MIRA
INFORM REPORT
|
Report Date : |
28.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
DIVGI METALWARES PRIVATE LIMITED |
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Registered
Office : |
Gat No. 139/B, Village Shivare, |
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Country : |
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Financials (as
on) : |
30.06.2010 |
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Date of
Incorporation : |
16.12.1964 |
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Com. Reg. No.: |
11-013085 |
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Capital
Investment / Paid-up Capital : |
Rs. 47.900
Millions |
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CIN No.: [Company Identification
No.] |
U32201MH1964PTC013085 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED00055g |
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PAN No.: [Permanent Account No.] |
AAACD7364h |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Gears. |
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No. of Employees
: |
250 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 10000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
a huge accumulated losses recorded by the company. Profitability of the
company is under pressure. However, 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
cautions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INFORMATION PARTED BY
|
Name : |
Mr. Sandeep |
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Designation : |
Manager |
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Contact No.: |
91-9822634837 |
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Date : |
25.05.2012 |
LOCATIONS
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Registered Office / Factory : |
Gat No. 139/B, Village Shivare, |
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Tel. No.: |
91-2113203079 |
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Mobile No.: |
91-9822634837 (Mr. Sandeep) |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
DIRECTORS
As on 31.12.2010
|
Name : |
Mr. Sanjay Bhalchandra Divgi |
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Designation : |
Director |
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Address : |
9/A, Madhukamal Nagar, |
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Date of Birth/Age : |
01.01.1962 |
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Date of Appointment : |
01.10.2002 |
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DIN No.: |
00471465 |
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Name : |
Mr. Jitendra Bhaskar Divgi |
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Designation : |
Director |
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Address : |
273/1/2, |
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Date of Birth/Age : |
26.10.1962 |
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Date of Appointment : |
16.07.2002 |
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DIN No.: |
00471531 |
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Name : |
Mr. Bharat Bhalchandra Divgi |
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Designation : |
Director |
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Address : |
9/A, Madhukamal Nagar, |
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Date of Birth/Age : |
04.02.1959 |
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Date of Appointment : |
01.10.1998 |
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DIN No.: |
00471587 |
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Name : |
Mr. Hirendra Bhaskar Divgi |
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Designation : |
Director |
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Address : |
17, Kanchanjunga, Housing Society, Gaikwad Nagar, Aundh, Pune -
411007, |
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Date of Birth/Age : |
01.01.1962 |
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Date of Appointment : |
05.11.1964 |
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DIN No.: |
01634431 |
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Name : |
Mr. Pradip Vasant Dubhashi |
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Designation : |
Director |
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Address : |
B 29, Abhimaan Shree Hsg. Soc., Pashan Road,
Pune – 411008, Maharashtra, India |
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Date of Birth/Age : |
25.08.1948 |
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Date of Appointment : |
20.12.2010 |
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DIN No.: |
01445030 |
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Name : |
Mr. Pundalik Dinkar Kudwa |
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Designation : |
Director |
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Address : |
S. No. 45/18, CTS, 95/1/B, Kumar panoramal, Pl
No. 04, Gultak, Pune – 411042, |
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Date of Birth/Age : |
07.10.1955 |
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Date of Appointment : |
20.12.2010 |
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DIN No.: |
03385091 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
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Designation : |
Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
|
No. of Shares |
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Jitendra Bhaskar Divgi |
|
8196 |
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Hirendra Bhaskar Divgi |
|
8243 |
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Ashish Anant Divgi |
|
5201 |
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Sanjay Bhalchandra Divgi |
|
4746 |
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Bharat Bhalchandra Divgi |
|
4943 |
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Manjunath Swamiroa Rao |
|
140 |
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Divgi Investment Private Limited, |
|
4283 |
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Kishor Mangesh Kalbag |
|
1120 |
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Arun Ramdas Idgunji |
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1120 |
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Divgi N Bhaskar J / W Divgi Holdings Private Limited, |
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11733 |
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Divgi Ambika J / W Divgi Holdings Private Limited, |
|
8407 |
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Divgi Bhalchandra J / W Divgi Holdings Private Limited, |
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9162 |
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Divgi B Shalini J / W Divgi Holdings Private Limited, |
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4302 |
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Divgi N Mohan J / W Divgi Holdings Private Limited, |
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10087 |
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Divgi M Jayashree J / W Divgi Holdings Private Limited, |
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7733 |
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Divgi Umesh J / W Divgi Holdings Private Limited, |
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19817 |
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Divgi Holdings Private Limited, |
|
369767 |
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Total |
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479000 |
As on 31.12.2010
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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21.91 |
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Other |
|
78.09 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gears. |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
Paessler Ag – |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
250 (Approximately) |
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Bankers : |
· The Saraswat Co-Operative Bank Limited, 2nd Floor, Above F C Road Branch, Ganeshwadi, Opp. Hotel Vaishali, Shivaji Nagar, Pune – 411004, Maharashtra, India
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.R. Sulakhe and Company Chartered Accountants |
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Address : |
Anand Apartment, 1180/2, Shivajinagar, Pune – 411005, |
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Tel. No.: |
91-20-30281847 / 25535600 / 30281845 |
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Fax No.: |
91-20-30281847 |
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PAN No.: |
AAHFS1054P |
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E-Mail : |
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Associates/Subsidiaries : |
Divgi Warner Private Limited |
CAPITAL STRUCTURE
AS ON 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
479000 |
Equity Shares |
Rs. 100/- each |
Rs. 47.900
Millions |
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Note:
Of the above shares
a) 3,69,767 shares are held by Holding Company, Divgi Holdings
Private Limited
b) 2,250 Equity Shares were alloted as fully paid pursuant to a contract without payment being received in cash
c) 87,910 Equity Shares were alloted as fully paid bonus shares by capitalising General Reserves
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
47.900 |
47.900 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(43.283) |
(36.813) |
(26.464) |
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NETWORTH |
4.617 |
11.087 |
(11.464) |
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LOAN FUNDS |
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1] Secured Loans |
15.445 |
17.453 |
20.899 |
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2] Unsecured Loans |
18.466 |
17.876 |
41.807 |
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TOTAL BORROWING |
33.911 |
35.329 |
62.706 |
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DEFERRED TAX LIABILITIES |
5.237 |
5.889 |
5.125 |
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TOTAL |
43.765 |
52.305 |
56.367 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
47.782 |
50.842 |
55.342 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
17.990 |
17.989 |
17.989 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
2.909
|
4.911 |
6.376 |
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Sundry Debtors |
19.802
|
8.957 |
14.030 |
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Cash & Bank Balances |
2.343
|
11.435 |
1.095 |
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Other Current Assets |
7.184
|
5.820 |
8.095 |
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Loans & Advances |
7.674
|
4.958 |
8.088 |
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Total
Current Assets |
39.912
|
36.081 |
37.684 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
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Sundry Creditor |
25.881
|
20.792 |
18.479 |
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Other Current Liabilities |
21.030
|
16.225 |
19.200 |
|
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Provisions |
15.184
|
15.766 |
16.969 |
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Total
Current Liabilities |
62.095
|
52.783 |
54.648 |
|
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Net Current Assets |
(22.183)
|
(16.702) |
(16.964) |
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MISCELLANEOUS EXPENSES |
0.176 |
0.176 |
0.000 |
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TOTAL |
43.765 |
52.305 |
56.367 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
31.03.2008 |
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SALES |
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Income |
73.002 |
59.065 |
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Other Income |
NA |
14.337 |
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TOTAL |
NA |
73.402 |
87.787 |
|
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|
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|
|
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Less |
EXPENSES |
NA |
76.314 |
NA |
|
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|
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TOTAL |
NA |
76.314 |
NA |
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PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(1.236) |
(2.912) |
NA |
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Less |
FINANCIAL
EXPENSES |
2.774 |
2.941 |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(4.010) |
(5.853) |
11.809 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.109 |
4.667 |
4.530 |
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PROFIT BEFORE
TAX |
(7.119) |
(10.520) |
7.278 |
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Less |
TAX |
(0.652) |
0.962 |
(1.135) |
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PROFIT AFTER TAX
|
(6.467) |
(11.482) |
8.413 |
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Add |
EARLIER YEAR
EXPENSES |
NA |
0.000 |
2.252 |
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Add |
CAPITAL PROFIT
ON |
NA |
1.132 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
(10.350) |
6.161 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
0.449 |
0.067 |
0.000 |
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TOTAL EARNINGS |
0.449 |
0.067 |
0.000 |
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Earnings Per Share
(Rs.) |
9.64 |
-- |
-- |
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Particulars |
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|
2011-2012 |
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Sales Turnover (Approximately) |
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|
150.000 |
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Expected Sales (2012-2013) : Rs. 200.000 Millions
The above information has been parted by Mr. Sandeep.
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
NA |
(15.64) |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
(9.75)
|
(17.81) |
8.29 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(8.12)
|
(13.21) |
7.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
(1.54)
|
(0.95) |
(0.63) |
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Debt Equity Ratio (Total Liability/Networth) |
|
21.93
|
8.48 |
10.68 |
|
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|
Current Ratio (Current Asset/Current Liability) |
|
0.64
|
0.68 |
0.69 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
Rs. in millions 30.06.2010 |
Rs. in millions 30.06.2009 |
Rs. in millions 31.03.2008 |
|
|
|
|
|
|
Sundry Creditors for supplies and services |
25.881
|
20.792 |
18.479 |
|
Total |
25.881
|
20.792 |
18.479 |
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Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
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Locality of the Firm |
Yes |
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Constitution of the Firm |
Yes |
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Premises details |
------------- |
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Type of Business |
Yes |
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Line of Business |
Yes |
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Promoter’s Background |
Yes |
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No. of Employees |
Yes |
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Name of Person Contacted |
Yes |
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Designation of Contact person |
Yes |
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Turnover of Firm for last three years |
Yes |
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Profitability for last three years |
Yes |
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Reasons for variation <> 20% |
------------ |
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Estimation for coming financial year |
Yes |
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Capital in the business |
Yes |
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Details of sister concerns |
Yes |
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Major Suppliers |
Yes |
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Major Customers |
Yes |
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Payments Terms |
Yes |
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Export/ Imports Details (If applicable) |
Yes |
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Market Information |
---------------- |
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Litigations that the firm/ Promoters Involved in |
------------- |
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Banking details |
Yes |
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Banking Facility Details |
Yes |
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Conduct of the Banking Account |
------------- |
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Buyer visit details |
----------- |
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Financials, if provided |
Yes |
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Incorporation details is applicable |
Yes |
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Last Accounts filed at ROC |
Yes |
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Major Shareholders, if available |
Yes |
Note:
The registered office of the company has been shifted from Mont Vert Arcade,
3rd Floor, 140/1A,
OPERATIONS
The turnover of
current year is Rs. 73.002 Millions as compared to the earlier year's turnover
of Rs. 59.065 Millions. The Company is hopeful of reporting better financial
results in the coming year.
BANK CHARGES:
|
Corporate
identity number of the company |
U32201MH1964PTC013085 |
|
Name of the
company |
DIVGI METALWARES
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gat No. 139/B, Village Shivare, |
|
This form is for |
Creation of
charge |
|
Type of charge |
Others |
|
Particular of
charge holder |
The Saraswat Co-Operative Bank Limited, 2nd Floor, Above F C Road Branch, Ganeshwadi, Opp. Hotel Vaishali, Shivaji Nagar, Pune – 411004, Maharashtra, India Email: csadeshpande@gmail.com |
|
Nature of description
of the instrument creating or modifying the charge |
1) Agreement of
Hypothecation of Vehicle Dated 27th December 2011 2) Agreement of
Hypothecation of Vehicle Dated 27th December 2011 |
|
Date of
instrument Creating the charge |
27.12.2011 |
|
Amount secured by
the charge |
Rs. 0.001 Million |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
paid at 11.50% p. a. with monthly rests from the date of loan disbursed. Terms of Repayment Term loan
repayable by monthly installment of both cars are EMI Rs. 0.001 Million for
maximmo and EMI Rs. 0.014 Million for Indigo car for 60 months. If it is not
repaid as stipulated above or and failure to comply with any terms and conditions
of the advance - repayment through S.I. To ca/1265 with Extent and Operation of the charge Type of facility
-: Term Loan I & Ii (Vehicle loan) Others All other terms and conditions as per the agreement |
|
Short particulars
of the property charged |
The borrower/s
doth do hereby hypothecate to and in favour of the bank the motor vehicle
viz. maxximo 8 seater and indigo ECS Lx Bs IV at, registered with the RTO
Pune. |
FIXED ASSETS:
- Air Conditioner
- Computer
- Elect. Fitting – Gen
- Elect. Fitting – Mach
- Furniture, Fixtures and Office Equipments
- Other Assets
- Plant and Machinery
- Vehicles
- Cycle
TRADE REFERENCES:
- Paessler Ag –
- Mahendra and
Mahendra
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. 55.72 |
|
|
1 |
Rs. 87.26 |
|
Euro |
1 |
Rs. 69.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
ACH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.