MIRA
INFORM REPORT
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Report No. : |
305509 |
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Report Date : |
30.01.2015 |
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Tel No.: |
91-22-67779000 |
IDENTIFICATION DETAILS
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Name : |
DRIVE INDIA ENTERPRISE SOLUTIONS LIMITED (w.e.f. 30.03.2007) |
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Formerly Known
As : |
DRIVEINDIACOM LIMITED |
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Registered
Office : |
7th Floor, Kamla Executive Park, Andheri (East), Mumbai -
400059, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
27.04.2000 |
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Com. Reg. No.: |
11-126195 |
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Capital
Investment / Paid-up Capital : |
Rs.51.204 Millions |
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CIN No.: [Company Identification
No.] |
U72900MH2000PLC126195 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMD12064D |
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PAN No.: [Permanent Account No.] |
AABCD5823E |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
·
Trading in Handsets and Telecom Accessories. ·
Providing Logistics Services |
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No. of Employees
: |
Information Declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is a “Tata Group Company”. The company is owned by “Tata International Limited” (50%) and “Tata
Industries Limited” (50%). It is an established company having satisfactory
track record. Trade relations are fair. Business is active. Payment terms are
reported as usually correct. In view of strong holdings, the company can be considered 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: “BBB+” Withdrawn |
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Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
20.05.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: “A3+” Withdrawn |
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Rating Explanation |
Moderate degree of safety and high credit
risk. |
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Date |
20.05.2014 |
REASON:
CARE has withdrawn the ratings assigned to the
above mentioned bank facilities of Drive India Enterprise solution Limited with
immediate effect as the company has fully repaid the amounts under the said
facilities and there is no amount outstanding under the facilities as on date.
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.
INFORMATION DECLINED BY
|
Name : |
Ms. Aishwarya |
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Designation : |
H R Executive |
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Contact No.: |
91-22-67779000 |
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Date : |
28.01.2015 |
LOCATIONS
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Registered/
Corporate Office : |
7th Floor, Kamla Executive Park, Andheri (East), Mumbai -
400059, Maharashtra, India |
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Tel. No.: |
91-22-67779000 |
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Fax No.: |
91-22-67779001/ 9002 |
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E-Mail : |
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Website : |
DIRECTORS
As on 16.06.2014
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Name : |
Mr. Rameshwar Singh Thakur |
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Designation : |
Additional Director |
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Address : |
Flat No.205, Burlington, Hiranandani Estate, Patlipada, Thane (West),
Mumbai-400607, Maharashtra, India |
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Date of Birth/Age : |
06.09.1948 |
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Qualifications: |
Bachelor’s Degree in Mechanical Engineering, Master’s Degree in Business Management from XLRI and Chartered Management Accountant from CIMA, London |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
00020126 |
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Name : |
Mr. Noel Naval Tata |
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Designation : |
Additional Director |
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Address : |
Windmere Cuffe Parade, Colaba, Mumbai-400005, Maharashtra, India |
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Date of Birth/Age : |
12.11.1956 |
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Qualifications: |
B.A.(in Economics from Sussex University, London) |
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Date of Appointment : |
01.11.2010 |
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DIN No.: |
00024713 |
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Name : |
Mr. Ajay Murlidhar Ponkshe |
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Designation : |
Director |
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Address : |
Flat No.3 1st Floor, Yashodhan, Sahayog Mandir Path,
Naupada Thane – 400 601, |
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Date of Birth/Age : |
27.02.1960 |
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Qualifications: |
B.COM., ACA, ACS |
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Date of Appointment : |
16.07.2007 |
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DIN No.: |
01663073 |
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Name : |
Mr. Kanwar Rameshwar Singh Jamwal |
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Designation : |
Additional Director |
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Address : |
73-A, Maker Towers, CHSL, Cuffe Parade, Mumbai-400005, Maharashtra,
India |
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Date of Birth/Age : |
11.10.1965 |
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Qualifications: |
BE in Technology in petroleum, PG in management |
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Date of Appointment : |
30.09.2010 |
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DIN No.: |
03129908 |
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Name : |
Mr. Milind Madhav Shahane |
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Designation : |
Executive Director and Chief Executive Officer |
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Address : |
C-22, Swapnaship Apartments, 52, Mahant Road, Vile Parle, (East),
Mumbai – 400057, Maharashtra, India |
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Date of Birth/Age : |
10.01.1963 |
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Qualifications: |
BTECH, MS (Chemical) IIT- Mumbai, MBA IIM (Ahmedabad) |
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Date of Appointment : |
26.09.2012 |
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PAN No.: |
AAEPP6047Q |
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DIN No.: |
03291774 |
KEY EXECUTIVES
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Name : |
Mr. Vishal Shah |
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Designation : |
Secretary |
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Address : |
A-604, Poonam Enclave, Opposite Wagheshwari Temple, Film City Road,
Malad (East), Mumbai – 400097, Maharashtra, India |
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Date of Birth/Age : |
02.05.1976 |
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Date of Appointment : |
01.04.2013 |
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PAN No.: |
ANZPS0103N |
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Name : |
Ms. Aishwarya |
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Designation : |
H R Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 16.06.2014
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Names of Shareholders |
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No. of Shares |
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Tata Industries Limited, India |
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2560144 |
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Tata Industries Limited, |
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10 |
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Tata Industries Limited, India Jointly With K K Bhatt |
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10 |
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Tata Industries Limited, India Jointly With Dhirendrasingh Kushwah |
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10 |
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Tata Industries Limited, India Jointly With Mr. S. Sriram |
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10 |
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Tata Industries Limited, India Jointly With Deepika Bhagwagar |
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10 |
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Tata International Limited, India |
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2560206 |
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Total |
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5120400 |
Equity Share Break up (Percentage of Total Equity)
As on 16.06.2014
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
·
Trading in Handsets and Telecom Accessories. ·
Providing Logistics Services |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information Declined by the management |
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Bankers : |
· Australia and New Zealand Banking Group Limited Cynergy, A-1 Ground floor and A-6th Floor, Appa Saheb Marathe Marg, Prabhadevi, Mumbai - 400025, Maharashtra, India · Axis Bank Limited Trishul 3rd Floor Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India · Union Bank of India Limited, Maharashtra, India · Canara Bank Corporate Services Branch, 101, 1st Floor, Dalamal, Towers, B Wing, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Tower 3, 27th To 32nd Floor, Indiabulls Finance Center, Elphinstone Mill Compound, Senapati Bapat Marg, India |
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PAN N Income-tax PAN of auditor or auditor's firm : |
AADFD2337G |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company: |
· Tata International Limited, India [U51900MH1962PLC012528] |
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Ultimate Holding
Company: |
· Tata Sons Limited, India [U99999MH1917PLC000478] |
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Tata Industries
Limited has significant influence over the Company: |
· Tata Industries Limited, India [U44003MH1945PLC004403] |
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Fellow Subsidiaries
with whom the Company had Transactions: |
· Infinity Retail Limited, India [U31900MH2005PLC158120] · Tata Consultancy Services Limited, India [L22210MH1995PLC084781] · Tata Sky Limited, India [U92120MH2001PLC130365] · Tata Teleservices Limited, India [U74899DL1995PLC066685] · Tata Teleservices (Maharashtra) Limited, India [L64200MH1995PLC086354] · Tata Petrodyne Limited, India [U11100MH1993PLC134095] · Tata Autocomp Systems Limited, India [U34100MH1995PLC093733] · Tata AIG Life Insurance Company Limited, India [U85110MH2000PLC128425] · VIOM Networks Limited, India [U72200DL2004PLC228400] · Tata Advance Materials Limited, India [U85110KA1989PLC013224] · Tata Lockheed Martin Aerostructures Limited (formerly Tata Aerostructures Limited) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital:
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No. of Shares |
Type |
Value |
Amount |
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|
5120400 |
Equity Shares |
Rs.10/- each |
Rs. 51.204
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 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
51.204 |
51.204 |
51.204 |
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(b) Reserves & Surplus |
162.934 |
158.063 |
543.322 |
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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) |
214.138 |
209.267 |
594.526 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
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(c) Other long term
liabilities |
1.308 |
2.329 |
2.474 |
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(d) long-term provisions |
14.207 |
16.846 |
24.446 |
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Total
Non-current Liabilities (3) |
15.515 |
19.175 |
26.920 |
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(4) Current Liabilities |
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(a) Short term borrowings |
1602.771 |
2413.203 |
3329.715 |
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(b) Trade payables |
1393.044 |
891.189 |
2445.630 |
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(c) Other current liabilities |
364.799 |
215.555 |
365.601 |
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(d) Short-term provisions |
6.145 |
3.644 |
5.935 |
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Total
Current Liabilities (4) |
3366.759 |
3523.591 |
6146.881 |
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TOTAL |
3596.412 |
3752.033 |
6768.327 |
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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 |
445.475 |
453.030 |
469.748 |
|
(ii) Intangible Assets |
56.470 |
89.549 |
83.728 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
24.709 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
22.090 |
|
(d) Long-term Loan and Advances |
486.816 |
392.466 |
312.519 |
|
(e) Other Non-current assets |
196.956 |
215.788 |
323.873 |
|
Total
Non-Current Assets |
1185.717 |
1150.833 |
1236.667 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1.925 |
0.000 |
|
(b) Inventories |
697.233 |
1006.864 |
2076.099 |
|
(c) Trade receivables |
1357.160 |
1166.082 |
1674.431 |
|
(d) Cash and cash equivalents |
11.578 |
128.454 |
950.926 |
|
(e) Short-term loans and
advances |
231.052 |
188.152 |
260.332 |
|
(f) Other current assets |
113.672 |
109.723 |
569.872 |
|
Total
Current Assets |
2410.695 |
2601.200 |
5531.660 |
|
|
|
|
|
|
TOTAL |
3596.412 |
3752.033 |
6768.327 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6677.656 |
7723.712 |
13318.222 |
|
|
Other Income |
199.664 |
93.022 |
60.705 |
|
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TOTAL
(A) |
6877.320 |
7816.734 |
13378.927 |
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Less |
EXPENSES |
|
|
|
|
|
Purchases of Stock-in-Trade |
3493.236 |
3797.995 |
9852.631 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
309.631 |
1069.235 |
(77.850) |
|
|
Employees benefits expense |
332.555 |
302.389 |
393.046 |
|
|
Other expenses |
2527.406 |
2725.438 |
3000.117 |
|
|
Exceptional items |
0.000 |
120.000 |
120.000 |
|
|
TOTAL
(B) |
6662.828 |
8015.057 |
13287.944 |
|
|
|
|
|
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|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
214.492 |
(198.323) |
90.983 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
115.582 |
71.071 |
93.348 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
98.910 |
(269.394) |
-2.365 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
91.044 |
93.775 |
111.310 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
7.866 |
(363.169) |
(113.675) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
22.090 |
(2.313) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
7.866 |
(385.259) |
(111.362) |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
157.800 |
543.000 |
654.400 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
3.000 |
0.000 |
0.000 |
|
|
Balance
Carried to the B/S |
162.700 |
157.800 |
543.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.54 |
(75.24) |
21.75 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit
Margin (PAT / Sales) |
(%) |
0.12 |
(4.99) |
-0.84 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
3.21 |
(2.57) |
0.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.22 |
(9.68) |
(1.69) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|