MIRA
INFORM REPORT
|
Report Date : |
06.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAS OFFSHORE ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
‘Sagar Uday’, Plot No.F-3, Agroli, C.B.D Belapur, Navi Mumbai-400614, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
18.12.1992 |
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Com. Reg. No.: |
11-070045 |
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Capital
Investment / Paid-up Capital : |
Rs. 20.000 Millions |
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CIN No.: [Company Identification
No.] |
U74210MH1992PTC070045 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD07104G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is providing engineering and contract services. |
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No. of Employees
: |
Information not given by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2900000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track.
General financial position of the company is good. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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. Rachana |
|
Designation : |
Accounts Department |
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Contact No.: |
91-22-67606760 |
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Date : |
04.06.2012 |
LOCATIONS
|
Registered Office : |
‘Sagar Uday’, Plot No.F-3, Agroli, C.B.D Belapur, Navi Mumbai-400614,
Maharashtra, India |
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Tel. No.: |
91-22-67606760 / 27573790 / 27573791 |
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Fax No.: |
91-22-27570795 / 27578220 |
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E-Mail : |
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Website : |
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Workshop : |
D-377, D-382, D-389, TTC MIDC, Near Indian Oil Blending Plant,
Kuksheth Village, Navi Mumbai-400706, Maharashtra, India |
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Tel. No.: |
91-22-65168270 / 651405697 |
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Fax No.: |
91-22-27684745 / 27684752 |
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Branch Office : |
Das Cold Storage, Opposite Vasant Dada Milk Centre, Mani Rajori Road,
Vasumbe, Tasgaon, District Sangli-416312, Maharashtra, India |
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Tel. No.: |
91-2346-250135 |
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Fax No.: |
91-2346-250312 |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Datta Dagadu Khade |
|
Designation : |
Managing Director |
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Address : |
C-6/1/0:2, Sector 5, CBD Belapur, Navi Mumbai-400614, Maharashtra,
India |
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Date of Birth/Age : |
01.08.1950 |
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Date of Appointment : |
06.06.1994 |
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DIN No.: |
00430783 |
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Name : |
Mr. Ashok Dagadu Khade |
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Designation : |
Whole Time Director |
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Address : |
C-6/1/0:1, Sector 5, CBD Belapur, Navi Mumbai-400614, Maharashtra,
India |
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Date of Birth/Age : |
01.06.1955 |
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Date of Appointment : |
18.12.1992 |
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DIN No.: |
00431082 |
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Name : |
Mr. Nishant Datta Khade |
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Designation : |
Whole time Director |
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Address : |
C-6/1/0:2, Sector 5, CBD Belapur, Navi Mumbai-400614, Maharashtra,
India |
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Date of Birth/Age : |
11.06.1978 |
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Date of Appointment : |
01.06.2006 |
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DIN No.: |
00431128 |
KEY EXECUTIVES
|
Name : |
Ms. Rajni Lamba |
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Designation : |
Secretary |
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Address : |
Plot No.477, 2nd Floor, Sector 4, Ghansoli, Navi Mumbai-400614,
Maharashtra, India |
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Date of Birth/Age : |
12.02.1978 |
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Date of Appointment : |
15.09.2008 |
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Pan No.: |
AFWPR8012G |
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Name : |
Ms. Rachana |
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Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
|
Ashok Dagadu Khade |
46000 |
|
Suresh Khade |
46000 |
|
Jayshree Khade |
20000 |
|
Suman Khade |
20000 |
|
Datta Khade |
68000 |
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TOTAL |
200000 |
AS ON 30.09.2011
|
Equity Shares
Break Up |
Percentage |
|
Directors or relatives of Directors |
100.00 |
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TOTAL |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is providing engineering and contract services. |
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Products : |
Offshore Works |
GENERAL INFORMATION
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No. of Employees : |
Information not given by the management |
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Bankers : |
·
Abhyudaya Co-operative Bank Limited,
Administrative Office, K. K. Tower, Abhyudaya Bank Lane, G. D. Ambekar Marg, Parel
Village, Mumbai-400012, Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution : |
Kotak Mahindra Prime Limited, 36-38B, Nariman Bhavan, 227, Nariman
Point, Mumbai-400021, Maharashtra, India |
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Auditors : |
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Name : |
J. K. Ranade and Company Chartered Accountant |
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Address : |
B-11, New Minal Co-operative Society, KArve Road, Nal Stop, Next to
Kanika Restaurant, Pune-411004, Maharashtra, India |
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Pan No.: |
AACFJ9255E |
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Associates : |
Changbhale Engineering And Services Private Limited CIN No.: -
U45102MH2006PTC158728 DAS Agrotech
Private Limited CIN No.: -
U29214PN1998PTC021364 DAS
Instrumentation Private Limited CIN No.: -
U29268MH2009PTC191862 DAS
Infrastructure Private Limited CIN No.: -
U45200MH2009PTC189731 ·
DAS Dairy and Farms Private Limited ·
DAS Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
200000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
200000 |
Equity Shares |
Rs.100/- each |
Rs. 20.000 Millions |
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NOTES:
200,000 Equity
Shares (PY: 200,000 Equity Shares) of Rs. 100 Each Fully Paid Up (out of the above
equity shares, 195,000 shares of Rs. 100 each were issued as bonus shares,
during the year 2003-04, by capitalizing Rs. 4,500,000 from general reserve and
Rs. 15,000,000 out of the balance in the profit and loss account.)
AS ON 30.09.2011
Authorised Capital : Rs. 100.000
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
20.000 |
20.000 |
20.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
722.173 |
589.685 |
270.502 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
742.173 |
609.685 |
290.502 |
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LOAN FUNDS |
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1] Secured Loans |
150.065 |
139.528 |
15.499 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
150.065 |
139.528 |
15.499 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.0000 |
0.000 |
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TOTAL |
892.238 |
749.213 |
306.001 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
169.699 |
171.443 |
98.750 |
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Capital work-in-progress |
399.025 |
313.218 |
127.395 |
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INVESTMENT |
0.500 |
0.500 |
0.500 |
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DEFERREX TAX ASSETS |
6.384 |
0.919 |
1.426 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
112.954
|
129.457 |
43.210 |
|
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Sundry Debtors |
304.520
|
348.465 |
216.297 |
|
|
Cash & Bank Balances |
133.153
|
151.538 |
45.745 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
81.920
|
130.620 |
48.601 |
|
Total
Current Assets |
632.547
|
760.080 |
353.853 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
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Sundry Creditors |
176.159 |
208.419 |
137.187 |
|
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Other Current Liabilities |
145.008
|
170.631 |
94.429 |
|
|
Provisions |
(5.250)
|
117.897 |
44.307 |
|
Total
Current Liabilities |
315.917
|
496.947 |
275.923 |
|
|
Net Current Assets |
316.630
|
263.133 |
77.930 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
892.238 |
749.213 |
306.001 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
1202.050 |
|
634.199 |
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Other Income |
76.638 |
|
NA |
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TOTAL (A) |
1278.688 |
1331.883 |
NA |
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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) |
1035.931 |
810.451 |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
242.757 |
521.432 |
202.627 |
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Less |
FINANCIAL
EXPENSES (D) |
7.367 |
3.358 |
1.877 |
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
235.390 |
518.074 |
200.750 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
29.650 |
19.958 |
12.480 |
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PROFIT BEFORE
TAX (E-F) (G) |
205.740 |
498.116 |
188.270 |
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Less |
TAX (H) |
67.590 |
176.916 |
66.338 |
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PROFIT AFTER TAX
(G-H) (I) |
138.150 |
321.200 |
121.932 |
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Less |
PRIOR YEARS
IT/FBT/W-TAX |
5.660 |
2.020 |
0.004 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
589.680 |
270.500 |
148.574 |
|
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|
|
|
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|
BALANCE CARRIED
TO THE B/S |
722.170 |
589.680 |
270.502 |
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Revenue for work done |
602.422 |
631.072 |
NA |
|
|
TOTAL EARNINGS |
602.422 |
631.072 |
NA
|
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IMPORTS |
|
|
|
|
|
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|
Stores & Spares |
5.748 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
5.748 |
0.000 |
0.000 |
|
|
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|
|
|
|
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|
Earnings Per
Share (Rs.) |
662.44 |
1595.92 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.80
|
24.12 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.12
|
NA |
29.69 |
|
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.44
|
53.42 |
41.47 |
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.82 |
0.65 |
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.63
|
1.04 |
1.00 |
|
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|
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|
Current Ratio (Current Asset/Current Liability) |
|
2.00
|
1.53 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions 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 |
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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 |
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16. Details of sister concerns |
Yes |
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17. Major suppliers |
No |
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18. Major customers |
No |
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19. Payments terms |
No |
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20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
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25. Conduct of the banking account |
------ |
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26. Buyer visit details |
------ |
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27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
Yes |
SUNDRY CREDITORS DETAILS
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors
|
|
|
|
|
Creditors due small micro enterprises
|
176.159 |
208.419 |
137.187 |
|
|
|
|
|
|
TOTAL |
176.159 |
208.419 |
137.187 |
FINANCIAL PERFORMANCE
Gross Turnover
(after adjustment of variation in WIP) for the year was Rs. 1188.120 Millions, as
against Rs. 1317.666 Millions for the previous year. Gross profit for the year
was Rs. 205.740 Millions as against Rs. 498.116 Millions in the previous year.
After providing for depreciation, interest, taxes and prior period expenses,
the net profit earned by the Company has been arrived at as Rs. 138.150
Millions, as against the net profit of Rs. 321.200 Millions in the previous
year.
CONTINGENT LIABILITIES AS AT THE CLOSE OF THE YEAR
ARE IN RESPECT OF: (AS ON 31.03.2011)
(i)
Counter guarantees issued to the Company’s bankers,
against outstanding bank guarantees: Rs. 125.413 Millions (Previous Year: Rs.
119.567 Millions).
(ii)
Claims against the Company not acknowledged as
debts : Rs. NIL (Previous Year : Rs. NIL)
(iii)
An Amount of Rs.1.870 Millions has been withheld by
a customer owing to contractual dispute by way of invoking a bank guarantee.
Since the Company is confident of resolving the dispute and recovering the
amount, no provision has been made towards the same.
FORM 8
|
Corporate
identity number of the company |
U74210MH1992PTC070045 |
|
Name of the
company |
DAS OFFSHORE
ENGINEERING PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
‘Sagar Uday’, Plot No.F-3, Agroli, C.B.D Belapur, Navi Mumbai-400614, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
90150237 |
|
Type of charge |
Book debts Movable property
(not being pledge) |
|
Particular of
charge holder |
Abhyudaya Co-operative Bank Limited, Administrative Office, K. K.
Tower, Abhyudaya Bank Lane, G. D. Ambekar Marg, Parel Village, Mumbai-400012,
Maharashtra, India |
|
Nature of instrument
creating charge |
Hypothecation of
Stock and Book-Debts Agreement |
|
Date of
instrument Creating the charge |
18.01.2012 |
|
Amount secured by
the charge |
Rs. 150.000
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest Rate of Interest
: @ 12.50% p. a. with monthly rests or at such other rate as my be decided by
the Bank, from time to time. Margin Margin : 25% Extent and operation of the charge To secure due
repayment of Cash Credit Facility of Rs.150.000 Millions (enhanced from
Rs.65.000 Millions), together with all principal monies, interest, all costs,
charges and expenses and other monies thereon, granted by the Bank to the
company. |
|
Short particulars
of the property charged (Including location of the property) |
All, present and
future, Stock/Goods such as full gas cylinders-oxygen, D.A, argon, nitrogen,
LPG welding and Misc. Items etc., as
more particularly described in Sch to the said Agreement All, present and
future, Book-Debts of the company. |
|
Date of
instrument modifying the charge |
28.02.2009 |
|
Particulars of
the present modification |
This charge over Stock
and Book-Debts shall now also hold good to secure the due repayment of
additional Cash Credit Facility of Rs.85.000 Millions, granted to the
Company. Hence, the aggregate Cash Credit facility, secured by charge, has
been enhanced from Rs.65.000 Millions to Rs.150.000 Millions, Therefore, the
overall charge now stands at Rs.150.000 Millions. |
FIXED ASSETS
·
Land
·
Office Plot
·
Building
·
Factory Sheds
·
Electrical Installation
·
Machinery
·
Computers
·
Office Equipments
·
Vehicles
·
Furniture and Fittings
·
Green House Building
·
Green House 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 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. 55.56 |
|
|
1 |
Rs. 85.51 |
|
Euro |
1 |
Rs. 69.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.