MIRA
INFORM REPORT
|
Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NISCHAL
ENTERPRISES PRIVATE LIMITED |
|
|
|
|
Registered Office : |
J.K. Somani
Building, 3rd Floor, B. M. Marg, British Hotel Lane, Fort, Mumbai-400023,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
12.06.1987 |
|
|
|
|
Com. Reg. No.: |
11-43719 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U51900MH1987PTC043719 |
|
|
|
|
Legal Form : |
Private Limited
Liability Company |
|
|
|
|
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
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
Tel. No.: |
91-22-56377000 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
911, Ansal
Bhawan, 16, Kasturba Gandhi Marg, New Delhi-110001, India |
|
Tel. No.: |
91-11-51520777 |
|
Fax No.: |
91-11-51520524 |
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mrs. Pushpalata
Anand Rathi |
|
Designation : |
Director |
|
Address : |
502, Jyoti
Darshan, Rungta Lane, Napean Sea Road, Mumbai-400006 |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
12.06.1967 |
|
|
|
|
Name : |
Mr. Lalit Chandra
Kushal Mundra |
|
Designation : |
Director |
|
Address : |
503, Green Home
Society, Marol Pipe Line, Sahar, Andheri Road, Andheri (East), Mumbai-400059 |
|
Date of Birth/Age : |
15.08.1968 |
|
Date of Appointment : |
19.04.1994 |
|
|
|
|
Name : |
Mr. Sunil Sarda |
|
Designation : |
Director |
|
Address : |
C-20, 1st
Floor, Green Park Extension, New Delhi-110016 |
|
Date of Birth/Age : |
11.07.1967 |
|
Date of Appointment : |
19.07.2004 |
|
|
|
|
Name : |
Mr. Bajranglal
Bajaj |
|
Designation : |
Director |
|
Address : |
B-307, Yojana
Vihar, Delhi-110092 |
|
Date of Birth/Age : |
15.09.1965 |
|
Date of Appointment : |
19.07.2004 |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Gagan Kumar |
|
|
Designation : |
Executive
(Marketing) |
|
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Equity Shares |
|
|
|
Amit Capital and
Securities Private Limited |
|
50500 |
|
Asha Leasing Private
Limited |
|
65500 |
|
Mr. Ashok Pandya |
|
10 |
|
Mr. Anil Kabra |
|
10000 |
|
Anandrathi Direct
India Private Limited |
|
45000 |
|
Predict
Investment And Financial Consultants Private Limited |
|
25000 |
|
Girish Synthetics
Private Limited |
|
29650 |
|
|
|
|
|
Preference Shares |
|
|
|
Amit Capital and
Securities Private Limited |
|
10000 |
|
Shine Capital and
Securities Private Limited |
|
10000 |
|
Mr. Sandeep
Agarwal |
|
30000 |
BUSINESS DETAILS
|
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. |
|
|
|
|
Products : |
Ethoxylation,
propoxylation, esterification, transesterfication, condensation,
polymerisation, sulfonation, |
|
|
|
GENERAL
INFORMATION
|
No. of Employees : |
50 |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Shravan Gandhi
& Associates Chartered
Accountants |
|
Address : |
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 |
|
|
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 |
|
|
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 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
2.460 |
2.460 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.804 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
(0.042) |
|
|
NETWORTH |
|
3.264 |
2.418 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.200 |
0.000 |
|
|
TOTAL BORROWING |
|
0.200 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.464 |
2.418 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.000 |
0.000 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
3.450 |
2.418 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.015 |
0.000 |
|
|
Cash & Bank Balances |
|
0.158 |
0.011 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.113 |
0.000 |
|
Total
Current Assets |
|
0.286 |
0.011 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.192 |
0.011 |
|
|
Provisions |
|
0.080 |
0.000 |
|
Total
Current Liabilities |
|
0.272 |
0.011 |
|
|
Net Current Assets |
|
0.014 |
0.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
3.464 |
2.418 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2006 |
|
|
Sales Turnover |
|
|
4.436 |
|
|
Total Income |
|
|
4.436 |
|
|
|
|
|
|
|
|
Profit/(Loss) After Tax |
|
|
0.926 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
|
0.056 |
|
|
Other Expenditure |
|
|
3.454 |
|
Total Expenditure |
|
|
3.510 |
|
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2006 |
|
PAT / Total Income |
(%) |
|
|
20.87 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
1.05 |
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.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.58.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|