MIRA INFORM REPORT
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Report No. : |
319338 |
|
Report Date : |
27.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
DARSHANA
INDUSTRIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
63, Hadapsar
Industrial Estate, Pune – 411013, Maharashtra |
|
Tel. No.: |
91-20-26877501 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
05.10.1999 |
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Com. Reg. No.: |
11-014045 |
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Capital
Investment / Paid-up Capital : |
Rs.7.000 million |
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CIN No.: [Company Identification
No.] |
U31200PN1999PTC014045 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED01445D |
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PAN No.: [Permanent Account No.] |
AABCD0325R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Locks, Hinges, Latches, Knobs, Handles, Swing Handle, Console (HMI) and Aluminium Section Accessories, etc. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 630000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having satisfactory track record. The company is progressing
well. Reserves level of the company is decent. General financial of the
company is sound and healthy. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
usually correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
LOCATIONS
|
Registered Office : |
63, Hadapsar
Industrial Estate, Pune – 411013, Maharashtra, India |
|
Tel. No. : |
91-20-26877501/ 26870253 |
|
Fax No. : |
91-20-26874864 |
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E-Mail : |
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|
Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Nilesh Nagesh Patil |
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|
Designation : |
Director |
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|
Address : |
Krutarth,
242/1, Boat Club Road, Pune – 411 001, Maharashtra, India |
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Date of Birth/Age : |
17.12.1960 |
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Date of Appointment : |
05.10.1999 |
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DIN No.: |
00646539 |
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Other Directorship :
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|||||||||||||||||||||||||||
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Name : |
Ms. Kanchan Nagesh Patil |
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|
Designation : |
Director |
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|
Address : |
Krutarth,
242/1, Boat Club Road, Pune – 411 001, Maharashtra, India |
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|
Date of Birth/Age : |
01.10.1953 |
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Date of Appointment : |
05.10.1999 |
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DIN No.: |
00866248 |
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Other Directorship :
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
holding |
|
Nilesh Patil |
262500 |
37.50 |
|
Kanchan
Patil |
175000 |
25.00 |
|
Nandini Patil |
87500 |
12.50 |
|
Sejal Patil |
87500 |
12.50 |
|
Kajal Patil |
87500 |
12.50 |
|
Total |
700000 |
100.00 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Directors or relatives of Directors |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Locks, Hinges, Latches, Knobs, Handles, Swing Handle, Console (HMI) and Aluminium Section Accessories, etc. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P.D. Kudva and Associates Chartered Accountants |
|
Address : |
4, Kumar Panorama, 45/1B, Shankarseth Road, Pune – 411 037, Maharashtra, India |
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Tel. No.: |
91-20-26457251/ 52 |
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E-Mail : |
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PAN
No.: |
AAJFP3713P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Entities controlled by Key Management Personnel : |
Faraday
Capacitors (Partnership Firm) |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2500000 |
Equity Shares |
Rs.10/- each |
Rs.25.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700000 |
Equity Shares |
Rs.10/- each |
Rs.7.000 million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7.000 |
7.000 |
7.000 |
|
(b) Reserves & Surplus |
213.656 |
175.270 |
147.667 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
220.656 |
182.270 |
154.667 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.467 |
1.513 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
8.915 |
10.301 |
12.538 |
|
(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) |
9.382 |
11.814 |
12.538 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
12.376 |
20.680 |
19.732 |
|
(b) Trade
payables |
9.967 |
5.357 |
8.679 |
|
(c) Other
current liabilities |
1.611 |
1.492 |
1.148 |
|
(d) Short-term
provisions |
34.572 |
28.186 |
26.450 |
|
Total Current
Liabilities (4) |
58.526 |
55.715 |
56.009 |
|
|
|
|
|
|
TOTAL |
288.564 |
249.799 |
223.214 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
72.648 |
73.022 |
73.654 |
|
(ii)
Intangible Assets |
0.504 |
0.629 |
0.642 |
|
(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 |
23.143 |
56.995 |
34.477 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
92.388 |
35.430 |
7.097 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
188.683 |
166.076 |
115.870 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
12.030 |
13.784 |
13.381 |
|
(c) Trade
receivables |
53.370 |
43.130 |
41.908 |
|
(d) Cash
and cash equivalents |
10.718 |
8.379 |
32.739 |
|
(e)
Short-term loans and advances |
0.269 |
0.186 |
0.048 |
|
(f) Other
current assets |
23.494 |
18.244 |
19.268 |
|
Total
Current Assets |
99.881 |
83.723 |
107.344 |
|
|
|
|
|
|
TOTAL |
288.564 |
249.799 |
223.214 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Revenue |
236.145 |
187.940 |
184.385 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
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|
|
|
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|
|
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
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|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
85.407 |
67.559 |
63.175 |
|
|
|
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|
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|
|
|
|
DEPRECIATION/
AMORTISATION |
17.298 |
16.487 |
15.716 |
|
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|
|
|
|
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|
PROFIT/
(LOSS) BEFORE TAX |
68.108 |
51.072 |
47.459 |
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|
|
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|
TAX |
21.533 |
15.348 |
19.071 |
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|
PROFIT/
(LOSS) AFTER TAX |
46.575 |
35.723 |
28.675 |
|
|
|
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|
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|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
149.946 |
125.917 |
108.503 |
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APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to
General Reserve |
4.657 |
3.572 |
2.839 |
|
|
|
Dividend |
7.000 |
7.000 |
7.000 |
|
|
|
Dividend Distribution Tax |
1.189 |
1.136 |
1.136 |
|
|
|
|
12.846 |
11.708 |
10.975 |
|
|
BALANCE CARRIED
TO THE B/S |
183.674 |
149.932 |
125.917 |
|
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|
|
|
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|
|
|
EARNINGS IN FOREIGN
CURRENCY |
32.173 |
17.670 |
19.331 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
65.84 |
50.54 |
40.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Total Revenue) |
(%) |
19.72 |
19.01 |
15.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.66 |
26.49 |
25.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.28 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.12 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
1.50 |
1.92 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Share Capital |
7.000 |
7.000 |
7.000 |
|
Reserves & Surplus |
147.667 |
175.270 |
213.656 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
154.667 |
182.270 |
220.656 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
1.513 |
0.467 |
|
Short Term borrowings |
19.732 |
20.680 |
12.376 |
|
Total borrowings |
19.732 |
22.193 |
12.843 |
|
Debt/Equity ratio |
0.128 |
0.122 |
0.058 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Revenue |
184.385 |
187.940 |
236.145 |
|
|
|
1.928 |
25.649 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Million) |
(INR in Million) |
(INR in Million) |
|
Total Revenue |
184.385 |
187.940 |
236.145 |
|
Profit |
28.675 |
35.723 |
46.575 |
|
|
15.55% |
19.01% |
19.72% |
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
three 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 |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
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 |
ACTIVITIES
AND ACCOUNTS
The turnover of the company
increased by 27% compared to last year despite economic slowdown resulting in
consequent increase in profits. The company expects growth in turnover and
profits in the current year.
WINDMILL POWER GENERATION
(RENEWABLE ENERGY):
The power generation project
is in the fifteenth year of commercial operation. By the end of March 2014,
11.22 lacs units (P.Y 12.58 lacs) of wind power were generated and sold to
Rajasthan Power Procurement Board. The total revenue generated for the year
ended March 2014 is Rs.4.805 million (P.Y 5.386 million). The company expects
similar trend of revenue in the current year.
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
From Others |
|
|
|
Kajal
Patil |
0.976 |
0.976 |
|
Kanchan
Patil |
8.400 |
8.400 |
|
Nandini
Patil |
0.977 |
0.977 |
|
Nilesh
Patil |
0.000 |
8.400 |
|
Sejal
Patil |
0.977 |
0.977 |
|
Total |
11.330 |
19.730 |
INDEX OF CHARGES
No Charges Exist for Company.
FIXED ASSETS
Tangible Assets
·
Factory Shed
·
Electric Fitting
·
Furniture
·
Plant and Machinery
·
Office Equipment
·
Vehicle
·
Moulds
·
Computers
·
Dust Collector System
·
AIR Ventilator
·
Energy Device
Intangible Assets
·
Computer Software
·
Patent
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 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.63.40 |
|
|
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49
|
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.