MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
NEEL INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Padur Road, Kuthambakkam Village, Thirumazhasai Post, Thiruvallur
District – 602107, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
04.01.2000 |
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Com. Reg. No.: |
18-049876 |
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CIN No.: [Company
Identification No.] |
U28910TN2002PTC049876 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN02259F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Sheet Metal Components,& Assemblies |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 390000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track records.
Company’s profitability is under severe pressure. It has some accumulated
losses. Payments are reported as slow but correct.The company can be
considered normal for small business at usual trade terms and conditions,
with slight caution initially. |
LOCATIONS
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Registered Office : |
Padur Road, Kuthambakkam Village, Thirumazhasai Post, Thiruvallur
District – 602107, Tamilnadu |
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Tel. No.: |
91-44-26811982 |
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Fax No.: |
91-44-26810323 |
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Email : |
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Website : |
DIRECTORS
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Name : |
Mr. Arya Nishthakar |
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Designation : |
Director |
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Address : |
H No. 1156, Sector – 9, Faridabad, Haryana |
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Date of Birth/Age : |
22.11.1956 |
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Date of Appointment : |
04.01.2000 |
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Name : |
Mr. Arya Sunil |
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Designation : |
Director |
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Address : |
H No. 1156, Sector – 9, Faridabad, Haryana |
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Date of Appointment : |
04.01.2000 |
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Company Secretary : |
M/s S. Behera & Company, Company Secretaries (Mr. Shesdev Behera, Proprietor, C.P. No. 5980) |
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Address : |
98 Flat No. 37, Second Floor, Katwaria Sarai, New Delhi – 100016, New
Delhi |
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Mobile No. : |
91-9999002490 |
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E-mail : |
shesdev@gmail.com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Arya Nishthakar |
10 |
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Mr. Arya Sunil |
10 |
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M/s. Credits SMC Limited |
85000 |
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M/s. Exports Shuklambar Limited |
173030 |
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M/s. Credits & Leasing Limited |
46000 |
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M/s. Securities Z TO A Limited |
1800 |
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M/s. Construction Valour Limited
|
154170 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Components, Assembles and Sub – Assem |
GENERAL
INFORMATION
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No. of Employees : |
About 20 |
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Bankers : |
Standared Chartered Bank, 19 Rajaji Salai, Chennai – 600001, Tamilnadu
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Balu Associates Chartered Accountant |
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Name : |
81, Flat No. 4. II Floor, Kumarappa Street, Nungambakkam, Chennai –
600034, Tamilnadu |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- Each |
Rs. 10.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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460020 |
Equity Shares |
Rs. 10/- Each |
Rs. 4.600
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.600 |
4.600 |
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2] Share Application Money |
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50.850 |
50.850 |
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3] Reserves & Surplus |
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52.900 |
52.900 |
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4] (Accumulated Losses) |
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(8.493) |
(15.998) |
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NETWORTH |
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99.857 |
99.352 |
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LOAN FUNDS |
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1] Secured Loans |
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133.935 |
71.005 |
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2] Unsecured Loans |
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10.300 |
10.300 |
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TOTAL BORROWING |
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144.235 |
81.305 |
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DEFERRED TAX LIABILITIES |
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9.830 |
4.629 |
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TOTAL |
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253.922 |
178.286 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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195.552 |
120.053 |
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Capital work-in-progress |
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18.472 |
39.811 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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47.045 |
32.322 |
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Sundry Debtors |
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55.555 |
24.001 |
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Cash & Bank Balances |
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3.441 |
0.777 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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16.786 |
9.316 |
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Total
Current Assets |
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122.827 |
66.416 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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81.239 |
47.331 |
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Provisions |
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1.690 |
0.670 |
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Total
Current Liabilities |
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82.929 |
48.001 |
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Net Current Assets |
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39.898 |
18.415 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.007 |
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TOTAL |
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253.922 |
178.286 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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360.561 |
189.762 |
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Other Income |
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0.183 |
0.222 |
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Total Income |
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360.744 |
189.984 |
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Profit/(Loss) Before Tax |
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8.524 |
8.523 |
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Provision for Taxation |
|
1.020 |
0.670 |
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Profit/(Loss) After Tax |
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7.504 |
7.853 |
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Imports : |
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Raw Materials |
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32.944 |
3.543 |
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Stores & Spares |
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0.000 |
0.218 |
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Capital Goods |
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19.206 |
0.673 |
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Others |
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0.000 |
0.000 |
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Total Imports |
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52.15 |
4.434 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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314.654 |
158.484 |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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314.654 |
158.484 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.08 |
4.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.36 |
4.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.73 |
4.57 |
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Return on Investment (ROI) (PBT/Networth) |
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0.08 |
0.08 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.27 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.48 |
1.38 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.27 |
1.30 |
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Current Ratio (Current Asset/Current Liability) |
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1.48 |
1.38 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
NEEL INDUSTRIES PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
Agreement of hypothecation of machinery dated 25.01.2006 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 35.000 Millions |
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3) Short particular of the property charged. If the property acquired is
subject to charge, date of the acquired of the property should be given |
All plant and machinery, furniture, fixture, fitting etc, both present
and future being movable properties now stored at or stored at or at present
installed at Chennai |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Pari passu first charge for rupees term loan facility extended to the
company |
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5) Name and Address and description of the person entitled to the
charge. |
Standared Chartered Bank, 19 Rajaji Salai, Chennai – 600001, Tamilnadu
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6) Date and brief description
of instrument modifying the charge |
Not Applicable |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Applicable |
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 records 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.43.15 |
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UK Pound |
1 |
Rs.85.22 |
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Euro |
1 |
Rs.57.63 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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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 |
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|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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