MIRA
INFORM REPORT
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Report Date : |
16.07.2007 |
IDENTIFICATION DETAILS
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Name : |
NIRMAL ENERGY LIMITED |
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Formerly Known As : |
NIRMAL ENERGY PRIVATE LIMITED |
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Registered Office : |
C/U/14-16, Swetang Complex, |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
11.08.1997 |
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Com. Reg. No.: |
04-32807 |
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CIN No.: [Company
Identification No.] |
U40100GJ1997PLC032807 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMN00161A |
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PAN No.: [Permanent
Account No.] |
AAACN7894A |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Subject is engaged in the business of Manufacturing and Selling of
Energy Equipments. |
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 4000 |
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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 and reputed 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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
C U 15, Swetang Complex, Jodhpur Village Road, Satellite, Ahmedabad -
380 015, Gujarat, India |
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Tel. No.: |
91-79-2692 3170 /
2692 9674 |
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Fax No.: |
91-79-2692 3469 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Unnithan Madhisoodanan |
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Designation : |
Director |
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Address : |
A-F-4, Swtang Co-operative Society, |
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Date of Appointment : |
11.08.1997 |
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Name : |
Mrs. Rajani Madhisoodanan |
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Designation : |
Director |
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Address : |
A-F-4, Swtang Co-operative Society, |
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Date of Birth/Age : |
14.01.1969 |
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Date of Appointment : |
11.08.1997 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Unnithan Madhisoodanan |
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96000 |
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Mrs. Rajani Madhisoodanan |
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2000 |
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M Karunakaran |
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2000 |
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TOTAL |
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100000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors of relatives of directors |
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100.00 % |
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BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of Manufacturing and Selling of Energy
Equipments. |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sudhir and Sudhanshu Chartered Accountants |
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Address : |
S/27, Gokul Flats, Near Vivekanand Chowk, Memnagar, Ahmedabad –
380052, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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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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0.071 |
0.050 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1.071 |
1.050 |
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LOAN FUNDS |
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1] Secured Loans |
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0.760 |
0.304 |
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2] Unsecured Loans |
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0.958 |
0.563 |
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TOTAL BORROWING |
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1.718 |
0.867 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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2.789 |
1.917 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.062 |
0.487 |
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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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0.000 |
0.000 |
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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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1.857 |
1.113 |
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Sundry Debtors |
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2.441 |
0.944 |
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Cash & Bank Balances |
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0.150 |
0.331 |
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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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0.396 |
0.177 |
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Total
Current Assets |
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4.844 |
2.565 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.085 |
1.144 |
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Provisions |
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0.044 |
0.010 |
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Total
Current Liabilities |
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3.129 |
1.154 |
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Net Current Assets |
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1.715 |
1.411 |
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MISCELLANEOUS EXPENSES |
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0.012 |
0.019 |
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TOTAL |
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2.789 |
1.917 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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11.888 |
6.860 |
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Other Income |
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0.210 |
0.232 |
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Total Income |
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12.098 |
7.092 |
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Profit/(Loss) Before Tax |
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0.055 |
0.026 |
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Provision for Taxation |
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0.034 |
0.008 |
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Profit/(Loss) After Tax |
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0.021 |
0.018 |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
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0.084 |
Nil |
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Other Earnings |
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Total Earnings |
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0.084 |
Nil
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Imports : |
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Raw Materials |
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Stores & Spares |
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Capital Goods |
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1.242 |
0.647 |
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Others |
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Total Imports |
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1.242 |
0.647 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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1.092 |
0.687 |
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Payment to Auditors |
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0.011 |
0.010 |
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Interest |
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0.059 |
0.039 |
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Power & Fuel |
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0.052 |
0.051 |
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Depreciation & Amortization |
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0.292 |
0.155 |
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Other Expenditure |
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10.537 |
6.124 |
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Total Expenditure |
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12.043 |
7.066 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.17 |
0.25 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.46 |
0.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.93 |
0.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.05 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.53 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.55 |
2.22 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
- Furniture
- Fax Machine
- Fuel
Efficiency Machine
- Mobile Phone
- Pager
- Air
Conditioners
- EPABX System
- Office
Equipments
- Digital
Camera
- Motor Car
- HondaCiti car
- Computer
The Profit and Loss Account of the Company for the year ended on
31.03.2005 Shows a Net Profit of Rs. 0.055 Million deducting there from the
Provision of Income Tax of Rs. 0.034
Million and adding there to accumulated profit of Rs. 0.050 Million Net profit
comes to Rs. 0.071 Million which is proposed to be carried forward to the next
years Accounts.
Having regarded to smallness of profit the company, the Directors have
not recommended any dividend to the Shareholders for the year ended on
31.03.2005.
AS PER WEBSITE
Profile
Subject had its
modest beginning in 1998 with equity of Rs 1 Million with band of half a dozen
dedicated professionals from the field of Heat Transfer and Heating Technology.
The Company has associated with various International technology leaders and
global market players for providing energy efficient performance products like
Oil, Gas and Dual Fuel Burners, Synthetic Thermic Fluids, Pumps, Customised and
Energy Saving Heating Systems and Associated Products.
Subject is with an
equity of 2 Million Indian Rupees with more than 3 dozen committed team of
professionals are working towards providing Energy Saving, High Efficient and
Eco-friendly products with optimum solutions to its customers combined with its
quality services.
Subject is incorporated in India and based in Ahmedabad, Gujarat, as Nirmal
Energy Pvt Ltd and became a public limited company in 2006, a growth-oriented,
customer driven, technological and innovative products and solutions providing
company having a sales turnover of over 135 Million Indian Rupees and serving
various segments of the industry by its vast range of products with value
addition, customization and quality after sales services.
Subject has association with
Subject is also authorized marketing associate of Solutia Chemicals India Pvt
Ltd / Solutia Inc.,
In its trading product segment, Nirmal Energy Limited is proudly associated
with Grundfos Pumps as their sole distributor in
Subject also offers energy saving and heat recovery equipments for maximum
energy utilization and Maintenance, Repair and Operations (MRO) Products for
safe, healthy and efficient operation of the plant. The company also offers
various O&M and EPC Services and project services.
Subject is also engaged in retrofitting of various heating equipments to
enhance the productivity and to save the energy.
Burners
Subject offers wide
range of reliable burners for all industrial applications. Adding performance
to the industry, the company looks beyond reliability with total cost of
ownership, high efficiency of energy, low pollutions and quality of sales and
services.
The company is providing industries with stronger, more flexible and more
intelligent burners and heating solutions. Its expertise ranges from basic oil
burners to dual fuel burners to total heating solutions featuring maximum turn
down ratio.
General features of these burners are:
Electronic Burner Management Systems and controls for further energy saving
O2 Regulation and excess air control
Speed Control and Frequency Converter systems
Data communication and connectivity to PLC, DCS etc.
Oil Burners
Gas Burners
Duel Fuel Burners
Synthetic Thermic Fluids
Subject deals with
the widest product range of Synthetic Heat Transfer Fluids for heating, cooling
and heat recovery. The Therminol family of heat and heat transfer fluids
features products that can meet the operating needs of virtually any single or
multiple heat-using systems. In properly designed systems, heat transfer fluids
will perform within their respective temperature ranges for extended periods
without breakdown or corrosion.
As a user’s process temperature demands change there is always a Therminol
fluid capable of meeting the new requirements. In addition, Therminol fluids
are often interchangeable allowing conversion by a simple top-up procedure
where this is preferred.
Subject is dealing with three basic fluids of synthetic heat transfer:
Therminol 55
Therminol 59
Therminol FF
Also available on request:
Therminol 66
Therminol 72
Therminol VP-1
Therminol LT
Therminol D-12
Therminol VLT
Therminol XP
Pumps
Subject offers wide
range of quality pumps for various applications like Boiler Feed, RO Plant, DM
Plants, Heating and Hot Water Service Systems, Cooling and Air Condition
Systems, Various Industrial Applications, Ground Water Supply, Sewage and Waste
Water Applications, Environmental Applications and Hydro Pneumatic Pressure
Boosting Systems for Hospitals, Hotels, Industries, Institutions and
Various types of Pumps which Nirmal Energy Limited offers:
Domestic
Industrial
Waste Water
HVAC
MRO Products
Subject offers Maintenance, Repair and Operations (MRO) Products. MRO
Products which Nirmal Energy Limited offers are for safe, healthy and efficient
operation of the plant.
Subject offers two types of MRO Products:
Sealing
Packing
Ongoing Projects
- Revamping and
retrofitting of burners in 8 TPH steam boiler of Loos, German make boiler in
Kids wear Textile Industry
- Consultancy
for upgradation and performance enhancement of 2 Million KCals / hour Air
Heater for a Dairy Plant of Karnataka Milk Federation
- Retrofitting
of 2 TPH boiler in Chemical Industry in
- 6 TPH boiler
retrofitting in Pesticides Industry in
- Conversion of
Oil Firing System to LPG Firing for Surface Coating Application
- Commission of
Oil Firing System to LPG Firing for Confectionary Industry
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.40 |
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1 |
Rs.82.93 |
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Euro |
1 |
Rs.55.81 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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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
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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/normal. |
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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