MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
NITSON AND AMITSU PRIVATE LIMITED |
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Registered Office : |
54-D, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
28.09.1983 |
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Com. Reg. No.: |
036817 |
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CIN No.: [Company
Identification No.] |
U74210WB1983PTC036817 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALN00620E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Electronic Equipments and Industrial Fans Electronic
Fittings and Electronic Conception |
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 : |
USD150000 |
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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 records. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
54-D, |
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Tel. No.: |
91-033-24748167/192 |
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Fax No.: |
91-033-24748166 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Aruneshwar Krishan Soni |
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Designation : |
Director |
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Address : |
L9/4, Baisa, |
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Date of Birth/Age : |
14.12.1946 |
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Date of Appointment : |
28.09.1983 |
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Name : |
Mr. Mohindar Singh Gulati |
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Designation : |
Managing Director |
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Address : |
7B, |
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Date of Birth/Age : |
15.09.1939 |
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Date of Appointment : |
28.09.1983 |
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KEY EXECUTIVES
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Name : |
Ms. P R Mukhopadhyay and Associates |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Gulati Singh Mohidar |
6000 |
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Soni Krishan Aruneshwar |
6000 |
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Gulati Savita |
2800 |
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Gulati Sonesh |
1600 |
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Gulati Nitin |
1600 |
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Soni Amit |
1000 |
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Soni Sumit |
1000 |
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Total |
20000 |
Equity Share Breakup
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Category |
Percentage of Holding |
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Directors/ Relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Electronic Equipments and Industrial Fans Electronic
Fittings and Electronic Conception |
GENERAL INFORMATION
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Bankers : |
ICICI Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S.P. Ghose and Company |
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Chartered Accountant |
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Address : |
406, Benetic Chambers, Kolkata-700069, West |
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Tel No.: |
91-33-22485540 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/-each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000 |
Equity Shares |
Rs.100/-each |
Rs.2.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
36.835 |
29.134 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
38.835 |
31.134 |
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LOAN FUNDS |
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1] Secured Loans |
4.474 |
8.787 |
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2] Unsecured Loans |
0.600 |
0.000 |
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TOTAL BORROWING |
5.074 |
8.787 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
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TOTAL |
43.909 |
39.921 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.834 |
6.900 |
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Capital work-in-progress |
0.000 |
0.000 |
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INVESTMENT |
0.994 |
0.004 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
261.706 |
189.549 |
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Sundry Debtors |
28.471 |
23.195 |
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Cash & Bank Balances |
4.306 |
11.893 |
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Other Current Assets |
9.454 |
9.330 |
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Loans & Advances |
3.733 |
3.613 |
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Total
Current Assets |
307.670 |
237.580 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
263.828 |
197.257 |
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Provisions |
7.761 |
7.306 |
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Total
Current Liabilities |
271.589 |
204.563 |
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Net Current Assets |
36.081 |
33.017 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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TOTAL |
43.909 |
39.921 |
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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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300.610 |
-- |
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Other Income |
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0.000 |
-- |
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Total Income |
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300.610 |
-- |
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Profit/(Loss) Before Tax |
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12.679 |
-- |
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Provision for Taxation |
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4.977 |
-- |
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Profit/(Loss) After Tax |
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7.702 |
-- |
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Total Expenditure |
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287.931 |
-- |
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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2.56 |
-- |
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-- |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.22 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.02 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.33 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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7.12 |
6.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.13 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
NITSON AND AMITSU PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
General letter of hypothecation date.29.03.1985 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 0.300 Million |
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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 |
Stocks of
Engineering & Engineering & Other stocks, all current assets
including book debts, bills, Investment, claim, title to goods,
Loans/advances, moveable Fixed Assets like Plant & Machinery, Furniture,
apparatus, tools, motor cars, lorries, all present and future goods including
in transit. Mortgage of
office Premises at 2/1 Dover Terrace valued professionally at Rs. 3.400
Million approximately in March 2004. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin 25% on
stock 40% book debts. BG to be covered
by Cash/FDR – 25% Interest at
applicable rate to be paid regularly Stocks/ assets to
be insured. Short term Adhoc
of Rs. 2.500 Million valued for 90 days. |
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5) Name and Address and description of the person entitled to the charge. |
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6) Date and brief description of instrument modifying the charge |
General letter of
hypothecation date.15.03.2005 |
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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. |
First
modification 29.10.1996 Rs. 16.000 Million registered on 26.11.1996 Second on
05.02.2002 Rs. 17.120 Million registered on 21.02.2002 3rd
and last modification on 15.03.2003 for Rs. 22.928 Million registered on
30.04.2003 By present
modification limits reduced to Rs. 20.328 Million other terms/conditions
remaining unchanged. Details limit : - C/C
- Rs. 3.500 Million B/G
- Rs.12.500 Million B/G
- Rs.1.828 Million (one shot) Adhoc
- Rs.2.500 Million Total
- Rs. 20.328 Million |
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.40.91 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.60 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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48 |
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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