MIRA INFORM REPORT
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Report No. : |
304432 |
|
Report Date : |
29.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
DAVI ENGINEERING PRIVATE LIMITED |
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Registered
Office : |
Plot No.70A and 83, Sector No.10, PCNTDA, Pradhikaran, Bhosari, Pune –
411 026, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.03.2011 |
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Com. Reg. No.: |
25-138806 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 millions |
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CIN No.: [Company Identification
No.] |
U29190PN2011PTC138806 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacturing
of precision machined components of automobile and engineering industry. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 139000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was
erstwhile established as a partnership concern in the year 1997. Subsequently
it was reconstituted as a private limited company in 2010. It is having a
moderate track. Management has
reported modest scale of operations along with low reserves during FY
14. However, trade
relations seem to be fair. Business is active. Payment terms are reported as
slow but correct. In view of
experienced promoters, the company can be considered for business dealings
with some caution. |
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: BB |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial obligations. |
|
Date |
26.09.2014 |
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/ Factory : |
Plot No.70A and 83, Sector No.10, PCNTDA, Pradhikaran, Bhosari, Pune –
411 026, Maharashtra, India |
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Tel. No. : |
91-20-66300369
(Extension 22) |
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Fax No. : |
91-20-66300370 |
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E-Mail : |
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Website : |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Manjotsingh Gurucharan Sethi |
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Designation : |
Director |
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Address : |
Row House No.5, Muggal Garden Society, Lane 5, Koregaon, Pune – 411
001, Maharashtra, India |
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Date of Birth/Age : |
07.06.1974 |
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Date of Appointment : |
08.03.2011 |
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DIN No. : |
02123165 |
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Other Directorship :
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Name : |
Mr. Manpreet Gurucharan Sethi |
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Designation : |
Director |
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Address : |
Plot No.83, Sector 10, PCNTDA, Pradhikaran, Bhosari, Pune – 411 026,
Maharashtra, India |
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Date of Birth/Age : |
19.12.1971 |
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Date of Appointment : |
08.03.2011 |
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DIN No. : |
02698949 |
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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 |
|
Manpreet Gurucharan Sethi |
|
1000000 |
|
Manjotsingh Gurucharan Sethi |
|
1000000 |
|
Davinder Kaur Sethi |
|
1000000 |
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Total |
|
3000000 |
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 : |
Subject is engaged in the business of
manufacturing of precision machined components of automobile and engineering
industry. |
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Products : |
Precision Transmission and Axle Parts |
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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 : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Baroda, Ambethan Chowk, Pune-Nashik Road Highway, Pune – 410
501, Maharashtra, India ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institutions : |
Intec
Capital Limited, 701, Manjusha, 57 Nehru Place, New Delhi – 110 019, India |
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Auditors : |
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Name : |
L.B. Laddha and Company Chartered Accountants |
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Address : |
Flat No.7 and 8, Second Floor, Sukhwani Chambers, Station Road, Pimpri, Pune – 411 018, Maharashtra, India |
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Tel. No. : |
91-20-27426966/ 27420547 |
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E-Mail : |
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PAN
No.: |
AAJPL1258Q |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
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|
(1)
Shareholders' Funds |
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(a) Share Capital |
30.000 |
30.000 |
30.000 |
|
(b) Reserves & Surplus |
18.636 |
11.657 |
9.156 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
48.636 |
41.657 |
39.156 |
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(3) Non-Current
Liabilities |
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(a) Long-term borrowings |
47.461 |
49.478 |
24.970 |
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(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.068 |
|
(c) Other long term
liabilities |
0.000 |
0.688 |
0.100 |
|
(d) Long-term
provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current
Liabilities (3) |
47.461 |
50.166 |
25.138 |
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(4) Current Liabilities |
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(a) Short
term borrowings |
11.088 |
15.781 |
13.882 |
|
(b) Trade
payables |
41.956 |
35.916 |
27.041 |
|
(c) Other
current liabilities |
18.162 |
13.574 |
31.379 |
|
(d) Short-term
provisions |
2.130 |
2.162 |
1.981 |
|
Total Current
Liabilities (4) |
73.336 |
67.433 |
74.283 |
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TOTAL |
169.433 |
159.256 |
138.577 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
98.360 |
77.845 |
75.226 |
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(ii)
Intangible Assets |
0.000 |
0.179 |
0.357 |
|
(iii)
Capital work-in-progress |
1.878 |
0.000 |
0.252 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.313 |
|
(c) Deferred tax assets (net) |
0.077 |
0.130 |
0.000 |
|
(d) Long-term Loan and Advances |
1.683 |
1.265 |
1.265 |
|
(e) Other
Non-current assets |
2.443 |
1.621 |
1.211 |
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Total Non-Current
Assets |
104.441 |
81.040 |
78.624 |
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|
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(2) Current assets |
|
|
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|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
28.086 |
24.742 |
26.655 |
|
(c) Trade
receivables |
33.715 |
34.419 |
25.903 |
|
(d) Cash
and cash equivalents |
0.063 |
3.350 |
2.045 |
|
(e) Short-term
loans and advances |
3.059 |
15.636 |
5.281 |
|
(f) Other
current assets |
0.069 |
0.069 |
0.069 |
|
Total
Current Assets |
64.992 |
78.216 |
59.953 |
|
|
|
|
|
|
TOTAL |
169.433 |
159.256 |
138.577 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
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|
SALES |
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|
|
|
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Revenue from Operations |
215.830 |
183.375 |
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Other Income |
0.146 |
0.616 |
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|
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TOTAL |
215.976 |
183.991 |
168.766 |
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL |
206.052 |
179.413 |
155.202 |
|
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PROFIT/
(LOSS) BEFORE TAX |
9.924 |
4.578 |
13.564 |
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|
Less |
TAX |
2.945 |
2.077 |
4.408 |
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PROFIT/
(LOSS) AFTER TAX |
6.979 |
2.501 |
9.156 |
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|
EARNINGS IN
FOREIGN CURRENCY |
0.741 |
Nil
|
Nil
|
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|
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|
|
Earnings /
(Loss) Per Share (Rs.) |
2.33 |
0.83 |
3.05 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.23 |
1.36 |
NA |
|
|
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|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.93 |
2.88 |
9.83 |
|
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|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.11 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.20 |
1.57 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.89 |
1.16 |
0.81 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
30.000 |
30.000 |
30.000 |
|
Reserves & Surplus |
9.156 |
11.657 |
18.636 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
39.156 |
41.657 |
48.636 |
|
|
|
|
|
|
Long Term borrowings |
24.970 |
49.478 |
47.461 |
|
Short Term borrowings |
13.882 |
15.781 |
11.088 |
|
Total borrowings |
38.852 |
65.259 |
58.549 |
|
Debt/Equity ratio |
0.992 |
1.567 |
1.204 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
168.766 |
183.991 |
215.976 |
|
|
|
9.021 |
17.384 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Total Income |
168.766 |
183.991 |
215.976 |
|
Profit |
9.156 |
2.501 |
6.979 |
|
|
5.43% |
1.36% |
3.23% |
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 |
No |
|
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 |
Yes |
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Director and
Relatives: (Repayable at the discretionary power of Board of Directors) |
|
|
|
Bhavneet Manpreet Sethi |
1.670 |
1.450 |
|
Gurucharan Singh Sethi |
2.450 |
2.600 |
|
Pavneet Manjot Sethi |
1.661 |
1.441 |
|
Davinder Kaur Sethi |
5.800 |
5.800 |
|
Manjot Singh Sethi |
6.795 |
5.975 |
|
Manpreet Singh Sethi |
6.820 |
5.975 |
|
Total |
25.196 |
23.241 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10441135 |
29/07/2013 |
2,855,289.00 |
INTEC CAPITAL LIMITED |
701, MANJUSHA, 57 NEHRU
PLACE, NEW DELHI - 110019, INDIA |
B81178675 |
|
2 |
10344808 |
22/10/2014 * |
93,927,000.00 |
BANK OF BARODA |
SME CHAKAN BRANCH,
AMBHETHAN CHOWK, TALUKA-KHED, DISTRICT-PUNE, PUNE - 410501, MAHARASHTRA,
INDIA |
C35279652 |
|
3 |
10383426 |
24/07/2014 * |
67,077,000.00 |
BANK OF BARODA |
AMBETHAN CHOWK, PUNE-NASHIK
ROAD HIGHWAY, PUNE - 410501, MAHARASHTRA, INDIA |
C16669921 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Electrical Installation
·
Office Equipment
·
Tools and Equipments
·
Handling Equipment
Intangible Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
4 |
|
-- PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.