MIRA
INFORM REPORT
|
Report Date : |
02.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
DAVID BROWN HYDRAULICS INDIA PRIVATE LIMITED |
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Registered
Office : |
C-200, 4th Cross, 1st Phase, Peenya Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.03.2010 |
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Com. Reg. No.: |
08-052826 |
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Capital
Investment / Paid-up Capital : |
Rs.0.100 Million |
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CIN No.: [Company Identification
No.] |
U29253KA2010PTC052826 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRD07239B |
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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 design, manufacturing,
trading and distribution of products servicing the transport and mobile
hydraulics sector. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
New company |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company establishing itself gradually. The
company has incurred losses in its first year of operation. However, trade relations
are reported as fair. Business is active. Payments are reported to be slow. The company can be considered dealings on a safe and secured 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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|
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
C-200, 4th Cross, 1st Phase, Peenya Industrial Estate, Bangalore –
560058, Karnataka, India |
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Tel. No.: |
91-80-42713100 |
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Fax No.: |
91-80-42713111 |
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E-Mail : |
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Website : |
DIRECTORS
As on 30.09.2011
|
Name : |
Mr. Nissim Alpert |
|
Designation : |
Director |
|
Address : |
Unit 3, 15 New Orleans Cres, Maroubra, NSW 2035, Australia |
|
Date of Birth/Age : |
05.03.1970 |
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Date of Appointment : |
11.03.2010 |
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DIN No.: |
02715589 |
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|
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|
Name : |
Mr. Colin Maxwell Gilvear |
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Designation : |
Director |
|
Address : |
4, Otago Place, Northmead, NSW 2152, Australia |
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Date of Birth/Age : |
12.11.1949 |
|
Date of Appointment : |
11.03.2010 |
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DIN No.: |
02715645 |
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|
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|
Name : |
Mr. Austen Mark Adams |
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Designation : |
Director |
|
Address : |
Broadfield House, Saddleworth Road, Barkisland, Halfax, HX40AJ, United
Kingdom |
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Date of Birth/Age : |
26.01.1965 |
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Date of Appointment : |
11.03.2010 |
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DIN No.: |
02820439 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
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David Brown Hydraulic Systems Limited, British Indian Ocean Territory |
|
9999 |
|
David Brown Engineering and Hydraulic Pty Limited, Australia |
|
1 |
|
Total |
|
10000 |
As on 30.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of design, manufacturing,
trading and distribution of products servicing the transport and mobile
hydraulics sector. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. R. Batliboi and Company Chartered Accountants |
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Address : |
12th and 13th Floor, “UB City”, Canberra Block,
No.24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India |
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PAN.: |
ABSFS4151K |
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Holding Company : |
·
David Brown Hydraulics
Systems Limited |
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Ultimate Holding Company : |
·
Clyde Blowers Capital |
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Fellow Subsidiaries : |
·
Hydreco David Brown (Xaimen) Hydraulics Company
Limited ·
David Brown Hydraulic Italia S.r.l. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Shares |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
Rs.10/- each |
Rs.0.100
Million |
|
|
|
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|
Note:
Of the above 9,999 equity shares of Rs.10 each
fully paid-up are held by David Brown Hydraulics Systems Limited, the holding company
and 1 equity share is held by David Brown Engineering and Hydraulics Pty
Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
|
0.100 |
|
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2] Share Application Money |
|
|
0.000 |
|
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3] Reserves & Surplus |
|
|
0.000 |
|
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4] (Accumulated Losses) |
|
|
(15.336) |
|
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NETWORTH |
|
|
(15.236) |
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|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
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|
0.000 |
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2] Unsecured Loans |
|
|
14.191 |
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|
TOTAL BORROWING |
|
|
14.191 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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TOTAL |
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(1.045) |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
|
3.457 |
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Capital work-in-progress |
|
|
5.381 |
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|
|
|
|
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
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|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
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|
10.311 |
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Sundry Debtors |
|
|
17.015 |
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Cash & Bank Balances |
|
|
16.294 |
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Other Current Assets |
|
|
0.000 |
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Loans & Advances |
|
|
3.579 |
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Total
Current Assets |
|
|
47.199 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Sundry Creditors |
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|
32.462
|
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Other Current Liabilities |
|
|
24.010
|
|
|
Provisions |
|
|
0.610
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Total
Current Liabilities |
|
|
57.082 |
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Net Current Assets |
|
|
(9.883) |
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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|
|
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|
|
|
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TOTAL |
|
|
(1.045) |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2011 |
|
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SALES |
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Income |
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Other Income |
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TOTAL |
|
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32.355 |
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|
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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 |
|
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46.899 |
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|
|
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
(14.544) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
0.792 |
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PROFIT /
(LOSS) BEFORE TAX |
|
|
(15.336) |
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|
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Less |
TAX |
|
|
0.000 |
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PROFIT /
(LOSS) AFTER TAX |
|
|
(15.336) |
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TOTAL EARNINGS |
|
|
1.920 |
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IMPORTS |
|
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Raw Materials |
|
|
19.924 |
|
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Capital Goods |
|
|
0.541 |
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TOTAL IMPORTS |
|
|
20.465 |
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Earnings /
(Loss) Per Share (Rs.) |
|
|
(1533.63) |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2011 |
|
PAT / Total Income |
(%) |
|
|
(47.40) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
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(30.27) |
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Return on Investment (ROI) (PBT/Networth) |
|
|
|
1.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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(4.68) |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
0.83 |
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) 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 |
|
9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last one year |
Yes |
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12) Profitability for last one year |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
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 |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
No |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
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 |
Background:
Subject was incorporated on March 11, 2010 as a Private Limited Company under
the provisions of Companies Act, 1956. The company is engaged in the business
of design, manufacturing, trading and distribution of products servicing the
transport and mobile hydraulics sector.
Fixed Assets:
·
Lease Hold Improvements
·
Furniture and Fixtures
·
Office Equipments
·
Computers and Accessories
·
Plant and Machinery
·
Computer Software
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.52.52 |
|
|
1 |
Rs.85.49 |
|
Euro |
1 |
Rs.69.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
- |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
|
13 |
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.