS 13.5%p.a

 

Terms of Repayment

CC- Repayable on Demand

 

Margin

CC-25% on (Book Debts<120 Days)

 

Extent and Operation of the charge

Exclusive Charge on the Current Assets of the Company

Short particulars of the property charged

Exclusive Charge on the Current Assets of the Company

Date of latest modification prior to the present modification

29.05.2008

Particulars of the present modification 

Existing Cash Credit facility has been reduced from INR 30.000 millions to INR 22.500 millions.

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.45.28

UK Pound

1

Rs.73.30

Euro

1

Rs.63.61

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

6

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--CREDIT LINES

1~10

6

--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

 

56

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.