MIRA INFORM REPORT
|
Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DSP DESIGN ASSOCIATES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, Devchand House, Shiv Sagar Estate, Dr. Annie
Besant Road, Opposite Nehru Centre, Worli, Mumbai-400018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
05.05.1999 |
|
|
|
|
Com. Reg. No.: |
11-119731 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.0.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74210MH1999PTC119731 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Service Provider of Interior and Architect Designing Services. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 440000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. The financial
position of the company appears to be sound and healthy. The operations are
carried out well. The profitability of the company appears good. Trade relations are reported as trustworthy. Business is active.
Payment terms are regular and as per commitments. The company can be considered good 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Samit |
|
Designation : |
Head in Accounts |
|
Contact No.: |
91-22-49151800 |
|
Date : |
12.12.2012 |
LOCATIONS
|
Registered Office : |
6th Floor, Devchand House, Shiv Sagar Estate, Dr. Annie Besant
Road, Opposite Nehru Centre, Worli, Mumbai-400018, Maharashtra, India |
|
Tel. No.: |
91-22-49151800 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Bangalore: 580, 1st Stage, Indira Nagar, Bangalore-560038, Karnataka,
India Tel No.: 91-80-25282339 Fax No.: 91-80-25282406 New Delhi: # 603, Times Tower, M.G. Road, Gurgaon-122002, Haryana, India Tel No.: 91-124-4221417 Fax No.: 91-124-4221416 Pune: 60, Anand Park, Lane # 2, Aundh, Pune-411007, Maharashtra, India Tel No.: 91-20-25897001 Fax No.: 91-20-25897003 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Yatin Amritlal Patel |
|
Designation : |
Director |
|
Address : |
104-A-Miramar, 3-Nepeamsea – Road, Mumbai – 400 036, |
|
Date of Birth/Age : |
13.06.1965 |
|
Date of Appointment : |
15.05.1999 |
|
Din No.: |
00930284 |
|
|
|
|
Name : |
Mr. Mehul Kantilal Shah |
|
Designation : |
Director |
|
Address : |
35-Tejal Palli Hill Bandra (West), Mumbai, |
|
Date of Birth/Age : |
18.11.1965 |
|
Date of Appointment : |
15.05.1999 |
|
Din No.: |
00930184 |
|
|
|
|
Name : |
Mr. Bimal Gunuantray Desai |
|
Designation : |
Director |
|
Address : |
49-5 Popular Villa, 2nd Floor, |
|
Date of Birth/Age : |
11.01.1968 |
|
Date of Appointment : |
15.05.1999 |
|
Din No.: |
00930315 |
KEY EXECUTIVES
|
Name : |
Mr. Samit |
|
Designation : |
Head in Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
Yatin Amritlal Patel |
|
8000 |
|
Mehul Kantilal Shah |
|
6000 |
|
Bimal Gunuantray Desai |
|
6000 |
|
|
|
|
|
TOTAL
|
|
20000 |
AS ON 30.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider of Interior and Architect Designing Services. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
Citi Bank N.A., Trent House, 2nd Floor, G Block, Plot No. C-60,
Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
J.K. Sachde and Company Chartered Accountants |
|
Address : |
B-1/602, High Land Park, B CHS Limited, Shastri Nagar, Mulund (West),
Mumbai-400082, Maharashtra, India |
|
Tel. No.: |
91-22-25900234 |
|
E-Mail : |
|
|
PAN No: |
AAFPS5735H |
|
|
|
|
Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.10/- each |
Rs.0.200 Million |
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 |
|
|
|
|
|
1] Share Capital |
0.200 |
0.200 |
0.200 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
110.824 |
71.136 |
36.985 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
111.024 |
71.336 |
37.185 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4.951 |
7.035 |
0.000 |
|
|
2] Unsecured Loans |
0.650 |
1.750 |
1.350 |
|
|
TOTAL BORROWING |
5.601 |
8.785 |
1.350 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116.625 |
80.121 |
38.535 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
8.801 |
4.034 |
3.082 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.051 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
46.662
|
36.583 |
20.708 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
3.160
|
3.079 |
3.223 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
83.582
|
92.029 |
36.244 |
|
Total
Current Assets |
133.404
|
131.691 |
60.175 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
7.399 |
|
|
Other Current Liabilities |
25.631
|
55.604 |
0.453 |
|
|
Provisions |
|
|
16.870 |
|
Total
Current Liabilities |
25.631
|
55.604 |
24.722 |
|
|
Net Current Assets |
107.773
|
76.087 |
35.453 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
116.625 |
80.121 |
38.535 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
175.087 |
122.147 |
124.709 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
124.390 |
95.087 |
96.529 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
50.697 |
27.060 |
28.180 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
11.118 |
4.601 |
16.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
39.579 |
22.459 |
11.692 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
1978.95 |
1122.97 |
584.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
22.60
|
18.39 |
9.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
35.65
|
19.94 |
44.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45
|
0.40 |
0.75 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.28
|
0.90 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.20
|
2.37 |
2.43 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS: NOT AVAILABLE
NOTE: THE FIGURES MENTIONED IN THE 2011 AND
2010 SCHEDULE DOES NOT MATCH WITH THE BALANCE SHEET FIGURES.
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
NOTE:
The registered office of the company has been shifted from 5th Floor, Rahimtoola House, 7, Homji Street, Fort, Mumbai-400001, Maharashtra, India to the present address w.e.f. 02.05.2012.
FINANCIAL RESULT:
As at the end of the year the company has
earned profit of Rs.39.579 Millions after depreciation and provision for
taxations.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U74210MH1999PTC119731 |
|
Name of the
company |
DSP DESIGN
ASSOCIATES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
6th Floor, Devchand House, Shiv Sagar Estate, Dr. Annie
Besant Road, Opposite Nehru Centre, Worli, Mumbai-400018, Maharashtra,
India |
|
Type of charge |
Book Debts Movable Property
[not being pledge] Floating Charge |
|
Particular of
charge holder |
Citi Bank N.A., Trent House, 2nd Floor, G Block, Plot No. C-60,
Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
Goods Security
Agreement. |
|
Date of
instrument Creating the charge |
02.11.2011 |
|
Amount secured by
the charge |
Rs.48.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest on principal
amount of the aforesaid fund based facilities advanced and outstanding form
time to time @ 15.75% p.a. (exclusive of applicable interest tax). Terms of Repayment On demand. Margin As may be
stipulated by the Bank from time to time. Extent and Operation of the charge Hypothecation by
way of First charge on Assets of the Borrower, shall remain as security to
the Bank for the due repayment by the Quick Infrastructure and Developers Pvt
Ltd and DSP Design Associates Pvt Ltd (the Borrowers and Guarantors) to the
Bank together with interest, costs, charges and expenses and other monies
payable by the Borrowers/Guarantors AND also for due payment and discharge of
all indebtedness/liability of the Borrowers/Guarantors to the Bank. Others The
Borrowers/Guarantors expressly recognises and accepts that the Bank shall be
absolutely entitled and have full power/authority to sell, assign or transfer
in any manner and on such terms as the Bank may decide any or all outstanding
dues of the Borrowers/Guarantors to any third party of the Bank's choice
without any further reference or intimation to the Borrowers/Guarantors. |
|
Short particulars
of the property charged |
The whole of the
Company's movable assets, including Stocks of raw materials, goods in process of manufacture,
semi-finished goods and all finished and manufactured goods All of the
Company's present and future book debts, outstanding Monies, receivables,
claims, bills, investments, rights to or on moveable properties and |
FIXED ASSETS:
- Computer
- Office
Equipment
- Motor Car
- Air
Conditioner
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.54.27 |
|
|
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
55 |
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.