|
Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
DESTINY ENGINEERING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
301, Rastogi Chamber, 3rd Floor, C – 184, Madhuban, Above
PNB, Vikas Marg, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
08.05.2009 |
|
|
|
|
Com. Reg. No.: |
55-190118 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28112DL2009PTC190118 |
|
|
|
|
TIN No.: |
08174200947 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter and Trader of Steel Fabricators for Pressure
Vessels and Tanks such as Transformer Tanks, Heat Exchangers, Power Plant
Machinery, Silos, Power Turbines etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2000 |
|
|
|
|
Status : |
New Company |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively new company established itself gradually.
Trade relations are reported as fair. Business is active. Payments are unknown.
The company can be considered for business dealings with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Zaidi |
|
Designation : |
Director |
|
Contact No.: |
91-9717829922 |
|
Date : |
26.03.2012 |
LOCATIONS
|
Registered Office : |
301, Rastogi Chamber, 3rd Floor, C – 184, Madhuban, Above
PNB, Vikas Marg, |
|
Tel. No.: |
91-120-2500314 |
|
Mobile No.: |
91-9717829922 (Mr. Zaidi) |
|
Fax No.: |
91-120-2456887 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory : |
F – 1021, RICO Industrial Area, Khuskhera, Bhiwadi – 301707, |
|
Tel. No.: |
91-1493-250520/ 250584 |
|
Fax No.: |
91-1493-250520 |
|
E-Mail : |
|
|
Area : |
3000 sq.mt |
|
Location : |
Owned |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Syed Johar Hasnain Zaidi |
|
Designation : |
Director |
|
Address : |
Flat No.498, Sector – 37, Noida – 201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
17.04.1961 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
08.05.2009 |
|
PAN No.: |
AABPZ9358B |
|
DIN No.: |
02508235 |
|
|
|
|
Name : |
Mrs. Zainab Zaidi |
|
Designation : |
Director |
|
Address : |
Flat No.498, Sector – 37, Noida – 201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
12.08.193 |
|
Qualification : |
Post Graduate |
|
Date of Appointment : |
05.02.2010 |
|
PAN No.: |
AALZ7783L |
|
DIN No.: |
02935389 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Syed Johar Hasnain Zaidi |
|
100000 |
|
Gokul Prasad Sharma |
|
450000 |
|
|
|
|
|
Total |
|
550000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Directors or relatives of directors |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Trader of Steel Fabricators for Pressure
Vessels and Tanks such as Transformer Tanks, Heat Exchangers, Power Plant
Machinery, Silos, Power Turbines etc. |
|
|
|
|
Exports : |
|
|
Products : |
· Transformer Tanks · Heat Exchangers · Power Plant Machinery · Silos, Power Turbines etc. |
|
Countries : |
·
Middle East ·
Africa ·
Bangladesh |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Advance |
|
|
|
|
Purchasing : |
L/C, Advance |
GENERAL INFORMATION
|
Customers : |
End Users · Railways · BHEL · NTPC · Private Industries |
||||||||||
|
|
|
||||||||||
|
No. of Employees : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Bankers : |
· Oriental Bank of Commerce Bhiwadi, Rajasthan, India · Rajasthan Financial Corporation RIICO Chowk, Bhiwadi – 301019, Rajasthan, India |
||||||||||
|
|
|
||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dublish and Associates Chartered Accountant |
|
Address : |
D-88, Sector -30, Noida – 201303, Uttar Pradesh, India |
|
Tel No.: |
91-120-4318295/ 296/ 2456823/ 484/ 6485499/ 6065 |
|
Mobile No.: |
91-9810232402 |
|
Email : |
|
|
PAN No.: |
ACQPD7461C |
CAPITAL STRUCTURE
AFTER – 30.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 Millions |
|
|
|
|
|
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000 |
Equity Shares |
Rs.10/- each |
Rs.5.500 Millions |
|
|
|
|
|
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
0.100 |
|
|
2] Share Application Money |
|
|
0.400 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
5.605 |
|
|
TOTAL BORROWING |
|
|
5.605 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6.105 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4.943 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
0.000 |
|
|
Sundry Debtors |
|
|
0.000 |
|
|
Cash & Bank Balances |
|
|
0.929 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
0.098 |
|
Total
Current Assets |
|
|
1.027 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
0.075 |
|
|
Other Current Liabilities |
|
|
0.014 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
0.089 |
|
|
Net Current Assets |
|
|
0.938 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.224 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6.105 |
|
PROFIT & LOSS
ACCOUNT
|
Particulars |
|
31.03.2012 |
31.03.2011 |
|
Sales Turnover (Approximately) |
|
60.000 |
40.000 |
|
|
|
|
|
The above information has been parted by Mr. Zaidi.
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2010 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
11.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
11.54 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
No |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
No |
|
Reasons for variation <> 20% |
----- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
No |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
----- |
|
Litigations that the firm/ Promoters Involved in |
----- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
----- |
|
Buyer visit details |
----- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
No |
|
Major Shareholders, if available |
Yes |
FORM 8:
|
Corporate
identity number of the company |
U28112DL2009PTC190118 |
|
Name of the
company |
DESTINY
ENGINEERING PRIVATE LIMITED |
|
Address of the registered
office or of the principal place of
business in |
301, Rastogi
Chamber, 3rd Floor, C-184, Madhuban, Above PNB, Vikas Marg, Delhi – 110092,
India |
|
This form is for |
Creation of
charge |
|
Type of charge |
Immovable
Property Movable Property |
|
Particular of
charge holder |
· Rajasthan Financial Corporation RIICO Chowk, Bhiwadi – 301019, Rajasthan, India |
|
Nature of
description of the instrument creating or modifying the charge |
1. Loan Agreement
dated 03.02.2012 executed between Rajasthan Financial Corporation and the
company. |
|
Date of
instrument Creating the charge |
03/02/2012 |
|
Amount secured by
the charge |
Rs.4.100 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interest is
13.50% p.a. payable in quarterly installments. The Interest shall be
compounded quarterly. Terms of
Repayment 1. The Term Loan
shall be repayable in 7 years including the moratorium period not exceeding
12 months. The first installment shall fall due on first day of the month of
June, 2013 (01.06.2013). 2. The company
shall repay loan in 24 equated quarterly installments (EQI) of Rs.2,52,000/-
each against Principal and Interest. Margin 1. Proposed
Building (to be constructed) - 30% 2. Proposed Plant
and Machinery (to be acquired) - 30% Extent and
Operation of the charge RFC has already
granted a term loan of Rs.10.000 Millions against charge of immovable
properties, movable properties and book debts. The charge has been duly
registered before MCA vide Charge ID - 10274916 dated 21.03.2011 in favour of
RFC. It is further granting a term loan of Rs.4.100 Millions against further
mortgage of immovable properties and further hypothecation of movable
properties. Others As per Loan
Agreement. |
|
Short particulars
of the property charged |
By a further
Equitable mortgage by deposit of title documents of the land, building and
hypothecation of P and M situated at Plot No.F-1021, RIICO Industrial Area,
Khuskhera, District Alwar (Rajasthan) By a further
hypothecation in usual form of corporation of Borrowers existing Plant and
Machinery and movable property situated at Plot No.F-1021, RIICO Industrial
Area, Khuskhera, District Alwar (Rajasthan) |
FIXED ASSETS:
· Building Under Construction
· Land
· Office Equipment
· Plant and Machinery
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 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.51.20 |
|
|
1 |
Rs.81.50 |
|
Euro |
1 |
Rs.67.15 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
2 |
|
--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 |
|
26 |
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.