MIRA
INFORM REPORT
|
Report Date : |
17.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NISCHAL
ENTERPRISES PRIVATE LIMITED |
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Registered Office : |
J.K.
Somani Building, 3rd Floor, B. M. Marg, British Hotel Lane, Fort,
Mumbai-400023, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
12.06.1987 |
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Com. Reg. No.: |
11-43719 |
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CIN No.: [Company
Identification No.] |
U51900MH1987PTC043719 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
carry on business as merchants, traders, commission agents, buying agents,
selling agents, brokers, adatias, buyers, sellers, agents, depot managers,
importers, exporters, dealers in collectors, distributors of and to import,
export, buy, sell, barter, exchange, pledge, distribute, mortgage, advance,
upon or otherwise track and deal in merchandise, general, produce,
substances, materials, goods, machinery and equipment including textile
machinery, its spare parts and accessories, chemicals, dyes, intermediates,
fertilisers, electrical goods, electronic devices and components, textile
yarns, cloth, garments and furniture, dairy farm and garden produce and in
particular milk, case in and its allied products including cheese, butter,
tinned milk, concentrated milk and the products and substances derived from
the manipulation of or treatment of milk, cream, ice-cream, ghee, poultry,
eggs, fruits, vegetables, pickles and cider as wholesalers or retailers, on
the basis of ready delivery or forward contracts on commission basis or
otherwise. |
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 : |
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Status : |
Moderate |
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Payment Behaviour : |
Slow
but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an old and established company having moderate track. 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 dealings at usual trade
terms and conditions, with slight caution initially. |
LOCATIONS
|
Registered Office : |
J.K.
Somani Building, 3rd Floor, B. M. Marg, British Hotel Lane, Fort,
Mumbai-400023, Maharashtra, India |
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Tel. No.: |
91-22-56377000 |
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E-Mail : |
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Factory
1 : |
911,
Ansal Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001, India |
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Tel.
No.: |
91-11-51520777 |
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Fax
No.: |
91-11-51520524 |
DIRECTORS
|
Name : |
Mrs.
Pushpalata Anand Rathi |
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Designation : |
Director |
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Address : |
502,
Jyoti Darshan, Rungta Lane, Napean Sea Road, Mumbai-400006 |
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Date of Birth/Age : |
01.01.1951 |
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Date of Appointment : |
12.06.1967 |
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Name : |
Mr.
Lalit Chandra Kushal Mundra |
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Designation : |
Director |
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Address : |
503,
Green Home Society, Marol Pipe Line, Sahar, Andheri Road, Andheri (East),
Mumbai-400059 |
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Date of Birth/Age : |
15.08.1968 |
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Date of Appointment : |
19.04.1994 |
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Name : |
Mr.
Sunil Sarda |
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Designation : |
Director |
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Address : |
C-20,
1st Floor, Green Park Extension, New Delhi-110016 |
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Date of Birth/Age : |
11.07.1967 |
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Date of Appointment : |
19.07.2004 |
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Name : |
Mr.
Bajranglal Bajaj |
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Designation : |
Director |
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Address : |
B-307,
Yojana Vihar, Delhi-110092 |
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Date of Birth/Age : |
15.09.1965 |
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Date of Appointment : |
19.07.2004 |
KEY EXECUTIVES
|
Name
: |
Mr.
Gagan Kumar |
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Designation
: |
Executive
(Marketing) |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Equity Shares |
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|
Amit Capital
and Securities Private Limited |
50500 |
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Asha
Leasing Private Limited |
65500 |
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Mr.
Ashok Pandya |
10 |
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Mr.
Anil Kabra |
10000 |
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Anandrathi
Direct India Private Limited |
45000 |
|
Predict
Investment And Financial Consultants Private Limited |
25000 |
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Girish
Synthetics Private Limited |
29650 |
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Preference Shares |
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Amit
Capital and Securities Private Limited |
10000 |
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Shine
Capital and Securities Private Limited |
10000 |
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Mr.
Sandeep Agarwal |
30000 |
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BUSINESS DETAILS
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Line of Business : |
To
carry on business as merchants, traders, commission agents, buying agents,
selling agents, brokers, adatias, buyers, sellers, agents, depot managers,
importers, exporters, dealers in collectors, distributors of and to import,
export, buy, sell, barter, exchange, pledge, distribute, mortgage, advance,
upon or otherwise track and deal in merchandise, general, produce,
substances, materials, goods, machinery and equipment including textile
machinery, its spare parts and accessories, chemicals, dyes, intermediates,
fertilisers, electrical goods, electronic devices and components, textile
yarns, cloth, garments and furniture, dairy farm and garden produce and in
particular milk, case in and its allied products including cheese, butter,
tinned milk, concentrated milk and the products and substances derived from
the manipulation of or treatment of milk, cream, ice-cream, ghee, poultry,
eggs, fruits, vegetables, pickles and cider as wholesalers or retailers, on
the basis of ready delivery or forward contracts on commission basis or
otherwise. |
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Products : |
Ethoxylation, propoxylation, esterification, transesterfication,
condensation, polymerisation, sulfonation, |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Banking Relations : |
Satisfactory |
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Auditors : |
Shravan
Gandhi & Associates Chartered
Accountants 701,
Emerald Park, Veera Desai Road, Andheri (West), Mumbai-400058, Maharashtra,
India |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
200000 |
Equity
Shares |
Rs.10/- each |
Rs.2.000 millions |
|
50000 |
Preference
Shares |
Rs.10/- each |
Rs.0.500 millions |
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Total |
|
Rs.2.500 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
196020 |
Equity
Shares |
Rs.10/- each |
Rs.1.960 millions |
|
50000 |
Equity
Shares |
Rs.10/- each |
Rs.0.500 millions |
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Total |
|
Rs.2.460 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.460 |
2.460 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.804 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.042) |
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NETWORTH |
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3.264 |
2.418 |
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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 |
|
0.200 |
0.000 |
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TOTAL BORROWING |
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0.200 |
0.000 |
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DEFERRED TAX LIABILITIES |
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3.464 |
2.418 |
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TOTAL |
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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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3.450 |
2.418 |
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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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0.015 |
0.000 |
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Cash & Bank Balances |
|
0.158 |
0.011 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
0.114 |
0.000 |
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Total Current Assets |
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0.287 |
0.011 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.193 |
0.011 |
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Provisions |
|
0.080 |
0.000 |
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Total Current Liabilities |
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0.273 |
0.011 |
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Net Current Assets |
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0.014 |
0.000 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.464 |
2.418 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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NA |
NA |
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Net
Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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NA |
NA |
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Return
on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt
Equity Ratio (Total
Liability/Networth) |
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0.14 |
0.00 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.05 |
1.00 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Company is engaged in
International Business.
Out of three business divisions 'Chemical Division' occupies a dominant
position.
Company has been promoted by high caliber professionals who have occupied top
Management Positions in large Indian Industrial Houses and Leading
Multinationals.
They are already developing new sources for several big specialty chemical cos.
from West Europe, USA, South Africa, etc. and are in advance stage of signing
confidentiality agreements with many others.
They have exclusive export rights from several Indian manufacturers who are
willing to handle products which are based on complex chemistry. Strong R&D
teams to support such enquiries with state-of-art manufacturing facilities
which are dedicated to offer solutions. All fully equipped with strong EHS
systems. Below are some chemistry and reaction technology which are handled by
their suppliers.
Specialized chemistry:
Ethoxylation, Propoxylation, Esterification, Transesterfication, Condensation,
Polymerisation, Sulfonation, Quaternisation, Emulsification, Phosphorylation,
chlorination, Amidation, Alkylation and Acylation Reactions, Bromination,
Cyanation, Catalytic Hydrogenation, Chlormethylation, Dehydration ,
Dehydrogenation, Diazotisation, Formylation Chlorinations, Friedel Craft
Reaction, Grignard Reaction, Nitration Reaction, Manich Reaction, Etherefication,
Esterification, Bromination, Condensation / Cyclisation etc.
They can assure that any product which may fall as an intermediate while
reactions based on above chemistry/reactions can be developed as a product at
most competitive cost while keeping the Environment, Health, Safety and
intellectual property, etc. issues fully satisfied.
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.44.20 |
|
UK
Pound |
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.58.22 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
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 |
3 |
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--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
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 |
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