MIRA
INFORM REPORT
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Report Date : |
26.05.2011 |
IDENTIFICATION DETAILS
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Name : |
DECCAN FARM EQUIPMENT PRIVATE LIMITED |
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Registered
Office : |
F 10/2, MIDC, Shiroli, Kolhapur – 416122, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
26.02.1991 |
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Com. Reg. No.: |
060480 |
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Paid-up Capital : |
Rs. 1.086 Million |
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CIN No.: [Company Identification
No.] |
U29211MH1991PTC060480 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of Agricultural Equipment. |
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No. of Employees
: |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 115668 |
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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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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India |
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. Bharat D. Patil |
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Designation : |
Managing Director |
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Contact No.: |
91-9923147700 |
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Date : |
23.05.2011 |
LOCATIONS
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Registered Office : |
F 10/2, MIDC, Shiroli, Kolhapur – 416122, Maharashtra, India |
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Tel. No.: |
91-231-2468904 |
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Mobile No.: |
91-9923147700 (Mr. Bharat D. Patil) |
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Fax No.: |
91-231-2468905 |
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E-Mail : |
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Location : |
Owned |
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Factory 1 : |
C-35, MIDC, Shiroli, Kolhapur – 416112, Maharashtra, India |
DIRECTORS
As on 30.09.2010
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Name : |
Mr. Devgonda S. Patil |
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Designation : |
Whole time director |
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Address : |
Kusum 209A/7D/91, Tarabai Park, Kolhapur – 416003, Maharashtra, India |
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Date of Birth/Age : |
86 years |
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Date of Appointment : |
25.03.1991 |
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Name : |
Mr. Bharat D. Patil |
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Designation : |
Managing Director |
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Address : |
Kusum 209A/7D/91, Tarabai Park, Kolhapur – 416003, Maharashtra, India |
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Date of Birth/Age : |
16.08.1964 |
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Date of Appointment : |
25.03.1991 |
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Name : |
Ms. Kavita B. Patil |
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Designation : |
Whole time director |
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Address : |
Kusum 209A/7D/91, Tarabai Park, Kolhapur – 416003, Maharashtra, India |
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Date of Birth/Age : |
44 years |
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Date of Appointment : |
30.09.1997 |
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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Mr. Devgonda S. Patil |
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4525 |
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Mr. Bharat D. Patil |
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5343 |
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Ms. Kavita B. Patil |
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1000 |
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Total |
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10868 |
AS ON 30.09.2010
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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 : |
Manufacturer of Agricultural Equipment. |
GENERAL INFORMATION
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Customers : |
·
Manufacturers |
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No. of Employees : |
70 (in office + in factory) |
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Bankers : |
· Saraswat Co-Operative Bank, C.T.S. No. 1716, E Ward, Rajarampuri, 7th Lane,, Kolhapur - 416008, Maharashtra, India · State Bank of India, Kolhapur Branch, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Deepak Gokhale and Company Chartered Accountant |
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Address : |
Flat No. 106, Building No. HR-2, Royal Retreat, Near Ruikar Colony
Ground, Kolhapur – 416005, Maharashtra, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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25,000 |
Equity Shares |
Rs. 100/- each |
Rs. 2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10,868 |
Equity Shares |
Rs. 100/- each |
Rs. 1.086 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales ( 2010-2011 ) : Rs. 54.000 Millions
The above information has been parted by (Mr. Bharat D. Patil - Managing
Director)
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 |
1.087 |
1.087 |
1.087 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
27.830 |
8.928 |
7.413 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
28.917 |
10.015 |
8.500 |
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LOAN FUNDS |
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1] Secured Loans |
7.829 |
7.752 |
5.011 |
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2] Unsecured Loans |
0.466 |
0.938 |
0.462 |
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TOTAL BORROWING |
8.295 |
8.690 |
5.473 |
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DEFERRED TAX LIABILITIES |
0.330 |
0.372 |
0.301 |
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TOTAL |
37.542 |
19.075 |
14.274 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.339 |
8.515 |
6.054 |
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Capital work-in-progress |
5.106 |
0.342 |
0.000 |
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INVESTMENT |
2.002 |
0.001 |
0.001 |
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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 |
11.721
|
10.269 |
4.767 |
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Sundry Debtors |
4.485
|
5.241 |
4.335 |
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Cash & Bank Balances |
7.743
|
1.040 |
0.481 |
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Other Current Assets |
0.104
|
0.045 |
0.017 |
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Loans & Advances |
25.319
|
3.583 |
5.019 |
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Total
Current Assets |
49.372
|
20.178 |
14.619 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
15.796
|
8.484 |
5.085 |
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Other Current Liabilities |
1.281
|
0.880 |
0.452 |
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Provisions |
10.200
|
0.597 |
0.863 |
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Total
Current Liabilities |
27.277
|
9.961 |
6.400 |
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Net Current Assets |
22.095
|
10.217 |
8.219 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
37.542 |
19.075 |
14.274 |
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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 |
51.753 |
40.545 |
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Other Income |
28.601 |
0.328 |
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TOTAL (A) |
80.354 |
40.873 |
27.138 |
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Less |
EXPENSES |
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Operating Expenses |
48.805 |
36.950 |
24.557 |
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TOTAL (B) |
48.805 |
36.950 |
24.557 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.549 |
3.923 |
NA |
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Less |
FINANCIAL
EXPENSES (D) |
0.964 |
0.645 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.585 |
3.278 |
NA |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.499 |
1.353 |
NA |
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PROFIT BEFORE
TAX (E-F) (G) |
29.086 |
1.925 |
2.580 |
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Less |
TAX (I) |
10.184 |
0.692 |
0.869 |
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PROFIT AFTER TAX
(G-I) (J) |
18.902 |
1.233 |
1.711 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
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PAT / Total Income |
(%) |
23.52
|
3.01 |
6.30 |
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Net Profit Margin (PBT/Sales) |
(%) |
56.20
|
4.74 |
9.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
50.39
|
6.70 |
12.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.00
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0.19 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.23
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1.86 |
1.39 |
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Current Ratio (Current Asset/Current Liability) |
|
1.81
|
2.02 |
2.28 |
LOCAL AGENCY FURTHER INFORMATION
Form 8
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Corporate
identity number of the company |
U29211MH1991PTC060480 |
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Name of the
company |
DECCAN FARM EQUIPMENT PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
F 10/2, MIDC, Shiroli, Kolhapur – 416122, Maharashtra, India |
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This form is for |
Creation of
charge |
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Type of charge |
Movable property |
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Particular of
charge holder |
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Nature of
instrument creating charge |
Agreement for
Hypothecation of Vehicle. |
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Date of
instrument Creating the charge |
30.03.2011 |
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Amount secured by
the charge |
Rs. 4.000
Millions |
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Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest @10.50% p.a. with
monthly rest for the initial period of 3 years and to be reset thereafter at
the then prevailing fixed rate. Terms of
Repayment Period:60 Months Repayment: EMI of
Rs.0.086 Million Margin 10% Extent and
Operation of the charge Charge to Secure
Vehicle of Rs.4.000 millions Others Guarantee of Mr.
Bharat D, Patil and all other Directors. |
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Particulars of
the property charged |
Charge to Secure Vehicle
of Rs.4.000 millions |
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.45.38 |
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|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
47 |
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.