MIRA
INFORM REPORT
|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
DOOSAN POWER SYSTEMS INDIA PRIVATE LIMITED [w.e.f 04.03.2011] |
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Formerly Known As : |
DOOSAN PROJECT INDIA PRIVATE LIMITED |
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Registered Office : |
17/53, 201, Arya Complex, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
30.12.1996 |
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Com. Reg. No.: |
55-155023 |
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Capital Investment / Paid-up Capital : |
Rs.23.213 Millions |
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CIN No.: [Company
Identification No.] |
U74210DL1996PTC155023 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
The Company is engaged in the business of designing building, installation
and maintaining engineering plants with specialization in thermal and coal
power plants. |
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No. of Employees : |
Information declined by the management. |
RATING & COMMENTS
|
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 2200000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Ms. Lee Teri |
|
Designation : |
Senior Manager in Finance |
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Contact No.: |
91-88-26134888 |
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Date : |
16.04.2012 |
LOCATIONS
|
Registered Office : |
17/53, 201, Arya Complex, Mall Road, Tilak Nagar, Delhi - 110018,
India |
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Tel No.: |
91-124-4398200 |
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Fax No.: |
91-124-4147006 |
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E-Mail : |
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Branch: |
2A, 2nd Floor, |
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Tel. No.: |
91-11-41328031 – 3 |
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Fax No.: |
91-11-41328039 |
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Corporate Office: |
322, 2nd Floor, Building No. 3, Solitaire Corporate Park,
Chakala, Andheri Kurla Road, Andheri (East), Mumbai 400090, Maharashtra,
India |
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Tel. No.: |
91-22-40970500 / 61770500 |
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Fax No.: |
91-22-40970599 |
DIRECTORS
As on 25.11.2011
|
Name : |
Mr. Jong Ki Lee |
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Designation : |
Director |
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Address : |
B-01/601, 6th Floor, Block – B, Sahara Grace Apartment, M.
G. Road, Sector-28, Chakkarpur,
Gurgaon, Haryana, India |
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Date of Appointment : |
03.11.2010 |
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DIN No.: |
03298750 |
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Name : |
Mr. Chae Su Cheol |
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Designation : |
Diorector |
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Address : |
301 – 204, Olympic Apartment, 89, Bangyi Dong, Songpa – Ku, Seol –
138160. |
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Date of Appointment : |
24.08.2007 |
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DIN No.: |
01635606 |
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Name : |
Mr. Ja Yong Ku |
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Designation : |
Director |
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Address : |
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Date of Appointment : |
16.10.2007 |
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DIN No.: |
01842495 |
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Name : |
Mr. Kidae Lee |
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Designation : |
Director |
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Address : |
Flat No. 801, 8th Floor, Eban Ezer, 50, |
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Date of Appointment : |
01.10.2009 |
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DIN No.: |
02832652 |
KEY EXECUTIVES
|
Name : |
Ms. Lee Teri |
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Designation : |
Senior Manager in Finance |
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Name : |
Mr. Anil Kumar Sinha |
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Designation : |
Secretary |
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Address : |
B-75A, Shiv Park, Khanpur, New Delhi – 110074, India |
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Date of Appointment : |
22.02.2011 |
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PAN No.: |
AOHPS6406B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.11.2011
|
Names of Shareholders |
No. of Shares |
|
Doosan Heavy Industries and Construction Company Limited, Korea |
205285 |
|
Doosan Power Systems Overseas Investment Limited, UK |
26846 |
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Total |
232131 |
Equity Share Capital Breakup
As on 25.11.2011
|
Category |
Percentage |
|
Foreign holdings (Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Oversease corporate bodies or Others) |
100% |
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Total |
100% |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of designing building,
installation and maintaining engineering plants with specialization in
thermal and coal power plants. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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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 : |
B S R and Company Chartered Accountants |
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Holding Company : |
·
Doosan Heavy Industries and Construction Company
Limited |
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Ultimate Holding Company : |
·
Doosan Corporation, South Korea |
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Fellow
Subsidiaries : |
·
Doosan Power Systems Overseas Investments
Limited, UK ·
Doosan Power Systems Limited, UK ·
Doosan Power Systems Americas Limited ·
Doosan Engineering and Service LLC, USA ·
Doosan Chennai Works Private limited, India |
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CAPITAL STRUCTURE
As
on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6551500 |
Equity Shares |
Rs. 100/- each |
Rs.655.150 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
232131 |
Equity Shares |
Rs. 100/-
each |
Rs.23.213
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
23.213 |
11.700 |
11.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
519.361 |
164.882 |
60.895 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
542.574 |
176.582 |
72.595 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
13.412 |
0.000 |
0.000 |
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TOTAL BORROWING |
13.412 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
555.986 |
176.582 |
72.595 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
69.585 |
18.476 |
10.769 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.028 |
0.001 |
0.001 |
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DEFERREX TAX ASSETS |
36.431 |
0.106 |
0.108 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000
|
0.000
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Sundry Debtors |
605.726
|
334.262
|
389.082
|
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Cash & Bank Balances |
1620.393
|
332.631
|
456.030
|
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Other Current Assets |
282.993
|
10.140
|
0.000
|
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Loans & Advances |
5798.528
|
479.166
|
245.119
|
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Total
Current Assets |
8307.640
|
1156.199
|
1090.231
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
7758.377
|
957.345
|
937.950
|
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Current Liabilities |
61.228
|
10.965
|
54.830
|
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Provisions |
38.093
|
29.890
|
35.734
|
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Total
Current Liabilities |
7857.698
|
998.200
|
1028.514
|
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Net Current Assets |
449.942
|
157.999
|
61.717
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
555.986 |
176.582 |
72.595 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Sales and Services |
3183.295 |
1650.350 |
1314.834 |
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Other Income |
111.492 |
30.786 |
14.796 |
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TOTAL (A) |
3294.787 |
1681.136 |
1329.630 |
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Less |
EXPENSES |
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Office Expenses |
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Administrative Expenses |
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Advertising Expenses |
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TOTAL (B) |
2865.872 |
1514.890 |
1244.178 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
428.915 |
166.246 |
85.452 |
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Less |
FINANCIAL
EXPENSES (D) |
157.507 |
0.376 |
4.770 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
271.408 |
166.622 |
80.682 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
56.542 |
2.931 |
2.222 |
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PROFIT BEFORE
TAX (E-F) (G) |
214.866 |
162.939 |
78.460 |
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Less |
TAX (H) |
104.077 |
58.952 |
27.672 |
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PROFIT AFTER TAX
(G-H) (I) |
110.789 |
103.987 |
50.788 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
164.882 |
60.895 |
10.107 |
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BALANCE CARRIED
TO THE B/S |
275.671 |
164.882 |
60.895 |
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EARNINGS IN
FOREIGN CURRENCY |
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Service Income -
DBE and S Gurgaon unit -
DBE and S Chennai unit -
DBEI |
169.274 111.350 0.507 |
0.000 0.000 0.000 |
NA NA NA |
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TOTAL EARNINGS |
281.131 |
0.000 |
NA |
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IMPORTS |
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Project material |
434.397 |
0.000 |
NA |
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TOTAL IMPORTS |
434.397 |
0.000 |
NA |
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Earnings Per
Share (Rs.) |
477.000 |
889.00 |
434.00 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.36 |
6.19 |
3.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.75 |
9.87 |
5.97 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.56 |
13.87 |
7.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.92 |
1.08 |
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Debt Equity Ratio (Total Liability/Networth) |
|
14.51 |
5.65 |
14.17 |
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Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.16 |
1.06 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditor
Details:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry
Creditors |
|
|
|
|
-
Due others |
7758.377
|
957.345
|
937.950
|
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
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11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
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18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
NOTE:
The registered office of the company has been shifted from, 2A, 2nd
Floor, Lotus Towers, New Friends Colony, New Delhi 110065, India. to the
present address with effect from 01.04.2010.
REVIEW OF
OPERATIONS:
The Current Year
Figures are not comparable with previous year on account of Scheme of Amalgmation.
Previous year figures exclude the amounts of transferor Companies as the Scheme
of Amalgamation is effective from 1st April, 2010, being the Appointed Date.
The figures of previous year have been regrouped, wherever necessary to conform
to the Current Years classification.
FINANCIAL INFORMATION:
During the year,
the Total income of the Company was Rs.3294.787 Millions as against Rs.
1650.350 Millions in the previous year. The Profit before tax during the year
was Rs. 214.866 Millions as against Profit of Rs. 162.939 Millions in the
previous year. The Profit after tax and adjustment was Rs. 110.789 Millions as
against Profit of Rs. 103.987 Millions in the previous year.
BACKGROUND AND
NATURE OF BUSINESS
Subject (formerly known as Doosan Projects India Private Limited) is a
subsidiary company of Doosan Heavy Industries and Construction Company Limited,
South Korea (‘DHIC’). The Company is engaged in the business of designing
building, installation and maintaining engineering plants with specialization
in thermal and coal power plants.
FIXED ASSETS:
- Computer
- Office
Equipment
- Furniture and
Fixtures
- Vehicle
- Lease
Improvement
- Structures
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.51.66 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
NO |
|
--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 |
|
45 |
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.