|
Report Date : |
27.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
DEECO MECHATRON MARKETING PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
96, Maker Chambers III, 223, 9th Floor, Nariman Point, Mumbai – 400021,
Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of Incorporation
: |
27.03.1991 |
|
|
|
|
Com. Reg. No.: |
11-060970 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51500MH1991PTC060970 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUMD04141E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Textiles Machinery and Parts. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a satisfactory track record.
Trade relations are reported as fair. Business is active. Payment terms are reported
to be usually correct and as per commitment. The company can be considered 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, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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.
LOCATIONS
|
Registered Office : |
96, Maker Chambers III, 223, 9th Floor, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22826148 / 22844080 / 22838602 |
|
Fax No : |
91-22-22044033 |
|
E-Mail : |
|
|
Website (Group) : |
|
|
|
|
|
Branch Office : |
Located at :
|
|
Manufacturing Plant : |
Located at:
|
DIRECTORS
AS ON 27.09.20112
|
Name : |
Mr. Minoo Dhunjisha Daver |
|
Designation : |
Chairman |
|
Address : |
191, Mont Blanc, Dadyseth Hill, August Kranti Marg, Mumbai – 400036, Maharashtra,
India |
|
Date of Birth/Age : |
29.10.1937 |
|
Date of Appointment : |
16.01.2012 |
|
DIN No.: |
00024709 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U29130MH1963PTC012742 |
INDUSTRIAL
JEWELS PRIVATE LIMITED |
Director |
10/01/1978 |
10/01/1978 |
30/09/2009 |
Active |
NO |
|
2 |
U29260MH1963PTC012654 |
EXEMPLAR
ENGINEERING PRIVATE LIMITED |
Director |
03/08/1981 |
03/08/1981 |
- |
Active |
NO |
|
3 |
U67120MH1976PTC018959 |
DAVER
INVESTMENTS PRIVATE LIMITED |
Managing
director |
23/08/1982 |
23/08/1982 |
- |
Active |
NO |
|
4 |
U74999MH1989PTC051721 |
DEECO
TECHNICAL SERVICES PRIVATE LIMITED |
Director |
16/01/2012 |
15/05/1989 |
- |
Active |
NO |
|
5 |
U51500MH1991PTC060970 |
DEECO
MECHATRON MARKETING PRIVATE LIMITED |
Director |
16/01/2012 |
27/03/1991 |
- |
Active |
NO |
|
6 |
U29260MH1996PTC104710 |
ENS
SPINDLE MANUFACTURING PRIVATE LIMITED |
Director |
26/12/1996 |
26/12/1996 |
- |
Active |
NO |
|
7 |
L26914MH1987PLC042283 |
ACRYSIL
LIMITED |
Director |
31/01/2000 |
31/01/2000 |
- |
Active |
NO |
|
8 |
U31300MH1952PTC008856 |
NATIONAL
WIRE HEALD WORKS PRIVATE LIMITED |
Director |
22/08/2000 |
22/08/2000 |
- |
Active |
NO |
|
9 |
U99999MH1987PTC045340 |
DEECO
INDUSTRIAL SUPPLIES PVT LTD |
Managing
director |
01/12/2002 |
01/12/2002 |
- |
Active |
NO |
|
Name : |
Mr. Purushottam Ganesh Gokhale |
|
Designation : |
Managing Director |
|
Address : |
39/11, 2nd Floor, East Patel Nagar, New delhi-110008, India |
|
Date of Birth/Age : |
21.08.1956 |
|
Date of Appointment : |
16.01.2012 |
|
DIN No.: |
00061901 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U74999MH1989PTC051721 |
DEECO
TECHNICAL SERVICES PRIVATE LIMITED |
Managing
director |
16/01/2012 |
31/07/2000 |
- |
Active |
NO |
|
2 |
U51500MH1991PTC060970 |
DEECO
MECHATRON MARKETING PRIVATE LIMITED |
Managing
director |
16/01/2012 |
01/11/2002 |
- |
Active |
NO |
|
Name : |
Mr. Hosie Mohamedbhoy Hoodein |
|
Designation : |
Director |
|
Address : |
151, Dial Mahal, Dalamal Park, Cuffe Parade, Mumbai – 400005,
Maharashtra, India |
|
Date of Birth/Age : |
14.04.1943 |
|
Date of Appointment : |
27.03.1991 |
|
DIN No.: |
00152292 |
Other Directorship:
|
S.No. |
CIN/LLPIN |
Name
of the Company/ LLP |
Current
designation of the Director/ Designated Partner |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company/
LLP Status |
Defaulting
status |
|
1 |
U31300MH1952PTC008856 |
NATIONAL
WIRE HEALD WORKS PRIVATE LIMITED |
Director |
01/02/1978 |
01/02/1978 |
- |
Active |
NO |
|
2 |
U29260MH1963PTC012654 |
EXEMPLAR
ENGINEERING PRIVATE LIMITED |
Director |
01/04/1978 |
01/04/1978 |
- |
Active |
NO |
|
3 |
U99999MH1987PTC045340 |
DEECO
INDUSTRIAL SUPPLIES PVT LTD |
Director |
18/11/1987 |
18/11/1987 |
- |
Active |
NO |
|
4 |
U74999MH1989PTC051721 |
DEECO
TECHNICAL SERVICES PRIVATE LIMITED |
Director |
15/05/1989 |
15/05/1989 |
- |
Active |
NO |
|
5 |
U51500MH1991PTC060970 |
DEECO
MECHATRON MARKETING PRIVATE LIMITED |
Director |
27/03/1991 |
27/03/1991 |
- |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2012
|
Names of Shareholders |
No. of Shares |
|
Daver Dhunjisha Minoo |
01 |
|
Hoosein Moiz Zafar |
01 |
|
Hoosein Mohamedbhoy Hosie |
01 |
|
Deeco Industrial Supplies Private Limited, India |
1001 |
|
|
|
|
TOTAL
|
1004 |
AS ON 27.09.2012
|
Equity Shares
Break Up |
Percentage of
Holding |
|
Bodies corporate |
99.70 |
|
Directors or relatives of Directors |
0.30 |
|
TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Textiles Machinery and Parts. |
GENERAL INFORMATION
|
No. of Employees : |
Not Availble |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Contractor Nayak and Kishnadwala Chartered Accountant |
|
Address : |
Jash Chamber, 3rd Floor, 7, Sir P. M. Road, Fort, Mumbai –
400001, Maharashtra, India |
|
Tel. No.: |
91-22-6623 0600 / 6635 9681 |
|
Fax No.: |
91-22-2261-5814 |
|
PAN No.: |
AACFC8587E |
|
|
|
|
Holding Company : |
Deeco Industrial Supplies Private Limited |
|
|
|
|
Associates Concern : |
Daver and Company |
|
|
|
|
Associates Company : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.100/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1004 |
Equity Shares |
Rs.100/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
0.100 |
0.100 |
0.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
78.907 |
64.534 |
49.471 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
79.007 |
64.634 |
49.571 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.098 |
0.901 |
0.999 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.098 |
0.901 |
0.999 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
79.105 |
65.535 |
50.570 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.669 |
4.713 |
5.064 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
35.198 |
16.387 |
11.588 |
|
|
DEFERREX TAX ASSETS |
1.074 |
1.086 |
0.863 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
7.080
|
14.564 |
9.953 |
|
|
Cash & Bank Balances |
35.718
|
37.656 |
29.417 |
|
|
Other Current Assets |
0.073
|
0.001 |
0.000 |
|
|
Loans & Advances |
4.381
|
3.908 |
14.303 |
|
Total
Current Assets |
47.252
|
56.129 |
53.673 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
2.001 |
2.546 |
|
|
Other Current Liabilities |
1.281
|
1.820 |
0.864 |
|
|
Provisions |
7.807
|
8.959 |
17.208 |
|
Total
Current Liabilities |
9.088
|
12.780 |
20.618 |
|
|
Net Current Assets |
38.164
|
43.349 |
33.055 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
79.105 |
65.535 |
50.570 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
21.771 |
23.001 |
15.829 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
54.720 |
46.522 |
32.570 |
|
|
TOTAL EARNINGS |
54.720 |
46.522 |
32.570 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.99
|
29.78 |
22.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.35 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.11
|
0.20 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.20
|
4.39 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
No |
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
No |
|
24] |
Banking facility details |
No |
|
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 |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
FIXED ASSETS
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 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.54.85 |
|
|
1 |
Rs.88.55 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
46 |
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.