MIRA
INFORM REPORT
|
Report Date : |
01.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
DESMON CONTINENTAL FRIGO PRIVATE LIMITED |
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Registered
Office : |
B-66, Second Floor, Okhla Industrial Area, Phase-1, New Delhi – 110020 |
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Country : |
India |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
09.03.2007 |
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Com. Reg. No.: |
160335 |
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Capital
Investment / Paid-up Capital : |
Rs. 25.000 Millions |
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CIN No.: [Company Identification
No.] |
U52335DL2007PTC160335 |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trading and Manufacturing of Refrigerators and related Equipments |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
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 |
|
Maximum Credit Limit : |
---- |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. The
latest financials are not made available with the Government Department. As per previous years there appears huge accumulated losses recorded
by the company. Liquidity position appears to be weak. However, business is active. Payments are reported to be unknown. The company can be considered for business dealings on a safe and
secured terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
B-66, Second Floor, Okhla Industrial Area, Phase-1, New Delhi –
110020, India |
|
Tel. No.: |
91-11-26816296 |
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Fax No.: |
91-11-26815297 |
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E-Mail : |
ganguly@continental.com |
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Sales Office : |
Continental House 76-F Udyog Vihar Phase IV, Gurgaon – 122015,
Haryana, India |
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Factory 1 : |
E541 Riico Industrial Area Chaupanki, District Alwar, Bhiwadi -301001
Rajasthan, India |
|
Tel. No.: |
91-1493-260227 |
|
Fax No.: |
91-1493-260228 |
DIRECTORS
AS ON 24.09.2011
|
Name : |
Mr. Pawan Raj Kumar |
|
Designation : |
Managing Director |
|
Address : |
D-116 Panchsheel Enclave, New Delhi – 110017, India |
|
Date of Birth/Age : |
21.12.1970 |
|
Date of Appointment : |
09.03.2007 |
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DIN No.: |
00529555 |
OTHER DIRECTORSHIP
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Name : |
Mr. Raj Kumar |
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Designation : |
Director |
|
Address : |
D-116 Panchsheel Enclave, New Delhi – 110017, India |
|
Date of Birth/Age : |
27.06.1941 |
|
Date of Appointment : |
09.03.2007 |
|
DIN No.: |
00780782 |
OTHER DIRECTORSHIP
|
|
Name : |
Mr. Corrado De Santis |
|
Designation : |
Director |
|
Address : |
Via Cavour N. 16. Montemiletto, Italy 83038 |
|
Date of Birth/Age : |
10.07.1967 |
|
Date of Appointment : |
09.03.2007 |
|
DIN No.: |
02048684 |
|
Name : |
Mr. Ciriaco De Santis |
|
Designation : |
Director |
|
Address : |
Cavour, Montemiletto 16, Italy |
|
Date of Appointment : |
02.07.2009 |
|
DIN No.: |
02754905 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
List of Allotment as on 03.02.2012
|
Names of Allottee |
|
No. of Shares |
|
|
|
|
|
Frost Line Food Products India Private Limited, Delhi |
|
50,000 |
AS ON 24.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
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|
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|
Desmon SPA, Italy |
|
1275000 |
|
Frost Line Food Products India Private Limited, Delhi |
|
1225000 |
|
|
|
|
|
Total |
|
2500000 |
AS ON 30.09.2011
|
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 |
51.00 |
|
Bodies corporate |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Manufacturing of Refrigerators and related Equipments |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Union Bank of India, B-231 SSI Branch, Okhla
Industrial Area, Phase-1, New Delhi – 110020, India |
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Facilities : |
Note *Secured on hypothecation of plant and machinery and other fixed
assets. ** Secured on hypothecation of raw material, work-in-progress,
finished goods and entire book debts. The above loans are collaterally secured by way of equitable mortage
of factory land and building situated at E-541, Chopanki Industrial Area,
Bhiwadi, Rajasthan and personal guarantee of directors (Mr. Raj Kumar and Mr.
Pawan Raj Kumar) with corporate guarantee of Continental Equipment India (P)
Limited and Progressive Equipwell India (P) Limited |
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
S P Nagrath & Co Chartered Accountant |
|
Address : |
A-380, Defence Colony, New Delhi – 110024, India |
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Tel. No.: |
91-11-49800000 |
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Fax No.: |
91-11-49800029 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Continental Equipment India Private Limited ·
Progreesive Equipwell India Private Limited ·
Frost Line Food Products (India) Private Limited ·
Premier Engineering Corporation ·
Pee Kay Machines Private Limited ·
Prestige Construction Private Limited ·
Hess Hospitality Private Limited ·
Pearl Asia Hospitality Services Private Limited ·
Transworld Enterprises ·
Desmon SPA, Italy ·
Desmon (China) Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,500,000 |
Equity Shares Out of which 12,75,000 equity shares are held by Desmon SPA, Italy) |
Rs.10/- each |
Rs. 25.000 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2011 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
25.000 |
19.787 |
18.000 |
|
|
2] Share Application Money |
0.000 |
2.658 |
3.105 |
|
|
3] Reserves & Surplus |
31.658 |
31.658 |
26.474 |
|
|
4] (Accumulated Losses) |
(62.973) |
(29.016) |
(0.095) |
|
|
NETWORTH |
(6.315) |
25.087 |
47.484 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
48.338 |
49.955 |
38.802 |
|
|
2] Unsecured Loans |
27.432 |
20.450 |
1.477 |
|
|
TOTAL BORROWING |
75.770 |
70.405 |
40.279 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.147 |
|
|
|
|
|
|
|
|
TOTAL |
69.455 |
95.492 |
87.910 |
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|
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
79.895 |
93.724 |
9.662 |
|
|
Capital work-in-progress |
0.000 |
0.494 |
82.400 |
|
|
Pre-Operative Expenses |
0.000 |
0.000 |
1.527 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.030 |
0.030 |
0.030 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
19.978
|
31.236 |
3.689 |
|
|
Sundry Debtors |
4.240
|
4.858 |
4.027 |
|
|
Cash & Bank Balances |
1.077
|
0.455 |
0.303 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
3.034
|
3.289 |
2.056 |
|
Total
Current Assets |
28.329
|
39.838 |
10.075 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
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|
Sundry Creditors |
|
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|
Other Current Liabilities |
37.838
|
38.310 |
15.715 |
|
|
Provisions |
0.961
|
0.284 |
0.069 |
|
Total
Current Liabilities |
38.799
|
38.594 |
15.784 |
|
|
Net Current Assets |
(10.470)
|
1.244 |
(5.709) |
|
|
|
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|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
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|
|
|
TOTAL |
69.455 |
95.492 |
87.910 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.12.2009 |
31.12.2008 |
|
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|
SALES |
|
|
|
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|
Income |
46.312 |
---- |
---- |
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|
EXPENSES |
|
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TOTAL |
---- |
---- |
---- |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(8.297) |
(9.675) |
0.202 |
|
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|
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|
|
|
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|
Less |
FINANCIAL
EXPENSES |
13.413 |
7.447 |
0.081 |
|
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|
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|
|
|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(21.710) |
(17.122) |
0.121 |
|
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|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
13.031 |
11.945 |
0.073 |
|
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|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(34.741) |
(29.067) |
0.048 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.784) |
(0.147) |
0.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) |
(33.957) |
(28.920) |
(0.186) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(29.016) |
(0.095) |
0.092 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(62.973) |
(29.015) |
(0.094) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.12.2009 |
31.12.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
(75.01)
|
---- |
----- |
|
|
|
|
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.10)
|
(21.76) |
0.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
5.50
|
(1.15) |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(11.99)
|
2.80 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73
|
1.03 |
0.63 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
one years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
No |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
-------- |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
Note – The registered office address of the company has
been shifted from D-116, Panchsheel Enclave, New Delhi – 110017, India to
present address w.e.f. 02.04.2007
About the Company
The Company is an Indo – Italian joint Venture between M/s Desmon spa,
Italy and M/s Frost Line Food Products (India) Pvt. Ltd, New Delhi, a
Continental Group company. The Company is engaged in the business of import,
distribution in domestic whole sale market and export of all kinds of
refrigeration equipment and allied equipment for industrial usage. The Company
has established a manufacturing unit at Chopanki (Rajasthan), India, where it
manufactures professional refrigeration equipments and carries on other allied
activities.
Fixed assets
·
Land
·
Building
·
Office Equipment
·
Furniture & Fixtures
·
Software
·
Plant And Machinery
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
10103479 |
|
Corporate identity number of the company |
U52335DL2007PTC160335 |
|
Name of the company |
DESMON CONTINENTAL
FRIGO PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
B-66, Second
Floor, Okhla Industrial Area, Phase-1, New Delhi – 110020, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
Union Bank of
India, B-231 SSI Branch, Okhla Industrial Area, Phase-1, New Delhi – 110020,
India |
|
Nature of description of the instrument
creating or modifying the charge |
Sd-20 Composite Deed of Hypothecation |
|
Date of instrument Creating the charge |
02.02.2009 |
|
Amount secured by the charge |
Rs. 107.800 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest As Per Sanction Terms of Repayment As Per Sanction Margin As Per Sanction Extent and Operation of the charge 100% Others The Above Is To Secure The Following
Credit Facilities :- Cash Credit Rs.21.500 Millions Term Loan
Rs.47.200 Millions Letter Of Credit Of Rs.30.600 Millions Bank Guarantee Of Rs.8.500 Millions Total Rs.107.800 Millions |
|
Short particulars of the property charged |
Total Credit Facilities Enhanced To
Rs.107.800 Millions |
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.54.38 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
18 |
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.