MIRA
INFORM REPORT
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Report Date : |
14.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
NEPTUNE REFRIGERATION COMPANY PRIVATE LIMITED |
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Registered Office : |
153, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.02.1978 |
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Com. Reg. No.: |
18-7444 |
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CIN No.: [Company
Identification No.] |
U29191TN1978PTC007444 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEN00285F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier and producer of industrial refrigeration equipment and air
conditioning equipment. |
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 14000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track. The
company has been successful in wiping out all previous losses. Trade relations
are fair. Payments are usually correct and as per commitments. The company
has steady business. It can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
153, |
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Tel. No.: |
91-44-28460283 / 374 / 422 |
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Fax No.: |
91-44-28460581 |
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E-Mail : |
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Website : |
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Branches : |
No.523, Marathon Max, Jn LBS Marg &
Mulund Goregaon Link Road, Mulund West, Mumbai - 400 080 |
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Tel. No.: |
91 - 22 - 25647775 |
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Fax No.: |
91 - 22 - 25684409 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mintler Raj Muthappa |
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Designation : |
Managing Director |
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Address : |
4, |
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Date of Birth/Age : |
27.11.1937 |
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Date of Appointment : |
05.06.1978 |
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Name : |
Mr. Shrikanth Moorthy Krishnamoorthy |
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Designation : |
Director |
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Address : |
No:6, Padmavathi, Off |
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Date of Birth/Age : |
25.12.1970 |
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Date of Appointment : |
01.01.1996 |
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Name : |
Mr. Nikhil Raj |
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Designation : |
Director |
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Address : |
Flat B 7, 48, |
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Date of Birth/Age : |
04.11.1968 |
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Date of Appointment : |
01.09.1995 |
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Name : |
Mr. Sedil Raj Mintler Raj |
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Designation : |
Director |
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Address : |
4, |
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Date of Birth/Age : |
28.03.1972 |
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Date of Appointment : |
01.01.1996 |
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Name : |
Mr. Henrietta Raj |
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Designation : |
Director |
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Address : |
Old No. 4, New No. 7, Sambandan Road, T Nagar, Chennai – 600017,
Tamilnadu, India |
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Date of Birth/Age : |
26.04.1942 |
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Date of Appointment : |
10.02.1978 |
KEY EXECUTIVES
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Name : |
Mr. K. Mohan |
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Designation : |
Company Secretary |
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Address : |
B-3, Lloyds Complex, 315, Lloyds road, Royapettah, Chennai – 600014, |
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Tel No.: |
91-44-28133403 |
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Fax No.: |
91-44-28133716 |
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Mobile No.: |
91-9383900777 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Bombay Ammonia Madras Private Limited |
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550 |
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Mintler Raj Muthappa |
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5280 |
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Henrietta Raj |
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550 |
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V. Rajagopalan |
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20 |
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Suresh Patel |
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5 |
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K. K. Moorthy |
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100 |
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Sharmila Raj |
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20 |
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Nikhil Raj |
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4725 |
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Sedil Raj |
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4750 |
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Total |
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16000 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier and producer of industrial refrigeration equipment and air
conditioning equipment. |
GENERAL INFORMATION
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Customers : |
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Bankers : |
Union Bank of 153, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R Srinivas Chartered Accountants |
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Address : |
No. 73, [Old No. 35], Abirami Royale, |
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Tel No. : |
91-44-43504224 |
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Mobile No. : |
91-9840057036 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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16,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.600 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16,000 |
Equity Shares |
Rs. 100/- each |
Rs. 1.600 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
1.600 |
1.600 |
1.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.922 |
1.294 |
1.294 |
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4] (Accumulated Losses) |
0.000 |
[0.991] |
[1.821] |
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NETWORTH |
3.522 |
1.903 |
1.073 |
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LOAN FUNDS |
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1] Secured Loans |
4.091 |
9.561 |
6.517 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
4.091 |
9.561 |
6.517 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
7.613 |
11.464 |
7.590 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.330 |
3.570 |
2.940 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.104 |
0.104 |
0.104 |
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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 |
3.077
|
5.413 |
5.094 |
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Sundry Debtors |
9.834
|
6.561 |
4.377 |
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Cash & Bank Balances |
0.554
|
1.338 |
0.416 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
10.493
|
7.310 |
2.229 |
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Total
Current Assets |
23.958
|
20.622 |
12.116 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.779
|
12.832 |
7.570 |
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Provisions |
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Total
Current Liabilities |
19.779
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12.832 |
7.570 |
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Net Current Assets |
4.179
|
7.790 |
4.546 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
7.613 |
11.464 |
7.590 |
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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 |
98.500 |
51.207 |
57.152 |
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Other Income |
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Total Income |
98.500 |
51.207 |
57.152 |
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Profit/(Loss) Before Tax |
2.127 |
1.131 |
[1.432] |
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Provision for Taxation |
0.508 |
-- |
-- |
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Profit/(Loss) After Tax |
1.619 |
1.131 |
[1.432] |
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Earnings in Foreign Currency : |
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Total Earnings [in USD] |
186,159 |
477,795 |
NA |
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Imports : |
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Total Imports [in EURO] |
12,969 |
31,933 |
NA |
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Expenditures : |
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Cost of Production |
0.000 |
0.000 |
49.105 |
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Director’s Remuneration |
0.000 |
0.000 |
0.348 |
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Overheads |
0.000 |
0.000 |
7.398 |
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Finance Charges |
0.000 |
0.000 |
1.292 |
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Depreciation & Amortization |
0.379 |
0.443 |
0.442 |
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Other Expenditure |
95.994 |
49.633 |
0.000 |
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Total Expenditure |
96.373 |
50.076 |
58.585 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
1.64
|
2.21 |
[2.51] |
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Net Profit Margin (PBT/Sales) |
(%) |
2.16
|
2.21 |
[2.51] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.79
|
4.68 |
[9.51] |
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Return on Investment (ROI) (PBT/Networth) |
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0.60
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0.59 |
[1.33] |
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Debt Equity Ratio (Total Liability/Networth) |
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6.78
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11.77 |
13.13 |
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Current Ratio (Current Asset/Current Liability) |
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1.21
|
1.61 |
1.60 |
LOCAL AGENCY FURTHER INFORMATION
To take over as a going
concern the whole business of the firm carried on in the name and style of
“NEPTUNE REFRIGERATION COMPANY” together with its assets and liabilities.
Fixed Assets
- Land
- Building
- Machinery
- Furniture
- Vehicles
- Office Equipments
- Computer
- Air conditioner
Bankers Charges
Report as per Registry
|
Name of the company |
NEPTUNE
REFRIGERATION COMPANY PRIVATE LIMITED |
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Presented By |
Mr. Nikhil Raj,
Director |
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1) Date and description of instrument creating the change |
Date an
description of the instrument creating charge 27.01.2005
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2) Amount secured by the charge/amount owing on the securities of charge |
First charge on
Chevrolet Aptra car Engine No.
F16D3202376K Chassis No.:
MA6NF196T4H311375 |
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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 |
Ø
Hypothecation
of vehicles agreement stamped and executed Ø
Text
of the consent clause to be included in the loan documents to be executed by
guarantors. Ø
Letter
of guarantee stamped and executed Ø
Demand
promissory note for Rs. 0.600 Million Certified true
copies of agreement enclosed herewith. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Union Bank of 153, |
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5) Name and Address and description of the person entitled to the charge. |
-- |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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AS PER WEBSITE
Subject is a
Industrial Refrigeration & Air-conditioning companies in
Subject will set up the project on a turn-key basis from designing and selecting
the right equipment, to planning the plant layout, to supplying the best
equipment, to erecting and commissioning the plant in the shortest period
possible. Being a turn-key project, coordination of Neptune's various
departments are handled with ease ensuring that the project is completed on
time so that it starts paying you back immediately. Through the year,
Companies in
today's business scenario recognize the advantages of choosing a single point
supplier, who can offer responsive engineering solution from the conceptual
stage, right through to solving process challenges to ensure efficiency at each
stage of process.
The illustrious
list of their prestigious customers of the past should have been enough to
market us. But tomorrow's battles can't be won by yesterday's solution. That is
why they are always in tough with new technologies, developing products and
processes and thereby making customer's investment more profitable.
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.41.57 |
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|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.55.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
4 |
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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 |
|
43 |
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. |
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 |
|