MIRA INFORM REPORT

 

 

Report Date :

16.01.2014

 

IDENTIFICATION DETAILS

 

Name :

COMBINED DIGILOG SYSTEMS PRIVATE LIMITED

 

 

Registered Office :

1, Vireshwar Kunj, 13 V S Khandekar Marg, Vile Parle, Mumbai – 400057, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2013

 

 

Date of Incorporation :

26.08.1985

 

 

Com. Reg. No.:

11-037261

 

 

Capital Investment / Paid-up Capital :

Rs.3.100 Millions

 

 

CIN No.:

[Company Identification No.]

U31200MH1985PTC037261

 

 

IEC No.:

0306021811

 

 

PAN No.:

[Permanent Account No.]

AAACC2930Q

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Manufacturer of Electrical Contractors for Marine Industrial, Commercial and Domestic Projects.

 

 

No. of Employees :

19 (Approximately) (Office – 4 and Factory – 15) 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record.

 

Management of the company has not filed its financial with the government department after the year 2011.

 

Mr. Indrani Joshi, C.A. provided with us all information and also provided the financial of the company for the year 2012 and 2013.

 

The company seems to be a relatively small company marked by modest net worth and small scale of operations.

 

However, trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct.

 

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.

 

 

ECGC Country Risk Classification List – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

INDIAN ECONOMIC OVERVIEW

 

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

 

India was ranked 94th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

 

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

 

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

 

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

 

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL SME

Rating

SE 3 C

Rating Explanation

Moderate performance capability and low financial strength.

Date

2011

 

 

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.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Kshitij Shetty

Designation :

Key Executive

Contact No.:

91-9821115147

Date :

14.01.2014

 

 

Name :

Mr. Indrani Joshi

Designation :

Chartered Accountant

Contact No.:

91-9819528833

Date :

14.01.2014

 

 

LOCATIONS

 

Registered Office :

1, Vireshwar Kunj, 13 V S Khandekar Marg, Vile Parle, Mumbai – 400057, Maharashtra, India

Tel. No.:

91-22-66951002

Mobile No.:

91-9821328738 (Mr. Raghuram S. Shetty)

91-9821115147 (Mr. Kshitij Shetty)

91-9819528833 (Mr. Indrani Joshi

Fax No.:

91-22-66951002

E-Mail :

digilogindia@gmail.com

kshitij_shetty@yahoo.com

 

 

Factory :

Plot No. EL-111, Electronic Zone, TTC Industrial Area, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India 

Tel. No.:

91-22-61946194/ 41618100

Fax No.:

Not Available

Area :

6458.35 sq. ft.

Location :

Leased

 

 

DIRECTORS

 

(AS ON 25.09.2011)

 

Name :

Mr. Raghuram Shankar Shetty

Designation :

Director

Address :

Plot No.61, Sector 18, Kopaakhaairaane, Navi Mumbai – 400709, Maharashtra, India

Date of Birth/Age :

14.07.1956

Qualification :

B. E.

Experience :

30 years

Date of Appointment :

26.08.1985

DIN No.:

01221556

 

 

Name :

Mr. Udaykumar Shankar Shetty

Designation :

Director

Address :

Plot No.61, Sector 18, Kopaakhaairaane, Navi Mumbai – 400709, Maharashtra, India

Date of Birth/Age :

29.03.1961

Qualification :

MBA

Experience :

30 years

Date of Appointment :

01.09.1994

DIN No.:

00861443

 

 

KEY EXECUTIVES

 

Name :

Mr. Indrani Joshi

Designation :

Chartered Accountant

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 25.09.2011)

 

Names of Shareholders

 

 

No. of Shares

 

 

 

Raghuram S. Shetty

 

4000

Udaykumar Shankar Shetty

 

1000

Arun Shankar Shetty

 

1000

 

 

 

Total

 

 

6000

 

 

(AS ON 30.09.2011)

Equity Shares Break – up

 

Category

 

 

Percentage

 

 

 

Directors or relatives of directors

 

100.00

 

 

 

Total

 

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Electrical Contractors for Marine Industrial, Commercial and Domestic Projects.

 

 

Exports :

 

Products :

Electrical Control Panels

 

 

Imports :

 

Products :

·         Led

·         Led Drivers

·         Led Light Bodies

 

 

Terms :

 

Selling :

Credit (30 days)

 

 

Purchasing :

Credit (60 days)

 

 

GENERAL INFORMATION

 

Suppliers :

·         Amada (India) Private Limited

·         Anant Technologies

·         Arihant Trading Company

·         BOC India Limited

·         Bhagyashri Corporation

·         Contech Instrument Limited

·         Darpan Infotech

·         Dixit Enterprises

·         Fabritech Industries

·         Gagan Profile Steel

·         Garg Profile Steel

·         K B Enterprises

·         Mehta Traders

·         National Engineering Corporation

·         Om Siddhi Electricals

·         P B Engg. Company

·         R B Enterprises

·         R J Computer and Stationery

·         Reliance Engineers

·         S. K. Gases and Equipment

·         Swastik Steels

·         Vashi Electricals Private Limited

·         Yakub Traders

 

 

Customers :

End Users and OEM’s

 

 

No. of Employees :

19 (Approximately) (Office – 4 and Factory – 15) 

 

 

Bankers :

·         Bank of India

Mumbai Overseas Branch, India

 

·         ICICI Bank

·         State Bank of India

·         The Bharat Co-Op Bank Mumbai Limited

 

 

Facilities :

Rs.10.000 Millions from Bank of India

 

Secured Loans

31.03.2013

31.03.2012

 

 

(Rs. In Millions)

Long Term Borrowings

 

 

Term Loans

 

 

From Bank

(Secured against Plant Machinery and Land and Building)

0.349

3.980

From Other Parties

0.000

0.000

 

 

 

Short Term Borrowings

 

 

Loan Repayable on Demand 

 

 

From Bank

5.067

1.493

From Other Parties

0.000

0.000

 

 

 

Total

 

5.416

5.473

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Dayakar and Company (Mr. Dayakar A. Shetty)

Chartered Accountants

Address :

316, Mahavir Industrial Estate, Off. Mahakali Caves Road, Andheri, Mumbai – 400093, Maharashtra, India

PAN No.:

APSPS3686M

Tel. No.:

91-22-66951002/ 3

Fax No.:

91-22-66951003

Email :

dayakar_shetty@hotmail.com

 

 

CAPITAL STRUCTURE

 

(AS ON 31.03.2013)

 

Authorised Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

20000

Equity Shares

Rs.100/- each

Rs.2.000 Millions

 

 

 

 

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

6000

Equity Shares

Rs.100/- each

Rs.0.600 Million

 

Advance Against Fresh Share Capital

 

Rs.2.500 Millions

 

 

 

 

 

Total

 

 

Rs.3.100 Millions

 

 

 

 

FINANCIAL DATA

[All figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2013

31.03.2012

31.03.2011

I.        EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

3.100

3.100

0.600

(b) Reserves & Surplus

3.896

3.473

3.006

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

2.500

Total Shareholders’ Funds (1)+(2)

6.996

6.573

6.106

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

0.626

4.257

6.390

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

0.626

4.257

6.390

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

5.067

1.493

2.288

(b) Trade payables

1.769

2.445

4.149

(c) Other current liabilities

5.507

6.750

1.815

(d) Short-term provisions

0.000

0.000

0.252

Total Current Liabilities (4)

12.343

10.688

8.504

 

 

 

 

TOTAL

19.965

21.518

21.000

 

 

 

 

II.      ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

10.042

11.618

13.640

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

6.185

4.809

4.809

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

0.000

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

16.227

16.427

18.449

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

1.223

1.055

0.572

(c) Trade receivables

1.256

3.743

1.325

(d) Cash and cash equivalents

0.827

0.058

0.454

(e) Short-term loans and advances

0.000

0.052

0.052

(f) Other current assets

0.432

0.183

0.148

Total Current Assets

3.738

5.091

2.551

 

 

 

 

TOTAL

19.965

21.518

21.000

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2013

31.03.2012

31.03.2011

 

SALES

 

 

 

 

 

Revenue from Operations

22.492

21.391

19.662

 

 

Other Income

0.000

0.000

0.601

 

 

TOTAL                                     (A)

22.492

21.391

20.263

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

11.207

10.311

8.845

 

 

Purchases of Stock in Trade

0.000

0.000

0.000

 

 

Changes in Inventories of Finished Goods, Work in progress and stock in trade 

0.077

(0.300)

0.581

 

 

Employee Benefits Expenses

4.642

3.969

3.831

 

 

Other Administrative Expenses

3.459

3.775

3.119

 

 

TOTAL                                     (B)

19.385

17.755

16.376

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

3.107

3.636

3.887

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.821

0.937

0.777

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

2.286

2.699

3.110

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

1.675

2.023

2.293

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

0.611

0.676

0.817

 

 

 

 

 

Less

TAX                                                                  (H)

0.188

0.209

0.253

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

0.423

0.467

0.564

 

 

 

 

 

 

Earnings Per Share (Rs.)

21

23

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2013

31.03.2012

31.03.2011

PAT / Total Income

(%)
1.88

2.18

2.78

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
2.72

3.16

4.16

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
4.43

4.05

5.05

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.09

0.10

0.13

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.81

0.87

1.42

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.30

0.48

0.30

 

 

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

Yes

5]

Type of Business

Yes

6]

Line of Business

Yes

7]

Promoter's background

Yes

8]

No. of employees

Yes

9]

Name of person contacted

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

-----

14]

Estimation for coming financial year

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

Yes

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

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

-----

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

No

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

Yes

 

------------------------------------------------------------------------------------------------------------------------------

 

UNSECURED LOANS

 

Particulars

31.03.2013

31.03.2012

 

 

(Rs. In Millions)

Long Term Borrowings

 

 

Loans and Advances from Related Parties

0.277

0.277

 

 

 

Total

 

0.277

0.277

 

------------------------------------------------------------------------------------------------------------------------------

 

ASSESSMENT OF WORKING CAPITAL REQUIREMENT

 

OPERATING STATEMENT

 

(RS. IN MILLIONS)

 

 

Particulars

31.03.2014

31.03.2015

31.03.2016

31.03.2017

 

 

(Estimated)

(Projection)

 

 

 

 

 

Gross Sales

12.183

14.619

17.543

21.052

Total

12.183

14.619

17.543

21.052

 

 

 

 

 

Less: Excise Duty, Sales Tax

0.000

0.000

0.000

0.000

 

 

 

 

 

Net Sales

12.183

14.619

17.543

21.052

Other Income

12.842

13.326

13.858

14.444

 

 

 

 

 

% of rise in sales (+)/ Fall (-) in sales as compared to previous

12.61

20.00

20.00

20.00

 

 

 

 

 

Cost of Sales 

 

 

 

 

Raw Materials

(including storage and other items used in the process of manufacturer)

 

 

 

 

Imported

0.000

0.000

0.000

0.000

Indigenous

14.511

14.058

14.219

15.821

 

 

 

 

 

Duties and Taxes

0.000

0.000

0.000

0.000

Power and Fuel

0.000

0.000

0.000

0.000

Personnel Cost (Labour Charges)

4.303

4.563

4.776

5.731

Octroi, Loading, Unloading

-Other Manufacturing Costs/ Direct Expenses

2.248

2.398

2.577

3.093

Depreciation

1.420

1.204

1.025

0.874

 

 

 

 

 

Sub Total (Total Cost of Sales)

22.481

22.222

22.597

25.518

 

 

 

 

 

Add: Opening Stock of RM

0.675

5.182

7.682

7.758

 

 

 

 

 

Sub Total

23.156

27.403

30.278

33.276

 

 

 

 

 

Less: Closing Stock of RM

5.182

7.682

7.758

7.836

Total

17.974

19.722

22.520

25.440

 

 

 

 

 

Add: Opening Stock of WIP

0.548

0.554

0.559

0.565

Sub Total

18.522

20.276

23.079

26.005

 

 

 

 

 

Deduct: Closing Stock of WIP

0.554

0.559

0.565

0.571

 

 

 

 

 

Cost of Production

17.969

19.716

22.514

25.435

 

 

 

 

 

Add: Opening Stock FG

0.000

0.000

0.000

0.000

Sub Total

17.969

19.716

22.514

25.435

 

 

 

 

 

Deduct: Closing Stock FG

0.000

0.000

0.000

0.000

 

 

 

 

 

Sub Total (Total Cost of Sales)

17.969

19.716

22.514

25.435

 

 

 

 

 

Selling, General and Administrative Expenses

3.895

4.174

4.608

5.530

 

 

 

 

 

Sub Total

21.863

23.890

27.123

30.965

 

 

 

 

 

Operating Profit before Tax

3.161

4.055

4.279

4.531

 

 

 

 

 

Finance Charges/ Interests

1.181

1.794

1.738

1.676

 

 

 

 

 

Operating profit after interests

1.980

2.261

2.541

2.856

 

 

 

 

 

Add: Other Non-Operating Income

0.000

0.000

0.000

0.000

Deduct: Other Non-Operating Expenses

0.000

0.000

0.000

0.000

Net of Other Non-Operating Income/ Expenses

0.000

0.000

0.000

0.000

 

 

 

 

 

Less: Directors Remunerations

1.232

1.244

1.256

1.269

 

 

 

 

 

Profit before Tax/ Loss

0.748

1.017

1.285

1.587

 

 

 

 

 

Provision for Tax

0.224

0.305

0.385

0.476

 

 

 

 

 

Profit After Tax

0.524

0.712

0.899

1.111

 

 

 

 

 

Profit after tax (%)

4.30

4.87

5.13

5.28

 

 

 

 

 

Add: Balance B/F From Previous year

0.423

0.947

1.648

2.558

 

 

 

 

 

Bal. Available for Appropriation

0.947

1.658

2.558

3.668

Add: Excess IT Provision

0.000

0.000

0.000

0.000

Less: Bonus Shares Issued

0.000

0.000

0.000

0.000

IT Provision Adjustment

0.000

0.000

0.000

0.000

 

 

 

 

 

Balance Carried to Balance Sheet

0.947

1.658

2.558

3.668

 

 

------------------------------------------------------------------------------------------------------------------------------

 

ANALYSIS OF BALANCE SHEET

 

(RS. IN MILLIONS)

 

Particulars

31.03.2014

31.03.2015

31.03.2016

31.03.2017

 

 

(Estimated)

(Projection)

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

 

 

 

 

Short Term Bank Borrowings from banks (Including Bills purchased, discounted and excess borrowings placed on repayment basis)

 

 

 

 

    (i)   From Corporation Bank

5.000

5.000

5.000

5.000

    (ii)  From Other Banks 

0.000

0.000

0.000

0.000

    (iii) (Of which BP and BD) – FBP/ FBD

0.000

0.000

0.000

0.000

 

 

 

 

 

    Sub Total (A)

 

5.000

5.000

5.000

5.000

 

 

 

 

 

Short Term Borrowings from Others

0.000

0.000

0.000

0.000

 

 

 

 

 

Sundry Creditors for goods

0.398

1.955

1.145

0.800

Sundry Creditors for Expenses

0.000

0.000

0.000

0.000

 

 

 

 

 

Advance Payment from Customers / Deposit From Dealers

0.000

0.000

0.000

0.000

 

 

 

 

 

Provision for taxation if any

0.224

0.305

0.385

0.476

 

 

 

 

 

Divided Payable

0.000

0.000

0.000

0.000

 

 

 

 

 

Deposit / Installments of Term Loan 

0.438

0.490

0.548

0.613

 

 

 

 

 

Other Current Liabilities and Provision (Due within 1 years)

0.532

2.347

0.695

0.590

 

 

 

 

 

Sub Total

 

1.592

5.097

2.773

2.480

 

 

 

 

 

TOTAL CURRENT LIABILITIES (A+B)

 

6.592

10.097

7.773

7.480

 

 

 

 

 

TERM LIABILITIES

 

 

 

 

Deferred Tax Liability

0.000

0.000

0.000

0.000

 

 

 

 

 

Preference Shares (Redeemable after one year)

0.000

0.000

0.000

0.000

 

 

 

 

 

Term Loans (exclusive Payable within one years)

0.544

0.474

0.412

0.358

 

 

 

 

 

Loan Against Property

9.393

8.903

8.355

7.742

 

 

 

 

 

Unsecured Loans

0.000

0.000

0.000

0.000

 

 

 

 

 

Brokers Current Account

0.000

0.000

0.000

0.000

 

 

 

 

 

TOTAL TERM LIABILITIES

 

9.938

9.377

8.767

8.100

 

 

 

 

 

TOTAL OUTSIDE LIABILITIES

 

16.530

19.474

16.540

15.580

 

 

 

 

 

NET WORTH

 

 

 

 

 

Ordinary Share Capital

0.600

0.600

0.600

0.600

Share Application Money

2.500

2.500

2.500

2.500

Quasi Capital

0.000

0.000

0.000

0.000

Security Premium

0.000

0.000

0.000

0.000

Profit and Loss A/c 

4.842

6.501

9.059

12.727

Others

0.000

0.000

0.000

0.000

Total Networth

 

7.942

9.601

12.159

15.827

 

 

 

 

 

TOTAL LIABILITIES

 

24.472

29.075

28.699

31.407

 

 

 

 

 

ASSETS

 

 

 

 

 

CURRENT ASSETS

 

 

 

 

Cash & Bank Balance

0.703

0.773

0.850

1.135

 

 

 

 

 

Advance payment for Raw Materials

0.000

0.000

0.000

0.000

 

 

 

 

 

Sundry Debtors

2.135

3.605

4.326

5.760

 

 

 

 

 

Inventories

0.000

0.000

0.000

0.000

 

 

 

 

 

Stock in Process

0.554

0.559

0.565

0.571

 

 

 

 

 

Finished Goods

5.182

7.682

7.758

7.836

 

 

 

 

 

Advances to suppliers of Raw Materials and Stores/ Spares

0.000

1.033

0.000

0.000

 

 

 

 

 

Loans and Advances

6.802

7.482

8.230

9.753

 

 

 

 

 

Duties and Taxes

0.000

0.000

0.000

0.000

Deposits

0.000

0.000

0.000

0.000

Other Current Assets

0.476

0.523

0.576

0.833

 

 

 

 

 

TOTAL CURRENT ASSETS

15.851

21.657

22.305

25.888

 

 

 

 

 

FIXED ASSETS

 

 

 

 

Gross Block (Land and Building Machinery, Construction in progress etc.)

21.875

21.875

21.875

21.875

Depreciation to due

13.253

14.456

15.481

16.355

Net Block

8.622

7.419

6.394

5.520

 

 

 

 

 

Capital Work-in-progress/ Deferred tax Assets

0.000

0.000

0.000

0.000

 

 

 

 

 

Other current Assets (Such as dues from associates, investments/ dues which are not of nature of current assets)

0.000

0.000

0.000

0.000

Total Other Non-current Assets

0.000

0.000

0.000

0.000

 

 

 

 

 

Intangible assets, Misc, Expenditures (Such as goodwill, doubtfull debts etc.)

0.000

0.000

0.000

0.000

 

 

 

 

 

TOTAL ASSETS

 

24.473

29.076

28.699

31.408

 

 

 

 

 

Tangible Net Worth

7.942

9.601

12.159

15.827

 

 

 

 

 

Net Working Capital

9.259

11.560

14.532

18.408

 

 

 

 

 

Current Ratio

2.40

2.14

2.87

3.46

 

 

 

 

 

Total Outside Liabilities/ tangible Net worth

2.08

2.03

1.36

0.98

 

 

------------------------------------------------------------------------------------------------------------------------------

 

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

 

(RS. IN MILLIONS)

 

Particulars

31.03.2014

31.03.2015

31.03.2016

31.03.2017

 

 

(Estimated)

(Projection)

 

 

 

 

 

    A. CURRENT ASSETS

 

 

 

 

Raw Materials (Including stores and Other Items used in the process of manufacturer

 

 

 

 

Imported

0.000

0.000

0.000

0.000

 - Month’s Consumption

--

--

--

--

Indigenous

0.000

0.000

0.000

0.000

- Month’s Consumption

--

--

--

--

 

 

 

 

 

Other Consumable spares(excluding those included under item 1 above)

 

 

 

 

Imported

0.000

0.000

0.000

0.000

 - Month’s Consumption

--

--

--

--

Indigenous

0.000

0.000

0.000

0.000

- Month’s Consumption

--

--

--

--

 

 

 

 

 

Stock in process

0.554

0.559

0.565

0.571

Months cost of Production

0.37

0.34

0.30

0.27

 

 

 

 

 

Finished Goods

5.182

7.682

7.758

7.836

Months Cost of Sales

--

--

--

--

 

 

 

 

 

Scrap

0.000

0.000

0.000

0.000

 

 

 

 

 

Cash and Bank Balance

0.703

0.773

0.850

1.135

 

 

 

 

 

Debtors

2.135

3.605

4.326

5.760

Advances to Suppliers of Raw Materials

0.000

0.000

0.000

0.000

Loans and Advances

6.802

7.482

8.230

9.753

Duties and Taxes

0.000

0.000

0.000

0.000

Deposits

0.000

0.000

0.000

0.000

Other Current Assets

0.476

0.523

0.576

0.833

 

 

 

 

 

TOTAL CURRENT ASSETS

 

15.851

21.657

23.305

25.888

   

 

 

 

 

    B) CURRENT LIABILITIES

 

 

 

 

       (Other than bank borrowings for working capital)

 

 

 

 

 

 

 

 

 

Creditors for purchase of raw materials, stores and consumable spares

0.398

1.955

1.145

0.800

Months' purchases :

 

 

 

 

 

 

 

 

 

Sundry Creditors for Expenses

0.000

0.000

0.000

0.000

Unsecured Loans and Deposits

0.000

0.000

0.000

0.000

Other than quasi-equity

0.000

0.000

0.000

0.000

Other Current Liabilities

0.000

0.000

0.000

0.000

Advances Received from Customers

0.000

0.000

0.000

0.000

Provision for taxation

0.224

0.305

0.385

0.476

Others current Liabilities

0.532

2.347

0.695

0.590

 

 

 

 

 

Total Current Liabilities

1.154

4.607

2.225

1.867

 

 

 

 

 

 

(0.438)

(0.490)

(0.548)

(0.613)

 

------------------------------------------------------------------------------------------------------------------------------

 

 

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE AND WORKING CAPITAL

 

(RS. IN MILLIONS)

 

Particulars

31.03.2014

31.03.2015

31.03.2016

31.03.2017

 

 

(Estimated)

(Projection)

 

 

 

 

 

1 Total current assets

15.851

21.657

22.305

25.888

 

 

 

 

 

2 Other Current Liabilities

1.592

5.097

2.773

2.480

[Other than bank borrowings]

 

 

 

 

 

 

 

 

 

3 Working capital gap [WCG]

14.259

16.560

19.532

23.408

 

 

 

 

 

4 Min. stipulated Net Working Capital – 25 % of total current assets other than Export Receivables

3.963

5.414

5.576

6.472

 

 

 

 

 

5 Actual/ Projected net working capital

9.259

11.560

14.532

18.408

 

 

 

 

 

6 Item 3 minus item 4

10.296

11.146

13.956

16.936

 

 

 

 

 

7 item 3 minus item 5

5.000

5.000

5.000

5.000

 

 

 

 

 

8 Maximum permissible bank finance [item 6 or 7, whichever is lower]

5.000

5.000

5.000

5.000

 

 

 

 

 

9 Excess borrowings, if any representing shortfall in NWC [4-5]

(5.296)

(6.146)

(8.956)

(11.936)

 

 

------------------------------------------------------------------------------------------------------------------------------

 

FUND FLOW STATEMENT

 

(RS. IN MILLIONS)

 

PARTICULARS

31.03.2014

31.03.2015

31.03.2016

31.03.2017

 

 

(Estimated)

(Projection)

1.  SOURCES

 

 

 

 

  a) Net profit (after tax)

0.524

0.712

0.899

1.111

 

 

 

 

 

  b) Depreciation

1.420

1.204

1.025

0.874

 

 

 

 

 

  c) Increase in Shares capital

0.000

0.000

0.000

0.000

 

 

 

 

 

  d) - Increase in Term Liabilities (Including Public Deposits)

4.245

(0.561)

(0.610)

(0.667)

 

 

 

 

 

  e) Decrease in:

 

 

 

 

       i)  Fixed Assets

0.000

0.000

0.000

0.000

       ii) Other Non-current Assets

0.000

0.000

0.000

0.000

 

 

 

 

 

  f) Others

0.000

0.000

0.000

0.000

 

 

 

 

 

    g) TOTAL

6.189

1.355

1.314

1.318

 

 

 

 

 

2.  USES

 

 

 

 

  a) Net loss

0.000

0.000

0.000

0.000

 

 

 

 

 

  b) Decrease in – Term Liabilities (including public deposits)

0.000

0.000

0.000

0.000

 

 

 

 

 

  c) Increase in:

 

 

 

 

       i)  Fixed Assets

0.000

0.000

0.000

0.000

       ii) Other Non-current Assets

0.000

0.000

0.000

0.000

 

 

 

 

 

  d) Dividend Payments

0.000

0.000

0.000

0.000

 

 

 

 

 

  e) Others

0.000

0.000

0.000

0.000

 

 

 

 

 

  f) TOTAL

0.000

0.000

0.000

0.000

 

 

 

 

 

3.  Long Term Surplus(+)/ deficit(-) [1-2]

6.189

1.355

1.314

1.318

 

 

 

 

 

4.  Increase/decrease in current assets*  (as per details given below)

5.885

5.759

0.596

3.325

 

 

 

 

 

5.  Increase/decrease in current liabilities other than bank borrowings.

(6.122)

3.453

(2.382)

(0.358)

 

 

 

 

 

6.  Increase/decrease in Working Capital Gap.

11.612

2.301

2.973

3.876

 

 

 

 

 

7.  Net surplus (+)/ deficit (-) (Difference of 3 & 6)

(5.423)

(0.947)

(1.657)

(2.558)

 

 

 

 

 

8.  Increase/decrease in Bank borrowings

5.423

0.947

1.657

2.558

 

 

 

 

 

    Increase/Decrease in Net Sales

1.364

2.437

2.924

3.509

 

 

 

 

 

(Break-up of -4)

 

 

 

 

 

 

 

 

 

Increase/decrease in Raw Materials

0.000

0.000

0.000

0.000

 

 

 

 

 

Increase/decrease in Stock in Process

0.005

0.006

0.006

0.006

 

 

 

 

 

Increase/decrease in Finance Goods

4.507

2.500

0.077

0.078

 

 

 

 

 

Increase/decrease in Scarp

0.000

0.000

0.000

0.000

 

 

 

 

 

Increase/decrease in Receivable and Debtors

0.879

1.470

0.721

1.434

 

 

 

 

 

Increase/decrease in exp/ Inc.

0.000

0.000

0.000

0.000

 

 

 

 

 

Increase/decrease in Stores and Spares

0.000

0.000

0.000

0.000

 

 

 

 

 

Increase/decrease in Other Current Assets

0.494

1.783

(0.207)

1.808

 

 

 

 

 

Increase in Current Assets

5.885

5.759

0.596

3.325

 

------------------------------------------------------------------------------------------------------------------------------

 

VALUATION REPORT

 

PART – I

GENERAL INFORMATION

 

Purpose for which valuation is made

To assess the fair market value

 

 

Date on which valuation is made

29th April 2013

 

 

Name of the owner/ Owners (As Reported)

Combined Digilog Private Limited

 

 

If the Property is under Joint Ownership/ Co-ownership, share of each such owner. Are the shares undivided?

Company Ownership

 

 

Name of the previous owner

Maharashtra Industrial Development Corporation

 

 

Member Present during inspection

Mr. Kshitij R. Shetty (Director, Combined Degilog Private Limited)

 

 

Brief Description of the Property

Industrial Land with structure

 

 

Location, Street, ward No.

Plot No. EL-111, Electronic Zone, TTC Industrial Area, MIDC Mahape, Navi Mumbai – 400710, Maharashtra, India 

 

 

Nearest Land Mark

Near B. D. Logistic

 

 

Nearest Bus Stop

Nelco Bus Stop

 

 

Survey/ Plot No. of Land

Plot No.EL-111

 

 

Is the Property situated in Residential/ Commercial/ Mixed Area/ Industrial Area

Industrial Area

 

 

Proximity to civic amenities like Schools, Hospitals, Banks. Market etc.

The facilities available within an any access

 

 

Means and Proximity to surface Communication by which the locality is served.

By road transport and rail situated at app. 2.25 kms from koperkhairne Railway station

 

 

LAND

 

Area of Land Supported by documentary proof, shape, dimensions and physical features.

600 sq. m.

(As per MIDC Lease Deed)

 

 

Plot Dimension

North: 30 Mtrs

South: 30 Mtrs

East: 20 Mtrs

West: 20 Mtrs

 

 

Roads, Streets or Lanes on which the land

North: Plot No.EL-112

South: Road

East: Road

West: Plot No. El-91

 

 

Is Freehold or Leasehold Land?

Leasehold Land

 

 

If leasehold, the name of lesser/ lessee Nature of lease, date of commencement and termination of lease of renewal of lease

Lesser- Maharashtra Industrial Development Corporation (MIDC) Lessee- Combined Digilog Systems Private Limited

Lease for the term of 95 Years computed from 1st January, 1991.

 

 

Is there any restrictive covenant in regard to use of land?

Permitted only for an industrial use

 

 

Does the land fall in an area included in any town planning scheme or any development plan of governments or Statutory body? If so, give particulars

Maharashtra Industrial development Corporation (MIDC)

 

 

Is the Building Owner – Occupied/ Tenanted/ Both

Owner Possession

 

 

IMPROVEMENTS

 

Attach plans and elevations of all structures standing on the land and the layout plan

Available with the owner

 

 

OWNERSHIP

 

Give details of water and electricity to be born by the owner

M.S.E.D.

 

 

What is the amount of property tax? Which is the bear it?

Owner

 

 

SALES

 

MIDC Land Rate

Rs.15,960/- per sq. m.

 

 

If sale instance are not available or not the basis of arriving at the land rate

Making market survey

 

 

CONSTRUCTION

 

Year of commencement of construction Year of completion

App. 2001

 

 

What was the method of construction-by Contract! by employing labour directly/ Both?

Constructed by contractor

 

 

Area details as per measurement

 

Description

 

Length In ft.

Width in

ft.

Total Area in

sq. ft.

Total Area in

 sq. m.

 

 

 

 

 

Basement

66.75

40.00

2670.00

248.05

Ground Floor

66.75

40.00

2670.00

248.05

First Floor

66.75

40.00

2670.00

248.05

2nd Floor Office

32.83

19.25

631.98

58.71

 

 

 

 

 

 

 

 

8641.98

802.86

 

 

Built Up Area (As per Building Plan)

 

Description

Total Area in

Sq. ft.

Total Area in

sq. m.

 

 

 

Ground Floor

2825.55

262.50

1st Floor

2825.55

262.50

2nd Floor

805.14

74.80

 

 

 

Total

 

6456.24

599.80

 

 

FORM – 1

 

No. of Floors

Basement + Ground + 2

 

 

Plinth area floor - wise (As per IS3861 -:- 1966)

As per plan

 

 

Year of construction

Basement and Ground floor· 1997

 

 

Estimated future life

45 years

 

 

Type of construction -load bearing Walls/ R.C.C. Frame/ Steel frame

RCC frame structure

 

 

Type of foundation

RCC Foundation

 

 

Walls

Brick Masonry Walls

 

 

Partitions

Brick walls

 

 

Flooring

Ceramic I Marbonite flooring

 

 

Doors and Windows

Wooden Doors and Aluminum Sliding Windows

 

 

Pantry

Pink granite with steel sink

 

 

Bath and Toilet

IWC and concealed plumbing

 

 

(i) Internal wiring - Surface or conduit

Surface/ Concealed wiring

(ii) Class of fittings: Superior/Ordinary/Poor

Goods

 

 

Roads and pavings with in the compound, opp area and type of paving

Paved

 

 

Sanitary installation

W. C. Available

 

 

Compound wall

i) Height and length Type of construction

All the sides compound wall and main gate from the front side

 

 

Sewage disposal - whether connected to public sewers. If septic tanks provided, No. and capacity.

Connected to Municipal Sewer

 

 

VALUATION

 

Replacement cost for insurance purpose

= Built up area X Construction rate

= 599.80 Sq. m. X Rs.800/-- Sq. m.

= Rs.0.480 Million

 

 

Fair Market value of property

 

Summary of Valuation

The valuation of the plot is based on the prevalent rate in the area. The market rate of Rs.40,000 sq. m. for Land and Rs.20,000/.- sq. m. construction rate for business including basement area is considered for assessment.

 

 

Market Value of the land

A] = Land Area x Market Rate

= 600 Sq. m. X Rs.40,000/- Sq. m.

= Rs.24.000 Millions

 

 

Value of the Structures

B] = Build up area x Cost of Construction

= 599.80 sq. m. x Rs.20,000/- sq. m.

Rs.11.996 Millions

Rs.12.000 Millions

 

 

Land development including component wall, pavement water tanks, septic tank etc.

C] Rs.0.800 Million

 

 

Total Market Value of Property

= (A) + (B) + (C)

=Rs.24.000 Millions + Rs.12.000 Millions + Rs.0.800 Million

= Rs.36.800 Millions

 

 

------------------------------------------------------------------------------------------------------------------------------

 

INDEX OF CHARGES

 

S.

No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

90229547

15/09/2004 *

600,000.00

THE BHARAT CO-OP BANK MUMBAI LTD

VILE PARLE EAST BR SUNCITY THEATRES 1ST FLOOR, MG
ROAD OPP SHAM CINEMA VILE PARLE EAST, MUMABI, MAHARASHTRA - 400057, INDIA

-

 

 

FIXED ASSETS:

 

·         Land

·         Factory Building

·         Machinery

·          Furniture and Fittings

·         Air Conditioner

·         Computer

·         Xerox Machine

·         Tools and Equipments

·         Tank

·         Water Cooler

·         Crane

·         Type Writer

·         Scooter

·         Motor Car, Jeep

·         Office Equipments

·         Generator

·         Telephones

·         Electricals and Misc. Fittings.

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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 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.61.59

UK Pound

1

Rs.101.09

Euro

1

Rs.83.99

 

 

INFORMATION DETAILS

 

Information Gathered by :

SVA

 

 

Report Prepared by :

NIT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

4

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

4

--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

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.