MIRA INFORM REPORT
|
Report Date : |
30.07.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NSW
INDIA LIMITED |
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Registered Office : |
C –
255, Mayapuri Industrial Area, Phase – II, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
08.10.1998 |
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Com. Reg. No.: |
55-96577 |
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CIN No.: [Company Identification No.] |
U29141DL1998PLC096577 |
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TAN No.: [Tax Deduction & Collection Account
No.] |
DELN03488C |
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Legal Form : |
Closely
Held Public Limited Liability Company |
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Line of Business : |
Manufacturing
and exporting of ovens and machines. |
RATING
& COMMENTS
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MIRA’s Rating : |
Ba |
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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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Maximum Credit Limit : |
USD
7000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are fair. General financial position is
satisfactory. Payments are usually
correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
C –
255, Mayapuri Industrial Area, Phase – II, |
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Tel. No.: |
91-11-28111173
/ 28112609 |
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Fax No.: |
91-11-28112491 |
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E-Mail : |
corporate@nswindia.com, nnrm@rediffmail.com, rnnm@rediffmail.com |
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Website : |
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Factory
: |
Plot
No. 43, Sector – 34, E.H.T.P., Gurgaon, Haryana – 122001, |
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Tel.
No.: |
91-124-2371106
/ 5030679 / 5033679 |
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Fax
No.: |
91-124-2372859 |
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E-Mail
: |
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Website : |
http://www.nswindia.com |
DIRECTORS
|
Name : |
Mr. Krishan
C. Narang |
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Designation : |
Whole
Time Director |
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Address : |
B1/55,
2nd Floor, Safdarjung Enclave, New Delhi-110049 |
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Date of Birth/Age : |
03.11.1942 |
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Date of Appointment : |
08.10.1998 |
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Name : |
Mr.
Rajesh Narang |
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Designation : |
Managing
Director |
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Address : |
B1/55,
2nd Floor, Safdarjung Enclave, New Delhi-110049 |
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Date of Birth/Age : |
13.09.1971 |
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Date of Appointment : |
08.10.1998 |
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Name : |
Mrs.
Prem Narang |
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Designation : |
Director
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Address : |
D-1/8,
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Date of Birth/Age : |
14.04.1949 |
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Date of Appointment : |
16.11.1998 |
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Name : |
Mrs.
Pooja Narang |
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Designation : |
Director
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Address : |
D-1/8,
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Date of Birth/Age : |
01.10.1974 |
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Date of Appointment : |
16.11.1998 |
MAJOR
SHAREHOLDERS
|
Names
of Shareholders |
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No. of Shares |
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Mr. K.
C. Narang |
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10100 |
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Mr.
Rajesh Narang |
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9100 |
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Mrs.
Prem Narang |
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32100 |
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Mrs.
Pooja Narang |
|
100 |
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Mrs.
Hema Anand |
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100 |
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Mrs.
Rajni Aneja |
|
100 |
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Mr.
Sudhir Aneja |
|
100 |
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TOTAL |
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51700 |
All
the shares are held by directors or their relatives.
BUSINESS
DETAILS
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Line of Business : |
Manufacturing
and exporting of ovens and machines. |
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Products : |
Powder
Coating and Spray PaintingPlants & Equipment's
Conveyors and Automation Systems
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Exports to : |
France,
U.K., U.A.E., Russia, Sri Lanka, Nigeria, Kenya, Malaysia, Bangladesh, Afghanistan
and Vietnam |
GENERAL
INFORMATION
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Suppliers : |
v
Chopra & v
Nanak Electricals [ v
Rajni Combustions Private Limited, v
Surya Power Engineering Company v
Automotive & Industrial Lining v
Beta Industrial Products v
Gulbros Brakes Limited v
Telbros Automotive Components Limited |
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Customers : |
v
Allied Nipon Limited v
Anand Motor Products Private Limited v
Brakewel Automotive Components v
Fiem Industries Limited, Tamilnadu v
Lumax Industries Limited, Pune v
Lakshmi Precision Screw Limited v
Lumax Industries Limited, Dharuhera v
Mahavir System & Controls Private Limited v
Napino Auto & Electronics Limited v
Neolite Industries, Noida v
Neolite Industries Limited v
Pioneer Polymer Private Limited v
Sumi Motherson Innovative Engineering v
Unisol India Limited v
Unitech Machines Limited v
Varroc Engineering Private Limited, Ranjan v
Varroc Engineering Private Limited, Pune v
Vimal Industries Limited v
Viscare Auto Industries Private Limited |
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No. of Employees : |
About
90 |
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Bankers : |
ABN
Amro Bank ICICI
Bank Limited Canara
Bank Syndicate
Bank, Mayapuri, New Delhi-110064, |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
R.
Mediratta & Associates Chartered
Accountants, 1105, |
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Tel. No.: |
91-11-25864849
/ 30972247 |
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Fax No.: |
91-11-25851794 |
CAPITAL
STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
250000 |
Equity
Shares |
Rs. 10/- each |
Rs. 2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
51700 |
Equity
Shares |
Rs. 10/- each |
Rs. 0.517 million |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.517 |
0.517 |
0.517 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.422 |
1.122 |
0.555 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.939 |
1.639 |
1.072 |
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LOAN FUNDS |
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1] Secured Loans |
1.018 |
0.510 |
1.296 |
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2] Unsecured Loans |
1.076 |
0.985 |
0.000 |
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TOTAL BORROWING |
2.094 |
1.495 |
1.296 |
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Advances from customers |
0.000 |
0.000 |
1.293 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4.033 |
3.134 |
3.661 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
2.190 |
1.009 |
1.279 |
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Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX
TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
2.680
|
0.795
|
1.984 |
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Sundry
Debtors |
5.784
|
9.317
|
3.689 |
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Cash
& Bank Balances |
0.931
|
0.030
|
0.188 |
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Other
Current Assets |
0.000
|
0.000
|
0.000 |
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Loans
& Advances |
1.486
|
0.337
|
0.398 |
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Total Current
Assets |
10.881 |
10.479
|
6.259 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
8.296
|
7.519
|
3.232 |
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Provisions |
0.745
|
0.841
|
0.652 |
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Total Current
Liabilities |
9.041 |
8.360
|
3.884 |
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Net Current Assets |
1.840 |
2.119
|
2.375 |
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MISCELLANEOUS
EXPENSES |
0.003 |
0.006 |
0.007 |
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TOTAL |
4.033 |
3.134 |
3.661 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
39.403 |
39.312 |
26.308 |
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Other Income |
0.389 |
0.149 |
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Total
Income |
39.792 |
39.461 |
26.308 |
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Profit/(Loss) Before Tax |
0.627 |
0.902 |
0.457 |
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Provision for Taxation |
0.000 |
0.000 |
0.191 |
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Profit/(Loss) After Tax |
0.627 |
0.902 |
0.266 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
1.904 |
1.744 |
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Managerial Remuneration |
0.564 |
0.564 |
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Payment to Auditors |
0.026 |
0.024 |
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Interest |
0.031 |
0.023 |
4.028 |
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Insurance Expenses |
0.025 |
0.032 |
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Power & Fuel |
0.495 |
0.420 |
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Depreciation & Amortization |
0.611 |
0.324 |
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Other Expenditure |
4.699 |
3.811 |
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Total
Expenditure |
39.165 |
38.559 |
4.028 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.57 |
2.28
|
1.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.57 |
2.28
|
1.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.81 |
7.85
|
6.06 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.55
|
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
|
5.74 |
6.01
|
4.83 |
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Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.25
|
1.61 |
LOCAL
AGENCY FURTHER INFORMATION
Fixed assets
Furniture
& Fixtures, Office Equipments, Cycle, Electric Equipments, Fax Machine,
Scooter, Water Cooler, Computer, Room Cooler, Machinery, Vehicle, Cylinder,
Refrigerator, Mobile Phone, Camera
Contingent Liabilities :
Contingent
liability exist in respect of any demand raised by Income Tax/ Sales Tax
Authorities on completion of pending assessment.
Form 8 Particular for creation or
modification of charges
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Corporation identity number or foreign
company registrations number of the company
|
U29141DL1998PLC096577 |
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Name of the company |
NSW
INDIA LIMITED |
|
Address |
C –
255, Mayapuri Industrial Area, Phase – II, |
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This Form is for |
Creation
of charge |
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Type of Charges |
Hypothecation |
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Particular of the charge holder |
Syndicate
Bank, Mayapuri, New Delhi-110064 |
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Nature or description of the instrument
creating charge |
Composite
hypothecation agreement, charge and hypothecation of book debts agreement and
general agreement. |
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Date of the instrument creating charge |
21.08.2006 |
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Amount Secure by the charge |
Rs.5.000
millions |
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Brief of the principal terms and
conditions and extent and operation of the charge |
The
above is to secure all amounts payable under SOD limit of Rs.5.000 millions
granted to the company together with all interests, costs, charges, expenses
etc. interest is to be charged @ 1.75% p.a. over BPLR of the bank with a
minimum of 13% p.a. compounded monthly or at such rates as may be specified
by the bank from time to time. Margin
: 25% or as may be stipulated by the bank from time to time. Payable on
demand. |
|
Particulars of the Property charged |
Hypothecation of the following Stock of metallic sheet, electrical and
electronic goods, hardware goods, raw materials, stock in process and
finished goods etc. now lying or hereafter stored at company’s premises at
Plot No.43 and 44, Sector 34, EHTP, Gurgaon or at any other places including
those in transit All book debts, outstandings, money
receivables, claims and bills which are now due and owing or which may at any
time hereafter during the continuance of this security become due and owing. |
WEBSITE DETAILS
Since 1958 subject is dedicated in serving the industries by
providing best solutions for complex heating process and automation systems. Subject's
innovative products and Engineering design capabilities are recognized by the
industry for superior quality and design; ease of installation and efficient
service support.
They have the pleasure in introducing to you their Company subject
is an ISO 9002 Certified organization that has an impressive track record of
multifarious manufacturing and marketing activities for over last four decades.
Subject has not only to offer you a large variety of ovens & machines but
has also successfully installed its machines for the largest number of
applications in
INDUSTRIAL OVENS (CONVEYORISED
& BATCH TYPE)
TRAY DRYERS, HIGH TEMPERATURE OVENS
TUNNEL OVENS (HORIZONTAL &
VERTICAL)
INFRA-RED HEATING SYSTEMS
SPRAY PAINTING AND POWDER COATING
PLANTS
PLANT AUTOMATION CONVEYORS (BELT
AND MONORAIL) ETC.
These ovens can be supplied with the Heating media's like
Electric heaters, Infro-red heating elements; oil/gas fired heat exchangers or
Thermic-fluid/steam radiators, which can help you, save up to 66% of the
electricity.
Today, subject is not only satisfying domestic market but has
also emerged as a strong force in the field of manufacturing and exporting
(directly / to the dealers) of these engineering items to the countries like
France, U.K., U.A.E., Russia, Sri Lanka, Nigeria, Kenya, Malaysia, Bangladesh,
Afghanistan, Vietnam etc.
True to its reputation, subject has a strong &
experienced sales force and operational heads, which are sensitive and
attentive to market requirements and challenge to the competitors.
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 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.40.55 |
|
|
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.55.35 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
Unfavourable
& favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In
view of the lack of information, we have no basis upon which to recommend
credit dealings |
No Rating |
|