Preliminary Report
|
Report Date : |
30.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
DANIELI INDIA LIMITED |
|
|
|
|
Formerly Known As : |
DANIELI ENGINEERING INDIA LIMITED GA DANIELI INDIA LIMITED |
|
|
|
|
Registered Office : |
Technopolis, 5th Floor, B-Wing, Plot No.4, Block BP,
Sector-V, Saltlake, Kolkata-700091, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2009 |
|
|
|
|
Date of Incorporation : |
31.10.1996 |
|
|
|
|
Com. Reg. No.: |
21-081880 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U29130WB1996PLC081880 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALG01898B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCG5359E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Manufacturer of Steel Melting, Retaining, Casting and Rolling Plant
and Equipment. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2245000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The company
had recorded some accumulated losses in the previous years, however with some
improvement in the financial position it has been successful in wiping off
those losses. Trade relations are reported as fair. Business is active.
Payments are reported to be slow. 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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Technopolis, 5th Floor, B-Wing, Plot No.4, Block BP,
Sector-V, Saltlake, Kolkata-700091, West |
|
Tel. No.: |
91-33-39847777 |
|
Fax No.: |
91-33-39847501 |
|
E-Mail : |
DIRECTORS
AS ON 16.12.2009
|
Name : |
Mr. Damir Mezulic |
|
Designation : |
Managing Director |
|
Address : |
Viadel Monte 1 33038, |
|
Date of Birth/Age : |
30.04.1955 |
|
Date of Appointment : |
10.03.2005 |
|
|
|
|
Name : |
Mr. Bikramjit Ghosh |
|
Designation : |
Whole Time Director |
|
Address : |
|
|
Date of Birth/Age : |
31.07.1959 |
|
Date of Appointment : |
10.03.2005 |
|
|
|
|
Name : |
Mr. Shyamanta Bardoloi |
|
Designation : |
Managing Director |
|
Address : |
11WC, Msnikaran 3B, |
|
Date of Birth/Age : |
30.08.1948 |
|
Date of Appointment : |
19.07.2005 |
|
|
|
|
Name : |
Mr. Stefan Thomas Schwaab |
|
Designation : |
Chairman |
|
Address : |
Via Morpurgo No.1, Butrio-33042, |
|
Date of Birth/Age : |
27.10.1964 |
|
Date of Appointment : |
23.06.2009 |
|
|
|
|
Name : |
Mr. Todisco Antonio |
|
Designation : |
Director |
|
Address : |
Via Dei, Platani No.96, Pagnacco-33010, |
|
Date of Birth/Age : |
13.05.1959 |
|
Date of Appointment : |
19.07.2008 |
|
|
|
|
Name : |
Mr. Luca Ferraresi |
|
Designation : |
Chairman |
|
Address : |
Via Podgors 25H33100, |
|
Date of Birth/Age : |
23.05.1955 |
|
Date of Appointment : |
25.05.2006 |
|
|
|
|
Name : |
Mr. Tommaso Serrano |
|
Designation : |
Director |
|
Address : |
39 Sute 6th Floor, 191 55 Sukhumvits 149, Klongtan,
Wattana, Bangkok-10110, |
|
Date of Birth/Age : |
02.09.1977 |
|
Date of Appointment : |
29.09.2008 |
KEY EXECUTIVES
|
Name : |
Mr. Sandip Sarkar |
|
Designation : |
Company Secretary |
|
Address : |
|
|
Date of Birth/Age : |
03.07.1974 |
|
Date of Appointment : |
19.07.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 16.12.2009
|
Names of Shareholders |
|
No. of Shares |
|
Bikramjit Ghosh |
|
1 |
|
Shivaji Chakravorty |
|
1 |
|
Shyamanta Bardoloi |
|
1 |
|
Industrielle Beteiligung S.A., |
|
52690289 |
|
Nilotpal Kundu |
|
1 |
|
Sandip Sarkar |
|
1 |
|
Subrata Paul |
|
1 |
|
|
|
|
|
Total |
|
52690295 |
(AS ON 16.12.2009)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.99 |
|
Other |
|
0.01 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Melting, Retaining, Casting and Rolling Plant
and Equipment. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 30.06.2008)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Furnace-Melting |
Nos. |
28 |
42 |
5.17 |
|
Furnace-Head Treatment |
Nos. |
20 |
40 |
-- |
|
Furnace-Induction Heating |
Nos. |
18 |
22 |
-- |
|
|
Nos. |
18 |
22 |
-- |
|
Other Equipment |
Nos. |
-- |
-- |
5.89 |
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Plot No.Y-14, Block-EP, Sector-V, |
|
|
|
|
Holding Company
: |
Industrielli Beteilligung SA |
|
|
|
|
Ultimate Holding
Company: |
Danieli and C Officine Meccaniche, S.p.A |
|
|
|
|
Fellow Subsidiary : |
|
CAPITAL STRUCTURE
AS ON 16.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
65000000 |
Equity Share |
Rs.10/- Each |
Rs.650.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
52690295 |
Equity Share |
Rs.10/- Each |
Rs.526.903
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
526.903 |
256.095 |
256.095 |
|
|
2] Share Application Money |
0.000 |
33.175 |
0.000 |
|
|
3] Reserves & Surplus |
34.568 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
(45.448) |
(80.133) |
|
|
NETWORTH |
561.471 |
243.822 |
175.962 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
259.696 |
0.000 |
80.880 |
|
|
2] Unsecured Loans |
75.000 |
90.000 |
154.961 |
|
|
TOTAL BORROWING |
334.696 |
90.000 |
235.841 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
896.167 |
333.822 |
411.803 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
382.817 |
170.683 |
24.912 |
|
|
Capital work-in-progress |
4.626 |
24.198 |
128.666 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.000 |
5.000 |
5.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
79.047
|
52.404 |
39.139 |
|
|
Sundry Debtors |
1823.721
|
787.533 |
735.092 |
|
|
Cash & Bank Balances |
57.566
|
234.226 |
39.714 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
261.398
|
223.339 |
250.288 |
|
Total
Current Assets |
2221.732
|
1297.502 |
1064.233 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1073.937
|
339.824 |
434.768 |
|
|
Other Current Liabilities |
583.997
|
768.342 |
352.314 |
|
|
Provisions |
60.074
|
55.395 |
23.926 |
|
Total
Current Liabilities |
1718.008
|
1163.561 |
811.008 |
|
|
Net Current Assets |
503.724
|
133.941 |
253.225 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
896.167 |
333.822 |
411.803 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
1316.789 |
958.901 |
|
|
|
Other Income |
|
11.758 |
10.170 |
|
|
|
TOTAL (A) |
NA |
1328.547 |
969.071 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials and Subject-contractor Charges |
|
886.701 |
875.032 |
|
|
|
Employee Cost |
|
105.290 |
72.875 |
|
|
|
Other Manufacturing, Administrative and Selling Overheads |
|
263.018 |
129.587 |
|
|
|
TOTAL (B) |
NA |
1255.009 |
1077.494 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
127.270 |
73.538 |
(108.423) |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
20.405 |
16.003 |
16.982 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
106.865 |
57.535 |
(125.405) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
23.303 |
13.337 |
2.672 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
83.562 |
44.198 |
(128.077) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3.546 |
|
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
80.016 |
35.152 |
(129.713) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(45.448) |
(80.600) |
49.580 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
34.568 |
(45.448) |
(80.133) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
163.831 |
147.798 |
|
|
|
Income from Services |
|
169.447 |
111.050 |
|
|
|
Interest |
|
0.009 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
333.287 |
258.848 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
55.132 |
55.439 |
|
|
|
Capital Goods |
|
0.174 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
55.306 |
55.439 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.52 |
1.37 |
(11.36) |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2009 |
30.06.2008 |
30.06.2007 |
|
PAT / Total Income |
(%) |
NA |
2.65 |
(13.39) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA |
3.36 |
(13.36) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.21 |
3.01 |
(11.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.18 |
(0.73) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.66 |
5.14 |
5.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.12 |
1.31 |
LOCAL AGENCY FURTHER INFORMATION
NOTE
Registered Office
of the company has been shifted from New Furnace Building 1,
Bankers Charges Report as per Registry
|
Corporate
identity number of the company |
U29130WB1996PLC081880 |
|
Name of the
company |
DANIELI INDIA
LIMITED |
|
Address of the registered
office or of the principal place of
business in |
Technopolis, 5th Floor, B-Wing, Plot No.4, Block BP,
Sector-V, Saltlake, Kolkata-700091, West |
|
This form is for |
Modification of
charge |
|
Charge identification
number of the modified |
90370752 |
|
Type of charge |
Book Debts Movable Property Floating Charge Immovable
Property |
|
Particular of
charge holder |
Punjab National
Bank, BA-1, Email ID: bo0952@pnb.co.in
|
|
Nature of
instrument creating charge |
1. Hypothecation
of Goods and Book debts to secure Cash Credit facility 2. Hypothecation
of Moveable Assets forming part of Fixed/Block Assets 3. Deed of
Hypothecation to secure LC on DA basis 4. General
Counter Indemnity |
|
Date of
instrument Creating the charge |
17.03.2010 |
|
Amount secured by
the charge |
Rs.710.000
millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest BPLR + 1.25% i.e.
12.25% p.a. subject to change from time to time as per Bank’s guidelines. Terms of
Repayment The working capital
limit sanctioned will be valid for 12 months. Margin 25% Extent and
Operation of the charge The securities
extended for the charge together with interest and charges payable to the charge
holder within the stipulated time as provided in the sanctioned letter. |
|
Short particular
of the property or asset(s) charged |
i)
Present
and future stocks of RM, WIP, Stores and spares lying at 1, Taratala Road,
Kolkata-700024 as well as various project sites and in transit and entire
book debts of the company, both present and ii)
Future
ranking pari passu with other consortium member Bank of India, Kolkata
Corporate Banking Branch, 5, B.T.M. Sarani, Kolkata-700001. iii)
Collaterally
secured by hypothecation of Block Assets of the company as well as EM of the
FOLLOWING IPs : iv)
1)
Office cum factory Land and Building at 1, Taratala Road, Kolkata(existing)
2) Fresh EM of co`s Office with 6 car parking space at 271 Business Park,
Goregaon(East), Mumbai, Total carpet area : 9240 sft. 3) Fresh EM of co`s
Office with 16 car parking space at Technopllis, v)
Plot
No.4, Block-BP, vi)
All
those limits are secured by 1st pari passu charge on current assets,
collateral securities with realizable value of Rs.355.200 millions and 2nd
charge on block assets of the company to secure WC limit vii)
Of
the company, with other consortium banks. viii)
The
Title Deeds of immovable properties retained by Bank of India, Kolkata
Corporate Banking Branch on behalf of consortium member Banks. |
FIXED ASSETS
AS PER WEB DETAILS
PROFILE
Subject, 100% subsidiary of Danieli group of
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.51.15 |
|
|
1 |
Rs.81.41 |
|
Euro |
1 |
Rs.68.22 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
3 |
|
--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 |
|
29 |
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.