MIRA
INFORM REPORT
|
Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL INFORMATION TECHNOLOGIES LIMITED |
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Registered Office : |
205, New Industrial Area, Phase – II, Mandideep Raisen, Madhya Pradesh
– 462046 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.05.1986 |
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Com. Reg. No.: |
10-3409 |
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CIN No.: [Company
Identification No.] |
U64203MP1986SGC003409 |
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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 providing
turnkey solutions for telecom networks. |
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 : |
USD 610000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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
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Registered Office : |
205, New Industrial Area, Phase – II, Mandideep Raisen, Madhya Pradesh
– 462046, |
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E-Mail : |
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Corporate Office : |
T-95A, C L House, Gautam Nagar,
Yusuf Sarai, |
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Tel. No.: |
91-11-41645233 – 38 |
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Fax No.: |
91-11-41645234 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Arvind Kumar Sharma |
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Designation : |
Director |
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Address : |
C – 10, Usha Niketan, Safderjung Dev Area, |
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Date of Birth/Age : |
10.08.1953 |
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Date of Appointment : |
01.10.2004 |
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Name : |
Mr. Ramesh Chandra Agarwala |
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Designation : |
Director |
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Address : |
H. No. 1103, Sector – 16, |
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Date of Birth/Age : |
29.01.1956 |
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Date of Appointment : |
31.03.2003 |
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Name : |
Capt. Suresh Vasudeva |
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Designation : |
Director |
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Address : |
S – 313, Panchsheel Enclave, |
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Date of Birth/Age : |
21.01.1941 |
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Date of Appointment : |
25.04.2004 |
KEY EXECUTIVES
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Name : |
Mr. Dhirendra Kumar Asri |
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Designation : |
Company Secretary |
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Address : |
A 604, No. 9, Sector 9, Dwarka, |
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Date of Birth/Age : |
01.11.1975 |
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Date of Appointment : |
11.09.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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Anita Pillai |
|
1 |
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Rosy Upadhyay |
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1 |
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K. N. Venedas |
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1 |
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Bharat Bhusan Kaul |
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1 |
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Atul Jain |
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1 |
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Rajiv Jain |
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1 |
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D. K. Singh |
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4 |
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Jubilee Investments and Industries Limited |
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29040668 |
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Canal Investments and Industries Limited |
|
5750000 |
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Hill Top Holdings India Limited |
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575000 |
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Total |
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35365678 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Bodies corporate |
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99.00 % |
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Other top fifty shareholders |
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0.01 % |
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Total |
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100.00
% |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the business of providing turnkey
solutions for telecom networks. |
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Products : |
Project Management |
GENERAL INFORMATION
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Customers : |
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Bankers : |
State Bank of Industrial
Finance Brance, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H.S. Rastogi and Company Chartered Accountants |
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Address : |
4654/21, Dariya Ganj, 2nd Floor, |
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Holding Company : |
Jubilee Investment and Industries Limited CIN No. : U67120WB1984PTC037470 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs. 1/- each
|
Rs. 60.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35365678 |
Equity Shares |
Rs. 1/- each
|
Rs. 35.365
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
35.365 |
35.365 |
35.366 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.590 |
1.590 |
1.590 |
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4] (Accumulated Losses) |
[21.490] |
[25.344] |
[30.354] |
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NETWORTH |
15.465 |
11.611 |
6.602 |
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LOAN FUNDS |
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1] Secured Loans |
1.223 |
0.483 |
1.341 |
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2] Unsecured Loans |
11.300 |
11.300 |
21.300 |
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TOTAL BORROWING |
12.523 |
11.783 |
22.641 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
27.988 |
23.394 |
29.243 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.313 |
5.691 |
6.696 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
17.165
|
6.324 |
2.491 |
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Sundry Debtors |
75.507
|
47.073 |
14.802 |
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Cash & Bank Balances |
8.603
|
3.919 |
2.858 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
13.016
|
4.229 |
9.074 |
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Total
Current Assets |
114.291
|
61.545 |
29.225 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.811
|
24.552 |
10.685 |
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Provisions |
6.830
|
23.077 |
0.680 |
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Total
Current Liabilities |
93.641
|
47.629 |
11.365 |
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Net Current Assets |
20.650
|
13.916 |
17.860 |
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MISCELLANEOUS EXPENSES |
2.025 |
3.787 |
4.687 |
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TOTAL |
27.988 |
23.394 |
29.243 |
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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 |
140.962 |
80.570 |
20.728 |
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Other Income |
13.628 |
6.531 |
3.845 |
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Total Income |
154.590 |
87.101 |
24.573 |
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Profit/(Loss) Before Tax |
6.934 |
5.937 |
[0.656] |
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Provision for Taxation |
2.662 |
0.899 |
[1.166] |
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Profit/(Loss) After Tax |
4.272 |
5.038 |
[0.510] |
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Expenditures : |
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Materials and Job Work Expenses |
0.000 |
0.000 |
10.705 |
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Personnel Expenses |
0.000 |
0.000 |
4.697 |
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Financial Expenses |
0.000 |
0.000 |
0.254 |
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Raw Material Consumed |
78.173 |
67.687 |
0.000 |
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Purchases made for re-sale |
30.573 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
8.906 |
7.750 |
0.000 |
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Managerial Remuneration |
2.253 |
0.974 |
0.000 |
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Payment to Auditors |
0.067 |
0.071 |
0.000 |
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Interest |
0.220 |
0.152 |
0.000 |
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Insurance Expenses |
0.635 |
0.106 |
0.000 |
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Depreciation & Amortization |
0.115 |
0.158 |
1.175 |
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Miscellaneous Expenditure Written off |
0.000 |
0.000 |
0.009 |
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Other Expenditure |
26.714 |
4.266 |
8.390 |
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Total Expenditure |
147.656 |
81.164 |
25.230 |
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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 |
(%) |
2.76
|
5.78 |
[2.08] |
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Net Profit Margin (PBT/Sales) |
(%) |
4.92
|
7.37 |
[3.16] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
5.80
|
8.83 |
[1.83] |
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Return on Investment (ROI) (PBT/Networth) |
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0.45
|
0.51 |
[0.10] |
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Debt Equity Ratio (Total Liability/Networth) |
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6.86
|
5.12 |
5.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.22
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1.29 |
2.57 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
NATIONAL INFORMATION TECHNOLOGIES
LIMITED |
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Presented By |
Mr. B. K.
Sharma, Chief Manager |
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1) Date and description of instrument creating the change |
19.07.1996 Agreement of loan
for overall limit [C-1] Agreement of hypothecation
of goods and assets [C-2] Letter regarding
grant of individual limits with in the overall limit [C-5] |
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2) Amount secured by the charge/amount owing on the securities of charge |
Cash Credit Limit
Rs. 20.000 Millions Book Debts above
Rs. 0.075 Millions Letter of Credit
Limit Rs. 22.500 Millions Bank Guarantee
Limit Rs. 15.000 Millions |
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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 |
All present and
future goods, book debts and all other moveable assets of the borrower
including documents of title to the goods, outstanding moneys, receivables
including receivables by way of cash assistance and or cash incentive under
the cash claims including claim by way of refund of customs excise duties
under the duty draw back credit scheme or any other scheme, bills, invoice
documents, contracts insurance policies, guarantees, engagements, securities, investments and
rights and all future machinery belonging to or in the possession or under
the control of the borrower wherever lying stored and kept and whether in
possession of the borrower or of the banker or of any third party whether in
India or elsewhere throughout the world [including all such goods, other
moveable assets as may be in course of shipment transit or delivery] shall stand hypothecated to the Bank by
way of first charge. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
All present and
future goods, book debts and all other moveable assets as per enclosed
agreements. |
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5) Name and Address and description of the person entitled to the charge. |
State Bank of Industrial
Finance Brance, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
Fixed Assets
- Plant and
Machineries
- R & D
Equipments
- Office
Equipments
- Furniture and
Fixture
- Car
- Interior
Decoration
- Electrical
Fittings
- Tools and
Dies
- Computer
Contingent Liabilities
For Bank Guarantee : Rs. 1.323 Millions
Claims against the Company but matter sub judies Rs. 1.201 Millions
In respect of labour court cases, amount is unascertainable.
As per website
Profile
PROVIDING TURNKEY SOLUTIONS FOR TELECOM NETWORKS
Nitel, an RPG Group Company, focuses on providing turnkey solutions for setting
up Telecom Networks involving Optical Fibre, Copper, OPGW, ADSS Networks and
Among Leading players in the Telecom infrastructure
business.
Vision
To be a successful EPC company by attaining qualifications,
completing projects on time and developing long-term partnerships.
Services
NITEL is an experienced Total Service Provider organization
in the Telecommunication Sector. In a short span of time it has created a niche
for itself as one of the leading service provider in this sector across the
country.
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.40.98 |
|
|
1 |
Rs.80.98 |
|
Euro |
1 |
Rs.54.99 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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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 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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|
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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 |
|
36 |
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 |
|