MIRA
INFORM REPORT
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Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
NEPTUNE INDUSTRIES LIMITED |
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Formerly Known As : |
NEPTUNE AUTOMATION PRIVATE LIMITED |
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Registered Office : |
297, GIDC Industrial Estate, Phase – II, Modhera Road, Dediasan, Mehsana - 384 004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
14.06.1999 |
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Com. Reg. No.: |
04-36141 |
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CIN No.: [Company
Identification No.] |
U29120GJ1999PLC036141 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN03160D |
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PAN No.: [Permanent
Account No.] |
AABCN4995M |
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Legal Form : |
A closely held public limited liability company |
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Line of Business : |
Manufacturer, Exporter, Supplier of Sanitaryware, Sanitary
Machine and Equipments |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject is a small and unknown company having moderate track. Scale of
operation is very small. Payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
on safe and secured trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
297, GIDC Industrial Estate, Phase – II, Modhera Road, Dediasan, Mehsana - 384 004, Gujarat, India |
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Tel. No.: |
91 – 2762 - 224551 / 224331 |
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Mobile No.: |
91 – 9879206974 / 9879206971 [Sandeep Dave] 91-9879206979 [Hemant Mahta] |
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Fax No.: |
91 – 2762 – 252070 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mrs. Meenaben Navinbhai Panchal |
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Designation : |
Director |
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Address : |
5, Power House Bunglows, Jai Road, Mchsana 2 |
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Date of Appointment : |
14.11.2005 |
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Name : |
Mrs. Mamtaben Rajubhai Panchal |
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Designation : |
Director |
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Address : |
5, Power House Bunglows, Jai Road, Mchsana 2 |
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Date of Appointment : |
14.11.2005 |
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Name : |
Mrs. Shardaben Vasantlal Panchal |
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Designation : |
Director |
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Address : |
5, Power House Bunglows, Jai Road, Mchsana 2 |
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Date of Appointment : |
14.06.1999 |
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Name : |
Mr. Sandeep Dave |
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Designation : |
Director |
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Address : |
A – 95, Nandanvan I, B/h Isro, Jodhpur, Ahmedabad |
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Date of Birth/Age : |
04.11.1965 |
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Date of Appointment : |
14.11.2005 |
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Name : |
Mr. Rajendra V Panchal |
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Designation : |
Director |
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Address : |
5, Power House Bunglows, Jai Road, Mchsana 2 |
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Date of Appointment : |
14.11.2005 |
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Name : |
Mr. Navinbhai V. Panchal |
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Designation : |
Director |
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Address : |
25, Swagat Bunglows Ramosana, Mahsana |
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Date of Birth/Age : |
17.09.1961 |
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Date of Appointment : |
14.11.2005 |
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Name : |
Mr. Haresh V. Panchal |
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Designation : |
Director |
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Address : |
20, Vaishali Park Society, Near Gur.dara, Mehsana |
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Date of Appointment : |
14.11.2005 |
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Name : |
Mr. Prakash C Bhatt |
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Designation : |
Director |
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Address : |
C – 8, Arbuda Housing Society, TB Road, Mahsana |
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Date of Birth/Age : |
10.10.1955 |
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Date of Appointment : |
14.11.2005 |
KEY EXECUTIVES
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Name : |
Mr. Hemant Mehta |
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Designation : |
General Manager [Marketing] |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Meenaben Navinbhai Panchal |
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2800 |
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Mamtaben Rajubhai Panchal |
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5100 |
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Shardaben Vasantlal Panchal |
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2100 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, Supplier of Sanitaryware, Sanitary
Machine and Equipments |
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Products : |
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Exports : |
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Countries : |
Russia, UAE, Myanmar, U.S.A., Canada, U.K., France,
U.A.E., Zambia, Nigeria etc. |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
240 |
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Bankers : |
State Bank of India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Haresh S Kansara and Company Chartered Accountants |
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Address : |
S/22/23, Palika Bazar, Mahsana – 384001, Gujarat, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 100/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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74,000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.740
Million |
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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0.740 |
0.100 |
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2] Share Application Money |
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0.772 |
0.000 |
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3] Reserves & Surplus |
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0.151 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
[0.023] |
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NETWORTH |
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1.663 |
0.077 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.004 |
0.017 |
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TOTAL BORROWING |
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0.004 |
0.017 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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Others |
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0.742 |
0.011 |
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TOTAL |
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2.409 |
0.105 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.234 |
0.072 |
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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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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.005 |
0.017 |
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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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0.000 |
0.000 |
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Total
Current Assets |
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0.005 |
0.017 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.000 |
0.000 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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0.000 |
0.000 |
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Net Current Assets |
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0.005 |
0.017 |
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MISCELLANEOUS EXPENSES |
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0.170 |
0.016 |
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TOTAL |
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2.409 |
0.105 |
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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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1.802 |
0.000 |
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Other Income |
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0.020 |
0.000 |
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Total Income |
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1.822 |
0.000 |
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Profit/(Loss) Before Tax |
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0.174 |
[0.008] |
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Provision for Taxation |
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-- |
-- |
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Profit/(Loss) After Tax |
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0.174 |
[0.008] |
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Expenditures : |
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Other Expenditure |
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1.648 |
0.008 |
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Total Expenditure |
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1.648 |
0.008 |
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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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9.55 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.66 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3480.00 |
[47.06] |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
[0.10] |
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Debt Equity Ratio (Total Liability/Networth) |
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0.00 |
0.22 |
LOCAL
AGENCY FURTHER INFORMATION
AS PER WEBSITE
Company Profile
Neptune operates from well-equipped
machine and fabrication shops facilities and utilizing Auto Cad design -
Engineering Software and Modern Methods of quality standards. Neptune have
developed its R & D center, experienced dedicated team of executives,
Engineers & skilled workers.
Neptune concentrates on complete
solutions from product manufacturing idea (concept to commissioning) to real
commercial production on turnkey based management with performance guarantee.
A young Engineer with great
heritage of Artisans and Engineering skills from his family of "Black
Smith" enriched his assets and groomed his family owned 100 years old
Engineering Business. He simulated the innovative strength derived from sound
basis of Traditions and experience created by his father Late Vasantray T.
Panchal and initiated a continuous process of research and development and
diversified this business in different manufacturing divisions.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.41 |
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UK Pound |
1 |
Rs.79.81 |
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Euro |
1 |
Rs.57.58 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
1 |
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--LEVERAGE |
1~10 |
1 |
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--RESERVES |
1~10 |
1 |
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--CREDIT LINES |
1~10 |
2 |
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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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17 |
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
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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. |
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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