MIRA
INFORM REPORT
|
Report Date : |
15.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NEELKANTH COAL MANUFACTURING PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Kutch, Gandhidham – 370201, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
03.12.2003 |
|
|
|
|
Com. Reg. No.: |
04-43272 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U10200GJ2003PTC043272 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
RKTN00745D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCN8499G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer of Salt and Petroleum Coke. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
Small |
|
Maximum Credit Limit : |
USD 80000 |
|
|
|
|
Status : |
Small company |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a relatively
small company having satisfactory track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered for small business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office : |
Kutch, Gandhidham – 370201, Gujarat, India |
|
E-Mail : |
|
|
|
|
|
Factory: |
B.B Z, South – 60, Zanda Chowk, Gandhidham – 370201, Gujarat, India |
|
Tel. No.: |
91-2836-220421 |
|
Mobile No.: |
91-9825225711 |
|
Fax No.: |
91-2836-223560 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Arjanbhai Sabhabhai Kangad |
|
Designation : |
Director |
|
Address : |
Plot No. 36, Sector 2, Gandhidham
- 370201, Gujarat |
|
Date of Appointment : |
03.12.2003 |
|
|
|
|
Name : |
Mr. Jayantibhai Rajabhai Sorathia |
|
Designation : |
Director |
|
Address : |
Plot No. 153-B, Sector NU – 10/B, Shakti Nagar, Gandhidham – 370201,
Gujarat |
|
Date of Appointment : |
03.12.2003 |
|
|
|
|
Name : |
Mr. Tejabhai Sadhabhai Kangad |
|
Designation : |
Director |
|
Address : |
Plot No. 35, Sector – 2, Gandhidham
- 370201, Gujarat |
|
Date of Appointment : |
10.12.2003 |
|
|
|
|
Name : |
Mr. Shamjibhai Sadhabhai Kangad |
|
Designation : |
Director |
|
Address : |
B. B. Z. South – 60, Gandhidham – 370201,Gujarat |
|
Date of Appointment : |
10.12.2003 |
|
|
|
|
Name : |
Mr. Mansukbhai Rajabhai Sorathia |
|
Designation : |
Director |
|
Address : |
153-B, Sector NU-10B, Shaktinagar, Gandhidham - 370201, Gujarat |
|
Date of Appointment : |
10.12.2003 |
|
|
|
|
Name : |
Mr. Naranbhai Rajabhai Sorathia |
|
Designation : |
Director |
|
Address : |
153-B, Sector NU-10B, Shaktinagar, Gandhidham - 370201, Gujarat |
|
Date of Appointment : |
10.12.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Dipak R Jogi |
|
Designation : |
Company Secretary |
|
Address : |
Tenement No. 7, Plot No. 180, Ward -4 / B, Adipur – 370 205 |
|
Tel No: |
91-2836-233129 |
|
Mobile:. |
91-9825537720 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Arjanbhai Sabhabhai Kangad |
|
99000 |
|
Jayantibhai Rajabhai Sorathia |
|
301000 |
|
Tejabhai Sadhabhai Kangad |
|
98000 |
|
Shamjibhai Sadhabhai Kangad |
|
99000 |
|
Devaiben Arjanbhai Kangad |
|
50000 |
|
Ratiben Shamjibhai Kangad |
|
50000 |
|
Naranbhai Rajabhai Sorathia |
|
15000 |
|
Mansukbhai Rajabhai Sorathia |
|
80000 |
|
Maheshkumar Mohanlal Ajmera |
|
99000 |
|
Damjibhai Bachubhai Ahir |
|
49500 |
|
Rajesh Bachubhai Ahir |
|
49500 |
|
Total |
|
990000 |
|
|
|
|
|
Category |
|
Percentage of
Holding |
|
Directors or relatives of directors |
|
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Salt and Petroleum Coke. |
GENERAL
INFORMATION
|
Bankers : |
· Corporation Bank Address: Gandhidham Branch,
Gandhidham, Kutch, Gujarat, India · Punjab National Bank |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
I H Desai and Associates Chartered Accountants |
|
Address : |
F -14, Shree Ganesh Building, Plot No. 592 , Ward 12/C, Gandhidham –
370 201, Gujarat |
|
|
|
|
Associates/Subsidiaries
: |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
990000 |
Equity Shares |
Rs. 10/- each |
Rs. 9.900
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
9.900 |
9.900 |
|
|
2] Share Application Money |
|
8.756 |
6.931 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
[0.161] |
[0.217] |
|
|
NETWORTH |
|
18.495 |
16.614 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
11.726 |
14.864 |
|
|
2] Unsecured Loans |
|
2.588 |
1.407 |
|
|
TOTAL BORROWING |
|
14.314 |
16.271 |
|
|
DEFERRED TAX LIABILITIES |
|
1.026 |
0.938 |
|
|
|
|
|
|
|
|
TOTAL |
|
33.835 |
33.823 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
26.487 |
26.476 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3.196 |
0.000 |
|
|
Sundry Debtors |
|
21.366 |
9.334 |
|
|
Cash & Bank Balances |
|
0.773 |
1.747 |
|
|
Other Current Assets |
|
0.000 |
0.00 |
|
|
Loans & Advances |
|
0.595 |
0.788 |
|
Total
Current Assets |
|
25.930 |
11.869 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
18.700 |
4.964 |
|
|
Provisions |
|
0.301 |
0.037 |
|
Total
Current Liabilities |
|
19.001 |
5.001 |
|
|
Net Current Assets |
|
6.929 |
6.868 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.419 |
0.479 |
|
|
|
|
|
|
|
|
TOTAL |
|
33.835 |
33.823 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
Sales Turnover |
|
|
22.451 |
|
Other Income |
|
|
0.000 |
|
Total Income |
|
|
22.451 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.326 |
|
Provision for Taxation |
|
|
0.124 |
|
Profit/(Loss) After Tax |
|
|
0.202 |
|
|
|
|
|
|
Total Expenditure |
|
|
22.125 |
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
0.89 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
1.45 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.62 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.01 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
1.80 |
1.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.36 |
2.37 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
Bankers Charges
Report as per Registry
|
Name of the company |
NEELKANTH COAL
MANUFACTURING PRIVATE LIMITED |
|
Presented
By |
Mr. Arjan S.
Kangad, Director |
|
1) Date and description of instrument creating the change |
Common deed of
Hypothecation of Movables / Assets / Debts dated 13.09.2004 Memorandum of deposit of title deeds dated 13.09.2004 Memorandum of
deposit of title deed dated 13.09.2004 |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Term Loan Rs.
18.708 Millions Cash Credit Rs.
7.500 Millions Total Rs. 26.200
Millions |
|
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 |
Exclusive first
charge by way of hypothecation of entire stock of raw materials, stock in
process, finished goods, stores, spares Hypothecation /
Assignment of Book debts / Receivables both present and future. Hypothecation of
all the movable fixed assets viz. plant and machinery equipments, tools etc
for term loan and as continuing security for cash credit limit both present
and future. Equitable
mortgage of Non Agricultural revenue survey no 758/1, situated at village
Varsamedi, Taluka Anjar, Kachchh adm. About acre 3-35 Gunthas = 15683 sq mts.
And building structures, civil works constructed reacted thereon and future
addition thereon. Equitable
mortgage of Non Agricultural Land for Industrial purpose bearing revenue
survey no 810, situated at village Varsamedi, Taluka Anjar, Kachchh adm.
About acre 9-14 Gunthas = 37840 sq mts. And building structures, civil works
constructed reacted thereon and future addition thereon. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
As per sanction
letter of the bank dated 14-17-2004 Margin : for term
loan Land : 50 %,
Buildings Civil Works – 30 % , Plant and Machinery – 30 %, Mis Assets 30 % For Cash Credit :
Stock : 30 % Book
Debts 50 % Rate of Interest
for Term Loan COBAR + 3 % +
0.50 % i.e. 14 % p.a. at present subject to change from time to time. For Cash Credit
COBAR + 3 % i.e. 13.50 % at present Repayment : Term
Loan in repayable within 78 months
from the date of first disbursement inclusive of initial repayment holiday of
6 months in 24 equal quarterly installments of Rs. 0.779 Millions Cash Credit is
running account repayable on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Corporation Bank,
Gandhidham Branch Gandhidham,
Kutch. |
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.39.37 |
|
UK Pound |
1 |
Rs.80.49 |
|
Euro |
1 |
Rs.57.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
37 |
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 |
|